MBA Advocacy Update: FOMC Hikes Rates; Matt Jones Nominated to be FHA Commissioner; Senate Banking Advances CFPB Director Nominee Johnson; more
FOMC Raises Interest Rates for First Time in Three Years
On Wednesday, the Federal Reserve raised the federal funds rate by 25 basis points to a target range of 3.75%–4.00% and signaled it might hike rates again this year.
What they’re saying: In a statement, MBA SVP and Chief Economist Mike Fratantoni said, “Longer-term rates, including mortgage rates, had already baked in the expectation of hikes at this and future meetings. Thus, longer-term rates have not moved much in response to this news. Housing and mortgage activity slowed abruptly as mortgage rates moved higher over the past several weeks. MBA forecasts two additional hikes from the Fed over the next year and expects mortgage rates to stay near current levels over the forecast horizon.”
For more information, please contact Mike Fratantoni at (202) 557-2935.
Matt Jones Nominated to Serve as FHA Commissioner
On Tuesday, President Donald Trump nominated Matt Jones, currently Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Single-family Housing, to serve as HUD Assistant Secretary for Housing and Federal Housing Administration (FHA) Commissioner.
- If confirmed, Jones would oversee both FHA’s multifamily/health care and single-family mortgage insurance programs.
Go deeper: An MBA alum, Jones previously served as Associate Vice President for Government Housing Finance, where he oversaw MBA’s government lending portfolio and managed its Residential Board of Governors (RESBOG). He was previously senior advisor for capital markets at Amerifirst Home Mortgage and a senior U.S. Senate staffer, serving as Senior Counsel to both the Senate Banking and Finance Committees under Senator Mike Crapo (R-ID).
What they’re saying: In a statement of support, MBA President and CEO Bob Broeksmit, CMB, said, “Matt brings an impressive combination of hands-on mortgage industry experience, deep knowledge of government housing finance, and a strong understanding of how FHA programs can better serve homebuyers, renters, and lenders.”
What’s next: The Senate Banking Committee will schedule and hold a confirmation hearing for Jones later, likely after the November midterm elections. Once that panel votes on Jones’ confirmation, a Senate floor vote will be scheduled in turn (timing to be determined).
For more information, please contact George Rogers at (202) 557-2797 and Jeremy Green at (202) 557-2849.
Senate Banking Committee Advances CFPB Director Johnson Nomination
On Thursday, the Senate Banking Committee advanced Brian Johnson’s nomination to serve as Director of the Consumer Financial Protection Bureau (CFPB) by a vote of 13-11.
- Johnson previously served as CFPB Deputy Director and in other senior policy roles at the Bureau and in the private sector.
What they’re saying: In a press statement, MBA’s Broeksmit said, “MBA supports the Senate Banking Committee’s approval of Brian Johnson’s nomination to lead the CFPB and urges the full Senate to confirm him. Johnson’s years of experience at the Bureau, combined with his deep understanding of consumer financial services and mortgage markets, position him to provide the strong leadership needed to ensure the CFPB fulfills its mission while advancing the Administration’s efforts to modernize mortgage regulations, lower costs, and promote a more efficient and accessible housing finance system.”
Why it matters: If confirmed, MBA will work with Director Johnson and CFPB staff and will continue advocating for clear, consistent regulation that reduces unnecessary regulatory burdens and supports access to sustainable homeownership. As soon as he is confirmed, MBA will seek to meet with Johnson to outline MBA’s key priorities and recommendations for how to execute on the President’s March Executive Order on mortgage reforms (see MBA’s recent letter and a coalition letter).
What’s next: MBA will continue to advocate for Johnson’s nomination to be confirmed by the full Senate, with a vote likely to occur after the midterm elections in November.
For more information, please contact George Rogers at (202) 557-2797 or Jeremy Green at (202) 557-2849.
House Financial Services Committee Advances Legislation in Final Pre-election Markup
On Wednesday, the House Financial Services Committee held its final markup before the November elections, advancing several bills of significance to the real estate finance industry.
Go deeper: Among the measures approved were:
- H.R. 10184, the Consumer Financial Protection Accountability and Reform Act, a broad, MBA-supported package that would increase congressional oversight of the CFPB and make changes to its supervisory, enforcement, and regulatory authorities;
- H.R. 5889, the Eviction Helpline Act, which would establish a HUD-administered hotline to provide eviction-related assistance to tenants in federally assisted rental housing. The bill advanced by a bipartisan vote of 47-2; and,
- H.R. 7030, the Securing Facilities for Mental Health Services Act, which would expand access to FHA Section 242 financing for qualified inpatient psychiatric facilities.
- The Committee also considered H.R. 10325, which would have increased individual Federal Home Loan Banks’ mandatory Affordable Housing Program contribution levels from 10 to 15 percent. Though the measure failed to pass, further dialogue to try and develop a consensus on the bill is expected in the upcoming 120th Congress in 2027.
Why it matters: The markup highlights continued congressional focus on housing affordability, access to credit, CFPB governance and oversight, and the role of housing finance institutions in addressing the nation’s housing challenges.
What’s next: The House has recessed until after the November elections, and a House floor vote on any of these reported measures during the upcoming “lame-duck” session appears unlikely. MBA will continue to engage with lawmakers and key House staff once Congress returns in November to advance any remaining MBA priorities and other issues important to the real estate finance industry.
For more information, please contact Rachel Kelley at (202) 557-2816 and Madisyn Rhone at (202) 557-2741.
CSBS Releases AI Supervisory Framework, Closely Aligning with MISMO’s FRAME
On Thursday, the Conference of State Bank Supervisors (CSBS) released a new AI Supervisory Framework to help state examiners assess how state-chartered banks and state-licensed nonbanks govern and manage AI risks.
- The framework takes a risk-based, proportionate approach and covers AI inventories, governance, risk assessments, third-party oversight, testing and monitoring, consumer protection and generative AI.
Why it matters: Given MBA’s and MISMO’s ongoing engagement with CSBS on AI matters, the framework is substantially aligned with MISMO’s AI Risk Management Framework (FRAME), which was developed to give mortgage lenders, servicers and vendors practical, mortgage-specific tools for implementing AI governance. Both frameworks emphasize risk-based oversight, documented use cases, vendor management, model risk, consumer protection and ongoing monitoring.
The key distinction: CSBS is primarily examiner-facing, providing regulators with questions and evidence they may request, while FRAME is industry-facing, helping mortgage companies turn broad AI risk-management principles into practical workflows, documentation and governance artifacts.
Bottom line: The CSBS framework reinforces the value of FRAME as a practical mortgage-specific implementation resource that can help organizations prepare for evolving supervisory expectations. MBA and MISMO will continue discussions with CSBS on further alignment and guidance for industry practitioners. MBA and MISMO will also work to ensure that lenders that diligently use FRAME on their AI implementation will meet the supervisory expectations of the state examinations.
For more information, please contact Brian Vieaux at (248) 207-4358, Rick Hill at (202) 557-2718, and William Kooper at (202) 557-2737.
Closing Out Advocacy Week: Key Takeaways from the MAA Pre‑Election Webinar
Friday was the final day of MBA Advocacy Week, our grassroots push to activate the entire industry in an election year. The initiative is designed to make advocacy accessible, visible, and impactful—whether members engage on social media, join MAA or MORPAC company campaigns, or attend events like Tuesday’s MAA Pre-Election Webinar.
- Participants this week heard the latest insights on key congressional races, the policy priorities likely to dominate the post-election agenda, and how MBA members can continue to play an active role in shaping housing policy through grassroots advocacy.
- Couldn’t make it but want a copy of the recording? Email maa@mba.org.
Why it matters: Election years bring shifts in congressional leadership and priorities that directly shape the policy landscape for housing finance. Staying engaged—through advocacy, education, and relationship-building with lawmakers—ensures MBA members have a voice at the table as new policy agendas take shape. The insights shared during MBA Advocacy Week events help members understand what’s coming and how to prepare, so the industry isn’t just reacting to change, but helping to shape it.
What’s next: Join us for MBA’s Town Hall: MAA Post-Election Special Edition on November 10, from 3:00–3:45 p.m. ET, for a timely discussion of the election results, changes in congressional leadership, and what the new political landscape means for MBA’s advocacy priorities moving forward.
And no matter which party controls Congress, roughly 20% of all elected officials are expected to be newcomers due to a record wave of planned retirements and election outcomes — so we hope to see you at MBA’s National Advocacy Conference (NAC), April 6–7, 2027. Registration is now open.
For more information, please contact Jamey Lynch at (202) 557-2818, Erin Reilly at (202) 557-2751 and/or Mike Fiegoli at (202) 557-2708.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely single-family programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
- UAD 3.6 Office Hours Part IV – September 21
- The Future of Mortgage Servicing: How Agentic AI Is Transforming Borrower Communications – September 22
- More Regulation for Home Equity Investment Products? Emerging Federal and State Frameworks – September 24
- Breaking into Non-Agency: A Strategic Playbook for Executive Leadership – October 5
- AI in Residential Lending: The “Agentic” Loan Officer – AI as a Co-Pilot – October 5
- Credit Information Strategies in Today’s Mortgage World – VantageScore – October 6
- Credit Information Strategies in Today’s Mortgage World – Factual Data – October 8
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
