Tag: MBA Advocacy Update

MBA continued its advocacy on the GSEs’ recently announced adverse market fee, urging the agencies and their regulator to withdraw the proposal and engage stakeholders on the following: the rationale behind the imposition of the 50 basis point fee; ways to ensure consumer impacts are mitigated; and, the need to respect existing market commitments between lenders and consumers.

MBA continued its advocacy on the GSEs’ recently-announced adverse market fee, urging the agencies and their regulator to withdraw the proposal and engage stakeholders on the following: the rationale behind the imposition of the 50 basis point fee; ways to ensure consumer impacts are mitigated; and, the need to respect existing market commitments between lenders and consumers.

On Wednesday, the Federal Housing Finance Agency authorized Fannie Mae and Freddie Mac to impose an “Adverse Market Refinance Fee” – a 50-basis-point fee on most refinance mortgages, effective for loans delivered on or after September 1. Following the announcement, MBA CEO Bob Broeksmit, CMB, released a statement strongly urging FHFA to withdraw this directive.

On Wednesday, the Federal Housing Finance Agency authorized Fannie Mae and Freddie Mac to impose an “Adverse Market Refinance Fee” – a 50-basis-point fee on most refinance mortgages, effective for loans delivered on or after September 1. Following the announcement, MBA CEO Bob Broeksmit, CMB, released a statement strongly urging FHFA to withdraw this directive.

As congressional leaders and the administration remain deadlocked in negotiations on the next potential COVID-19 relief package, MBA’s advocacy on key federal regulatory and state-based actions has continued.

Last Monday, Senate Republicans released the HEALS Act – an additional COVID-19 relief package that includes direct stimulus payments and updates to the SBA’s Payment Protection Program. On Wednesday, the Federal Housing Finance Agency announced temporary adjustments to the Duty to Serve program for 2020 and 2021. Also last week, the Senate confirmed Dana Wade to be the next FHA Commissioner by a 57-40 vote.

As Congress returned to begin working on the preliminary contours of another COVID-19 relief and response package, the Federal Housing Finance Agency proposed its 2021 housing goals for Fannie Mae and Freddie Mac, specifying both the single-family and multifamily mortgage purchase benchmarks for low-income borrowers or borrowers residing in low-income areas.

As Congress returned to begin working on the preliminary contours of another COVID-19 relief and response package, the Federal Housing Finance Agency proposed its 2021 housing goals for Fannie Mae and Freddie Mac, specifying both the single-family and multifamily mortgage purchase benchmarks for low-income borrowers or borrowers residing in low-income areas.

Last Thursday MBA asked HUD to withhold publication of its final disparate impact rule and to bring the housing, lending and civil rights communities together for renewed discussions about how to address the wide housing and wealth gaps faced by communities of color.