On December 23, MBA sent a letter to Ginnie Mae offering recommendations on how the agency can improve its upcoming Digital Collateral Guide. Last week, the U.S. Department of Homeland Security and the New York Department of Financial Services both issued warnings alerting companies to potential cybersecurity risks. And on December 20, the Georgia Department of Banking and Finance finalized rules regarding mortgage loan originator temporary authority.
Tag: MBA Advocacy Update
MBA Advocacy Update
On December 23, MBA sent a letter to Ginnie Mae offering recommendations on how the agency can improve its upcoming Digital Collateral Guide. Last week, the U.S. Department of Homeland Security and the New York Department of Financial Services both issued warnings alerting companies to potential cybersecurity risks. And on December 20, the Georgia Department of Banking and Finance finalized rules regarding mortgage loan originator temporary authority.
MBA Year-End Advocacy Update
In 2019, with the confirmation of Mark Calabria to head the Federal Housing Finance Agency and the release of the Trump administration’s reform plans, housing finance reform took center stage again. Against that backdrop, MBA continued to assert its position as the thought leader on all elements of housing finance reform.
MBA Advocacy Update
On Thursday, the Senate passed the fiscal year 2020 domestic “minibus” appropriations bill (H.R. 1865), which now awaits the president’s signature. Significant provisions supported by MBA – such as another $20 million tranche for Federal Housing Administration single-family technology upgrades, specific real-estate-related tax extenders, and a status quo extension of the National Flood Insurance Program through September 30, 2020 – were included in the package.
MBA Advocacy Update
Last week, a bipartisan group of members of Congress submitted a letter to House leadership voicing concerns about the use of VA Home Loan program fees as a spending offset to pay for other non-housing-related veterans’ benefits. On Tuesday, the Senate Banking Committee marked up Brian Montgomery’s nomination for the next Deputy Secretary of HUD.
MBA Advocacy Update
On Thursday, the Financial Stability Oversight Council issued its 2019 Annual Report on the state of financial markets and potential emerging risks. On Tuesday, HUD published two Mortgagee Letters that raise FHA forward mortgage limit “floors” and “ceilings,” as well as the maximum claim amount for HECMs. Last week, FASB issued an update on new CECL standards.
MBA Mortgage Action Alliance Update
Last Thursday, Congress passed, and the president signed into law, another short-term continuing resolution to fund the government until December 20. On Tuesday, FHFA announced plans to repropose the agency’s rule on capital requirements for Fannie Mae and Freddie Mac in 2020. And on Nov. 24, the mortgage loan originator temporary authority law went into effect.
MBA Advocacy Update
On Thursday Congress passed, and the president signed into law, another short-term continuing resolution to fund the government until December 20. On Tuesday, the Federal Housing Finance Agency announced plans to repropose the agency’s rule on capital requirements for Fannie Mae and Freddie Mac in 2020. And this Sunday, November 24, the mortgage loan originator temporary authority law will go into effect.
MBA Advocacy Update
HUD released its annual report detailing the financial condition of the FHA Mutual Mortgage Insurance Fund. And this past Tuesday, the FHFA published its semi-annual CRT Progress Report outlining the current state of the GSEs’ credit risk transfer programs, which reduce the GSEs’–and ultimately taxpayers’–exposure to mortgage credit risk.
MBA Advocacy Update
Last Friday, MBA President and CEO Bob Broeksmit, CMB, attended a White House meeting chaired by HUD Secretary Ben Carson and attended by other senior administration officials and key industry stakeholders to discuss housing affordability. And on Monday, the Federal Housing Finance Agency announced it is seeking comment on pooling practices for Fannie Mae and Freddie Mac in the Uniform Mortgage-Backed Securities market.