Last week, MBA released its 2016 Residential Issue Priorities, an outline of MBA’s policy proposals to preserve and enhance the ability of American families to obtain affordable mortgage financing. In close collaboration with our members, MBA continues to lead the way—through advocacy, communications, research and education—speaking with one voice for the mortgage industry to advocate for effective housing policy.
Despite all the work we have put in trying to protect the ability of our member companies to flourish, the regulatory landscape for housing finance remains both complex and dynamic. Whether in the form of multiple Dodd-Frank rules, or supervisory and enforcement challenges at both the state and federal levels, or a potential fundamental restructuring of the housing finance system through GSE reform, it is essential that our industry continues to influence policy by educating policymakers on how best to support mortgage financing.
In the face of ongoing uncertainty over several of these regulatory changes, we have convened task forces composed of our Residential Board of Governors to develop and harmonize MBA’s policy recommendations for three key policy areas:
- “REGULATION BY ENFORCEMENT”
- FAIR LENDING AND HMDA IMPLEMENTATION
- EXPANDING AFFORDABLE HOUSING AND ACCESS TO CREDIT
MBA is also creating a board-level task force on the major issue of GSE Reform and Transition Steps, an issue which has the potential to fundamentally change the face of mortgage lending in this country. These working groups will help us identify widespread and ongoing issues and propose pragmatic solutions to ease the transition to new rules.
MBA’s remaining priorities for 2016 are a continuation of our work with our members to influence policy and maintain families’ access to mortgage lending.
- The implementation last year of “Know Before You Owe,” or TILA-RESPA Integrated Disclosure (TRID) rule, created ongoing issues for lenders and borrowers that must be addressed through additional regulatory clarity.
- MBA also continues to advocate for the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008 to be amended to require that all mortgage loan originators (MLOs) meet uniform national standards and related qualifications.
- And with loss-mitigation programs such as the Home Affordable Modification Program (HAMP), Home Affordable Refinance Program (HARP) and other Making Home Affordable programs winding down, MBA is continuing to work with our members and regulators to determine the future of loss mitigation that has benefited so many families in the wake of the financial crisis.
Despite the challenges that remain, our industry’s achievements over the past few years give me confidence that we will be able to overcome them and continue to help families achieve the goal of home ownership. When our industry sticks together, regulators listen and barriers to lending are addressed. And that will ensure that housing finance remains a vital, vibrant pillar of the American economy in the years ahead.