Mortgage Action Alliance Newsletter

 

With the battle over sequestration behind them, congressional leaders turned their attention to the expiring continuing resolution that is funding much of the federal government through March 27. With  oth parties saying they intend to avoid a potential government shutdown, the House last week passed a new spending bill that will keep the government running through the end of the fiscal year on September 30.Key MBA Actions

Current Calls to Action: Increase FHA’s Multifamily Commitment Authority Mortgage Action Alliance, Inc. (MAA) members are encouraged to take action IMMEDIATELY to urge their members of Congress to provide the  Federal Housing Administration (FHA) with $5 billion in additional commitment authority for its multifamily and healthcare programs. You must be a MAA member to take action. If you are not already a member of       MAA, please click here to sign up for free.
MBA   Submits Comment Letter on Proposal to Decrease LTV on FHA-Insured Loans over $625,500

On Friday, MBA submitted a comment letter supporting HUD’s proposal to decrease the loan-to-value on       Federal Housing Administration-insured loans over $625,500, from 96.5 percent to 95 percent. In effect, this proposal would raise the minimum       down payment on FHA-insured loans over $625,500, from 3.5 percent to 5  percent.

MBA firmly believes that FHA has a vital role in the U.S. housing finance system; however, now that the nation’s housing market is improving, the time is right for FHA to thoughtfully make policy changes–such as this one–that refocus FHA on providing credit to first-time homebuyers, low-to-moderate income families and minorities and encourages the return of private capital to the housing markets.MBA  Submits Joint Trade Letter Urging CFPB to Conduct Comprehensive Testing on new RESPA-TILA Forms

On March 7, MBA joined with other trade associations to submit a letter to the Consumer Financial Protection Bureau and the Office of Management  and Budget, urging the agencies to use actual loan products in their upcoming consumer testing of the forms proposed under the CFPB initiative to integrate the Real Estate Settlement Procedures Act and Truth in Lending Act.MBA and the other trade associations offered their assistance with the process, as well as suggestions to the CFPB on how to best implement and execute such testing.

MBA  Asks Congress for Additional FHA Multifamily Commitment AuthorityOn March 6, MBA joined 11 trade associations in writing this  letter  to leaders of the Senate and House Appropriations  Committees, requesting that Congress provide the Federal Housing Administration with an additional $5 billion of commitment authority for its multifamily and health care program.

Without  additional authority, apartments, hospitals and health care facilities  could all experience a disruption in financing, which would jeopardize affordable housing, our overall economy and the much needed stability and     liquidity for project development and rehabilitation, acquisition, and recapitalization that FHA’s multifamily programs are providing the credit markets.MBA 2013 National Advocacy Conference Coming in April

The MBA 2013 National Advocacy Conference will take place April 24-25 in Washington, D.C. To register for the conference, click here.

For more information, please contact Kelley Williams, (202) 557-2777 kwilliams@mortgagebankers.org.

To enroll in the Mortgage Action Alliance, click here.