NAMB and MBA Seek Industry Support on Congressional Legislation – NMP Skip to main content

NAMB and MBA Seek Industry Support on Congressional Legislation

Nov 21, 2017
Two of the nation’s leading mortgage industry trade groups are rallying their respective members to influence a pair of bills now working their way through Congress

Two of the nation’s leading mortgage industry trade groups are rallying their respective members to influence a pair of bills now working their way through Congress.
 
NAMB issued a call to action for its members to support H.R. 2570, The Mortgage Fairness Act of 2017. In an e-mail from Chris Bettis, the 2017-18 Chairman of NAMB’s Government Affairs Committee, the bill is described as a “a technical correction that will create greater access to credit for many low to moderate income consumers that have been limited in their home buying options due to affordability and smaller loan amounts.”
 
Bettis also recorded a YouTube video highlighting the legislation’s goals.
 
Separately, the Mortgage Bankers Association’s (MBA) Mortgage Action Alliance called for industry professionals to lobby on behalf of S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. The trade group dubbed this a “broad regulatory relief package” with bipartisan supporting, adding in an email plea that the legislation “contains several of MBA’s priorities including: SAFE Act Amendments to create a transitional authority to originate loans, consumer protections for Property Assessed Clean Lending (PACE) loans, relief from HMDA reporting requirements for some institutions, as well as important fixes to TRID. Advocacy from our industry has kept these priorities front and center all year, and we need your help to ensure this legislation has the support it needs for full Senate passage.”

 
About the author
Published
Nov 21, 2017
MISMO Introduces New Loan Boarding Standard

Wrapper Files support standardized data transfers between origination and servicing systems, with potential savings of $60 to $160 per loan

The GLBA Compliance Gap Your AI Deployment Just Opened

Old statutes, new models, and the vendor contract you signed before machine learning became operational

FHA Keeps Tri-Merge Credit Reports While Expanding Approved Scoring Models

HUD says FHA lenders will continue using three-bureau credit reports even as the agency adopts newer scoring models aimed at increasing competition and modernizing mortgage underwriting

House Passes Amended 21st Century Road To Housing Act

The House version softens a controversial provision aimed at large institutional investors

New York Cash-Home Tax Proposal Could Push Wealthy Buyers Back Into Mortgages

As all-cash deals surge nationwide, a proposed 1% levy on $1M+ purchases in NY may reshape jumbo lending, borrower strategy, and origination opportunities

The Mortgage Industry Needs Practical AI Governance, Not Just AI Ambition

MISMO’s new FRAME initiative aims to help mortgage lenders operationalize responsible AI governance across the loan lifecycle