Lawmakers returned this week on the heels of a consequential election season to begin an end-of-year push to prevent a government shutdown and pass the annual National Defense Authorization Act (NDAA) prior to the adjournment of the 118th Congress. 

President-Elect Donald Trump, who will return to the White House as the 47th President of the United States in January, is already beginning to staff his administration as his party prepares for full control of Congress - bringing specific policy plans into sharper focus.

MBA has continued its advocacy on our industry’s key legislative priorities and will remain at the forefront of shaping policies with a new Congress and administration that impact the real estate finance industry. Here's a breakdown of the latest actions your association is taking on Capitol Hill:

Top 3 Things to Know from Washington

1. 2024 Election Results: Republicans Win White House, Senate Majority; House Majority Margin Still to Be Determined

• Republicans are poised to control the Senate with a 53-seat majority.
• Control of the House of Representatives  should be fully determined in the next few days, as Republicans have achieved the 218 seats needed to help them retain their House majority.

A Trump administration and Republican control of Congress could lead to sweeping attempts at changes to regulatory and legislative policy in 2025 and beyond, from tax reform, increased interest in GSE reform, and new leadership at the Consumer Financial Protection Bureau, Federal Housing Finance Agency, Treasury, and the Department of Housing and Urban Development, among other key considerations.

MBA will provide a deeper analysis in the near future on the full outcome of the national election – and what it means for real estate finance. Don’t forget to register for the next Mortgage Action Alliance (MAA) Quarterly Webinar: Post-Election Briefing on Wednesday, December 4, from 3:00 PM - 4:00 PM ET. You’ll hear from a panel of staff experts as they reflect on the outcome of the election and how to prepare for what's ahead next year for our industry on both the regulatory and legislative policy fronts. 

2. MBA Continues to Push for Passage of Trigger Leads Legislation 

MBA has continued its work with our bipartisan set of congressional champions (at present, 43 Senators and 82 Representatives) and a diverse set of coalition partners to try and preserve our preferred trigger leads language within a Fiscal Year 2025 National Defense Authorization Act (NDAA) conference report - as still yet to be agreed upon by House and Senate negotiators. This is the crucial step still needed to advance the Homebuyers Privacy Protection Act bills (S. 3502 and H.R. 7297) designed to curb the abusive use of mortgage credit trigger leads (while preserving their use in appropriately limited circumstances). 

House Financial Services Committee (HFSC) Chair Patrick McHenry (R-NC) and his staff have continued to raise concerns regarding our preferred bill’s “opt-in” provision and “existing customer” exceptions for originators, servicers, and deposit accounts. To bolster our chances in these NDAA discussions, MBA’s President & CEO Bob Broeksmit, CMB, penned a blog post that included real world trigger leads examples taken from the dozens of anecdotes submitted to us by lenders regarding their customers. Responses from our allies, both on and off Capitol Hill, have been encouraging. 

As a MAA member, we still need you to contact and thank your U.S. Senators and U.S. Representatives and urge them to cosponsor S. 3502 – and its House companion bill, H.R. 7297 (if they have not done so already).  Also urge them to contact the Chairs/Ranking Members of the House Armed Services and Financial Services Committees – and Senate Armed Services and Banking Committees – and ask them to preserve the Hagerty/Reed amendment within the final NDAA.

3. Key Priorities for Lame-Duck Session

Prior to leaving town in late September for a final campaign push, Congress passed (and President Biden signed) a continuing resolution (CR) to keep the government funded at FY 2024 levels until December 20, 2024. The measure includes an extension of National Flood Insurance Program (NFIP) authorities, as well as funding for all the agencies managing the Ginnie-securitized housing programs. With Congress returning after the November elections, enacting comprehensive appropriations for FY 2025 – in an omnibus package or otherwise – was to be a high priority, but preliminary discussions now indicate the current CR may be extended until at least March of 2025, potentially allowing time for the incoming Trump administration to focus on Senate confirmation of its key Executive Branch nominees – as well as attempting to “jumpstart” the 2025 tax debate to its liking.  

Registration for NAC is Open! 

Attend MBA’s National Advocacy Conference (NAC) on April 8 and 9, 2025, at the Capital Hilton in Washington, D.C. Join hundreds of industry advocates to meet with and educate policymakers on issues impacting your businesses and customers. We make it easy by giving you the tools, training and talking points to let you be a well-informed lobbyist for the day.

With a new Congress comes newly elected officials and opportunities to cultivate relationships for the industry. Your participation at NAC ensures that a newly formed 119th Congress understands how its collectiveactions will affect you, your customers, and the communities you (and they) serve.

Register by February 24, 2025, to receive the early bird rate. MBA offers special rates for members of MBA’s young professionals network (mPact), the Certified Mortgage Banker  (CMB) Society, and group rates for MBA member companies.

Advocacy Highlights at #MBAAnnual24  

MBA’s Legislative and Political Affairs team held a series of fun and exciting events aimed at growing the industry’s grassroots network (Mortgage Action Alliance or “MAA”) and federal political action committee (MORPAC) during MBA’s Annual Convention & Expo last month. Whether it was enjoying lunch with MBA’s lobbyists, participating in a round of “Election Jeopardy,” or stopping by for a sweet treat at the MBA booth, attendees were encouraged to vote and become even more active advocates for real estate finance.

MORPAC and MAA committees kicked off #MBAAnnual24 and met to discuss political cycle metrics, new ideas, and planning for the 2025-26 election cycle. Interested in learning more on how to get involved? Email morpac@mba.org.

The team hosted its annual MAA and MORPAC advocacy reception and celebrated exceeding  our fundraising goal of $2 million for the 2024 election cycle.

MORPAC hosted a candidate fundraiser for House Financial Services Committee Member Congresswoman Brittany Pettersen (D-CO) during #MBAAnnual24. Members, including newly-installed MBA Chair Laura Escobar, met with the Congresswoman to discuss housing policy issues while in Denver.

Diamond level MORPAC contributors and MBA Board members (current and former) attended a meet and greet with former Speaker of the U.S. House of Representatives John Boehner during #MBAAnnual24.

Former MORPAC Chairs and FY25 MBA Board members Eddy Perez, CMB, of EPM and Jeff Taylor of Mphasis Digital Risk pictured with the current MBA Vice Chair (and MORPAC Chair) Owen Lee of Success Mortgage Partners and incoming MORPAC Chair Nanci Weissgold of Alston & Bird at #MBAAnnual24.

MBA’s Legislative and Political Affairs team hosted a “Lunch with the Lobbyists.” Attendees enjoyed lunch over a casual conversation with some of MBA’s lobbyists to discuss important topics in Washington, key races in the 2024 elections, and an industry look ahead to the 119th Congress.

Congratulations to 2025 MBA Vice Chair and current MORPAC Chair Owen Lee. We’re excited for the future of MBA and its advocacy efforts under your leadership!

MORPAC Presents Nanci Weissgold with the 2024 Schumacher-Bolduc Award

The Mortgage Bankers Association Political Action Committee (MORPAC) awarded Nanci L. Weissgold, Partner of Alston & Bird's Financial Services Group, with the 2024 Schumacher-Bolduc Award. Weissgold was presented the award at MBA’s 2024 Annual Convention & Expo. 

In addition to being MORPAC Associate Vice Chair during the 2023-2024 election cycle, Weissgold has been a consistent MORPAC contributor for many years and has lent her expertise at numerous MBA conferences, including the Servicing Solutions Conference & Expo, the Legal Issues and Regulatory Compliance Conference, and the Compliance and Risk Management Conference. Her support for MORPAC’s peer-to-peer fundraising campaign strategy among the attendees of these conferences and within her personal network has markedly increased participation among MBA’s associate membership.

The Schumacher-Bolduc Award is named after MORPAC founder Ernest P. Schumacher and Mark P. Bolduc, one of MORPAC’s first Directors. The honor is awarded to individuals who exemplify MORPAC’s mission and display commitment to expanding the reach of MBA’s political advocacy efforts. 

MAA’s “Advocacy in August” Recap and GOTV Campaign

MAA hosted its annual “Advocacy in August” campaign to connect industry leaders with a targeted group of key lawmakers. Here are some important takeaways: 

• 1,429 communications sent directly to policymakers
• 4,829 (815 new) advocates joined/renewed their MAA membership
• 9 congressional (in-district/state) meetings (scheduled/confirmed) with key offices and staff
• 38 industry leaders from MBA member state associations participated

MAA also partnered with the National Voter Registration Day (September 17th) and National Voter Education Week (October 7-11th) organizations during their quadrennial “Get Out the Vote” campaign to help prepare our industry advocates to vote in their 2024 local, state, and federal elections.

Members of the California MBA met virtually with [now] U.S. Senator-electAdam Schiff's (D-CA) House district office legislative staff. Participants had the opportunity to discuss the harmful effects of trigger leads, the California insurance crisis, the housing affordability crisis, and the federal Yes In My Backyard (YIMBY) legislation.

State leaders of the Mortgage Bankers Association of Eastern PA attended a meeting with key Ways and Means Committee member Rep. Lloyd Smucker (R-PA).

MBA members from Nebraska met with House Financial Services Committee Member Rep. Mike Flood (R-NE).

MBA’s House Democratic Lobbyist Madisyn Rhone and association members from Missouri met with House Financial Services Committee Member Rep. Emanuel Cleaver (D-MO).

Oklahoma MBA members met with key House Ways and Means Committee Member Representative Kevin Hern (R-OK) in his Tulsa office. Advocates had the opportunity to thank the Congressman for his support of the much-needed trigger leads legislation. In addition, they spoke about issues such as barriers to housing affordability, VA home loan program default levels, and the current tax treatment of Mortgage Servicing Rights.

Advocacy in Action

MBA continues to work on behalf of its members on Capitol Hill through MAA and MORPAC. Thank you to our grassroots advocates who represent MAA locally – making an (even bigger) industry impact.

Are you attending a state or local MBA event? Make sure to talk about the Mortgage Action Alliance (MAA) and ask attendees to join. Email maa@mba.org to receive talking points and PowerPoint slides.

MBA’s Manager of Political Affairs Margaret Ehrhardt had the opportunity to attend the Mortgage Bankers Association of Metropolitan Washington’s (MBAMW) Lenders One-Day Conference. Attendees heard from MBA’s Chief Lobbyist and SVP of Legislative and Political Affairs Bill Killmer who provided a Washington update and a preview of possible industry impacts through various electoral outcomes.

MBA’s AVP of Political Affairs, Jamey Lynch, AMP, and VP of Membership, Laura Hopkins, AMP, attended the Mortgage Bankers Association of South Florida’s Strikes for Smiles event. It was a great opportunity to connect with other industry advocates, while also raising money for children at the Holtz Children’s Hospital.

The New Mexico Mortgage Lenders Association (NMMLA) hosted a forum for its state delegation’s congressional candidates. The NMMLA event focused on posing questions to the candidates regarding the real estate finance industry’s priorities in the next Congress.

MAA partnered with the California MBA to encourage industry members in the state to vote “No for Me on Prop 33.” These efforts included an educational webinar that featured a joint presentation including the leadership of the California Apartment Association. With more than 61 percent of the vote (38.4% yes votes, 61.6% no), Californians once again voted to defeat the approval of Proposition 33 (Prop 33), a statewide ballot proposition designed to enact rent control.

Pictures from a fundraiser for senior House financial Services Committee member Gregory Meeks (D-NY) hosted at MBA’s Capitol Hill Townhouse in September to raise funds for his successful reelection campaign.

MORPAC Update 

As of this writing, MORPAC has hit its $2 million fundraising goal for the current 2023-2024 political cycle. This figure includes contributions from more than 2,000 individual donors (46% of whom were new donors). MORPAC has also disbursed over $2 million this cycle on a bipartisan basis to federal congressional candidates, incumbents’ re-election efforts, leadership PACs, and national party campaign committees, all while maintaining a strong cash on hand position. Based on the Federal Election Commission’s (FEC) most recent report, MORPAC ranks #14 nationally in contributions to candidates and #16 in dollars raised by individuals among trade association PACs. This political capital is critical for maintaining MBA’s “seat at the table” with a pending new Congress and administration.

In September, MORPAC hosted a breakfast during MBA’s Compliance and Risk Management conference in Washington, D.C. MBA’s legislative and political affairs team and other industry leaders heard an update on the 2024 elections and the latest relevant news in Washington.

MBA’s Certified Mortgage Bankers (CMB) Society hosted a friendly competition among eligible members leading up to MBA’s Annual Convention & Expo in Denver, CO! As a result, eligible CMBs collectively contributed $130,000 to MORPAC, helping us reach our election cycle fundraising goal.

To enhance our fundraising potential for MORPAC and strategically allocate efforts using MORPAC dollars, MORPAC supporters Robert Maddox of Bradley and MORPAC committee member Jeff Patton of BWE, attended a political engagement opportunity in Birmingham on October 15 with Congresswoman Terri Sewell (D-AL). Attending local events can be a key part of showing support for elected officials whose legislative jurisdiction overlaps with our policy priorities. 

Stay tuned for the release of MORPAC’s 2024 Year End Report early next year, which will detail our industry’s political progress from January 1, 2023, thru December 31, 2024. In the meantime, you may view MORPAC’s Mid-Year Report shared with supporters this past summer.

Upcoming 2025 MBA Advocacy Events

Attend the MORPAC Reception during MBA’s Independent Mortgage Bankers (IMB) Conference at the P6 restaurant, a rooftop cocktail bar in downtown Austin, located in the LINE Austin Hotel. Enjoy light refreshments and apps, hear important updates from Capitol Hill, and be a part of the conversation to help find solutions to our industry issues. Learn how you can get more involved in MBA’s Political Affairs programs, ask questions, and network with other conference attendees. RSVP today. This reception is open to all conference registrants and current "active" MAA members. Opt-in for MAA will be available at the event and your RSVP will automatically renew or initiate your membership.

In addition to MBA’s IMB conference, MAA and MORPAC will host advocacy receptions at the following MBA-sponsored conferences in Q1: 

Servicing Solutions Conference and Expo (February 4-7, 2025)
MORPAC Breakfast - Thursday, February 6, 8:00 - 9:00 AM CT
Hyatt Regency Dallas, Dallas, TX

Commercial/Multifamily Finance Convention and Expo (February 9-12, 2025)
MBA Advocacy Luncheon – Monday, February 10 from Noon-1:00 PM PT
MORPAC Leadership Reception - Monday, February 10 from 5:00-6:00 PM PT
Manchester Grand Hyatt, San Diego, CA

Mid-Winter Housing Finance Conference (March 9-12, 2025)
MORPAC Reception - Day/Time TBD
Ritz-Carlton, Bachelor Gulch Avon, CO

Don’t forget about other ways to engage in MBA Advocacy:

• Respond to Open Call to Action Alerts to speak directly with policymakers about the industry impact of proposed legislation or regulations.
• Opt-in to Receive Text Alerts and receive periodic text messages from MAA for call-to-action alerts by providing your mobile number and check "Yes, sign me up to receive text alerts" on the Join MAA form.
• Run a Company Campaign to help boost MAA membership and increase participation. MBA provides company captains sample communications, making this an easy copy and paste.