Summer has descended on Washington, and policymakers have continued to consider actions that impact our industry.  Since last quarter, MBA has capitalized on targeted opportunities to advance policies beneficial to our industry, including: 

• reintroduction of a bipartisan Senate companion bill to enact minimum federal RON standards in mid-April; 
• potential USDA home loan program reforms; 
• the reintroduction of legislation to permanently extend the Section 199a small business “pass-through” deduction and deduction for mortgage insurance premiums, double the exclusion for capital gains for the sale of a primary home (with indexing for inflation), and establish a single-family tax credit for substantial rehabilitation/reconstruction within targeted LMI census tracts; 
• bipartisan House legislation to advance needed changes to the flawed implementation of the IRS's Income Verification Express Service tax transcript system; 
• a reaffirmation of the eligibility of DACA “Dreamers” to apply for FHA-backed mortgages, 
• urging appropriate guardrails within any data privacy legislation that may advance; and, 
• working with key appropriators to urge enactment of MBA's ongoing spending and programmatic priorities for Fiscal Year 2024.

MBA has also continued to push for appropriate congressional oversight on issues such as GSE pricing, the impact of planned Community Reinvestment Act reforms, and the examination of the need for a long-term flood insurance reauthorization.

Given all this activity, MBA's joint efforts – with members like you – to grow our Mortgage Action Alliance (MAA) enrollment is more important now than ever.  Earlier this month, over 8,100 members participated during MAA Action Week, generating over 4,100 renewals and 4,000 new memberships. 

1. MBA-supported “Trigger Leads” Legislation (H.R. 4198) Introduced (Top RESBOG Priority) 

On June 16, Rep. John Rose (R-TN) introduced H.R. 4198, the Protecting Consumers from Abusive Mortgage Leads Act, which would eliminate abusive trigger leads while preserving their use in appropriately limited circumstances – such as communicating with existing customers. Congressman Rose’s bill – a top MBA Residential Board of Governors (RESBOG) priority – is a new and separate proposal that differs from H.R. 2656, as introduced by Rep. Ritchie Torres (D-NY) in April, which would issue a blanket ban on trigger leads. Specifically, H.R. 4198 would allow for prescreen reports (trigger leads) to be permissible under the Fair Credit Reporting Act in limited circumstances during a real estate transaction. A consumer reporting agency would not be allowed to furnish a trigger lead to a third party unless that third party certifies having a consumer’s consent or a current relationship with the consumer.

2. Debt Ceiling Raised; Tax Proposal Advances out of House Committee 

In late May, the House of Representatives passed H.R. 3746, the Fiscal Responsibility Act, by a strong bipartisan vote of 314-117. The Senate quickly passed the same measure without amendment by a tally of 63-36. In return for suspending the debt limit until January 1, 2025, the legislation, negotiated by President Joe Biden and House Speaker Kevin McCarthy (R-CA), also contains language that provides incentives for policymakers to work in a bipartisan fashion to finish all 12 appropriations bills for Fiscal Years 2024 and 2025. If agreements are not reached, and appropriations are operating via a short-term Continuing Resolution (“CR”), a “sequestration” would be ordered to maintain the integrity of discretionary spending limits.  

Just two weeks later, House Ways and Means Committee Chairman Jason Smith (R-MO) “marked up” a tax proposal known as the American Families and Jobs Act, which advances business tax provisions that have expired or would be scaled down in coming years, e.g., the research & development (R&D) credit, bonus depreciation, and interest expensing. The package does not include any housing provisions but would temporarily increase the standard tax deduction for individuals and married couples. MBA sent a letter reinforcing our support for enacting housing-related tax provisions – for both renters and homeowners alike – as part of any tax package that may emerge in House/Senate negotiations later this year.

3. CFPB Reforms Moving?   

Mindful of the Supreme Court’s scheduled next term review of the CFPB’s funding structure, the House Financial Services Committee considered and passed H.R. 2798, the CFPB Transparency and Accountability Reform Act, along partisan lines on April 26. The bill would subject the Bureau to the congressional appropriations process, replace the agency’s current governance structure with a five-member bipartisan commission, create an Office of Economic Analysis, and require more stringent cost- benefit review of rulemakings. A copy of the letter MBA submitted prior to the bill’s markup reflected our long-standing support for enhanced checks and balances on the agency’s governance structure.  House floor consideration of the bill is now expected in July; Senate action is highly unlikely.   

Tell Your Representative: Co-Sponsor H.R. 4198, MBA-Supported “Trigger Leads” Bill

On Tuesday, June 20, 2023, MAA launched a call to action, urging members of the House of Representatives to support H.R. 4198, an MBA-Supported “Trigger Leads” Bill or the Protecting Consumers from Abusive Mortgage Leads Act, introduced by Rep. John Rose (R-TN).

The introduction of H.R. 4198 is a direct response to the advocacy efforts of MBA’s 2023 National Advocacy Conference (NAC). Join the thousands of MAA members who have sent messages to their Representatives. Act now and ask your Representatives for their support to protect consumers from abusive trigger leads! 

In December 2022, MAA launched a call to action asking MAA members to write to their Senators to show their support for veteran homebuyers and pass H.R. 7735, the Improving Access to the VA Home Loan Benefit Act of 2022, after its overwhelming passage in the House. This bill, introduced by Rep. Mike Bost (R-IL), would streamline the home-buying process for Veterans and their families. 

Over 2,000 MAA members sent messages to their US Senators to support H.R. 7735. On Wednesday, June 21, 2023, Rep. Mike Bost signed a “red-line” copy of the public law resulting from his VA appraisal process bill at the MBA townhouse, located on the Senate side of the Capitol. 

National Advocacy Conference 2023

Our recent National Advocacy Conference (NAC23) provided an opportunity for MBA members from all over the country to gather in Washington, DC to lobby their elected officials.  Over a third of the 425 members in attendance were first-time attendees, and 311 members participated in 265 Capitol Hill meetings. 42 Commercial/Multifamily members joined in MBA’s simultaneous CREF track, which included a mix of pertinent regulatory and legislative-facing meetings with both senior Committee staff, elected officials, and regulators. The National Museum of African American History and Culture presented a special location for the conference reception, with 29 individual U.S. House and Senate members and more than 100 congressional staffers in attendance.  Save the Date for #NAC24 – March 19-20, 2024, in Washington, D.C! 

Action Week Wrap Up

This year marked MBA’s eighth annual MAA Action Week. 127 member companies and organizations participated in this national, industry-wide campaign dedicated to growing the number of individual grassroots advocates in the real estate finance industry. Action Week generated over 4,100 renewals and 4,000 new MAA members. As a result, active MAA membership is now over 62,000. Thank you to the companies and organizations who participated this year!

Advocacy in August 2023

MBA’s Advocacy in August program connects MBA members with federal elected officials and senior staff, enabling you to tell your story and build relationships. During the Congressional August Recess (from August 1 through September 1), MBA’s Legislative Affairs team will coordinate in-person and virtual meetings in the home state or districts of the elected official. If you are interested in forming a group to meet with your elected officials, email Jennifer Nguyen at jnguyen@mba.org

MORPAC kicked off the 2023-2024 election cycle with its 30+ volunteer committee members led by MORPAC Chairman, Owen V. Lee, CEO, Success Mortgage Partners, Inc.  Despite the market turbulence, MORPAC has been able to raise over $500,000 since January 1, disbursing more than a half a million to incumbents’ re-election efforts, leadership PACs, and national party campaign committees. Stay tuned for MORPAC’s Mid-Year Report, which will detail the current campaign’s progress through June 30.

So far this year, MORPAC has already hosted nearly a dozen events at MBA sponsored conferences, including a reception at the Chairman’s conference earlier this month that raised over $65,000. Save the date for MORPAC’s 6th annual Action Week, September 18-22 during MBA Advocacy Month. 

Check out the highlights from last year’s campaign. Interested in participating, please contact Jamey Lynch, AMP or call 202-557-2818 for additional details. 

Advocacy Month 

Join the team in September for MBA Advocacy Month, focusing on growing awareness to building impact and effecting change on a national level. During this month we will be working with MBA member companies to activate their employees and run MAA and MORPAC campaigns to enlarge our industry’s political footprint. In addition, we will work cross-departmentally among MBA staff to host (virtual) events, including a legislative townhall to connect with and remind our members that MBA is YOUR resource. If interested in learning more and about how to get involved, please contact Jamey Lynch, AMP or call 202-557-2818.

MORPAC in Action

On May 19, MORPAC co-hosted a fundraising event in the greater New Orleans area for House Majority Leader Steve Scalise (R-LA), which raised more than $70,000 for the Congressman from Louisianans and MBA members and leadership.

On May 16, MORPAC hosted House Minority Leader Hakeem Jeffries (D-NY) at the MBA Townhouse for a real estate/housing industry event with about 15 related organizations. This event raised $64,000 to benefit his re-election campaign and attendees discussed negotiations surrounding the debt limit and challenges facing all Americans related to housing affordability.

MORPAC Speaker Series

On June 14, MORPAC hosted its first Speaker Series event of the year with Senator Steve Daines (R-MT), Chair of the National Republican Senatorial Committee (NRSC). Senator Daines updated MORPAC donors, MAA company captains, and MBA leadership on the offensive role the NRSC will play this cycle in the 23 seats involving Democrat incumbents (Republicans only have to defend 11 seats).  The Senator also answered legislative questions about permanency for the Section 199a small business “passthrough” deduction and the prospects for end-of-year action on housing tax credits. The MORPAC Speaker Series is a donor benefit program, which features a slate of bipartisan political speakers, including Members of Congress and key staff at national party campaign committees, to provide our advocates with timely updates from Capitol Hill and election outlooks from key races across the country.

Pictured: Our MORPAC reception at Chairman’s and Owen Lee, MORPAC Chair, CEO of Success Mortgage Partners, and Matt Rocco, MBA Chairman, President of Colliers Mortgage with two members of the “Rat Pack” during our Advocacy reception at Secondary.

The MBA Advocacy team hosted signature receptions and fundraisers during MBA’s spring conference season, which included events at Legal Issues and Regulatory Compliance (Austin, TX), Commercial/Multifamily Finance Servicing and Technology Conference (Chicago, IL), Secondary & Capital Markets Conference and Expo (New York, NY), and Chairman’s Conference (Palm Beach Country, FL). Reception attendees had the opportunity to hear directly from MBA leadership and staff about the importance of advocacy, our ongoing industry priorities, and how to contribute directly to MORPAC.

We look forward to hosting our MBA Advocacy reception and seeing each of you in the fall at MBA’s Annual Conference and Expo, October 15-18, in Philadelphia, PA.