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helm on May 26, 2020

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New York is the financial capital of the country, and as such, we should have the highest number of MAA members.  Right now, New York is not the leader in MAA members. New York Real Estate finance professionals need to be engaged in a vital way that directly impacts the way you do business.  Whether you’re the CEO, CFO, CIO, Vice-President, Manager, Underwriter, Processor, Closer, QC, Servicer,  in the Secondary Market–YOUR VOICE SHOULD BE HEARD. YOU SHOULD JOIN MAA–TODAY!

Follow this link to complete a simple form.  It asks for your home address to identify your legislative representative, both at the Federal and State levels.

Speak directly with your members of Congress, state legislators and federal regulators about the impact of proposed legislation or regulations with the Mortgage Action Alliance, Inc.® (MAA). This voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association (MBA), is dedicated to strengthening the industry’s voice and lobbying power in Washington, DC and state capitals across America.

Get involved with MAA to play an active role in how laws and regulations that affect the industry and consumers are created and carried out by lobbying and building relationships with policymakers. It only takes a moment to get started, and you do not have to be a member of MBA to enroll.

ACTIVE CALL TO ACTION EVENTS

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PREVIOUS CALL TO ACTION EVENTS

Urge Your Representative to Vote “YES” on Federal RON Bill

Last week, Representatives Kelly Armstrong (R-ND) and Madeleine Dean (D-PA) re-introduced the SECURE Notarization Act (H.R. 1059). As you may recall, this MBA-supported measure complements the 42-state remote online notarization (RON) laws by creating a set of minimum federal standards, while allowing individual states the flexibility and freedom to implement their own RON standards.

  • Why it matters: A direct result of MBA’s outreach and advocacy, H.R. 1059 requires tamper-evident technology in electronic notarizations and provides fraud prevention using multifactor authentication for identity proofing and audiovisual recording of the notarial act.
  • What’s next: A strong “Yes” vote in the House will help create a pathway for MBA and our coalition partners to build support for the pending Senate companion bill, while pushing for avenues to have the bill potentially considered and moved by the full Senate in the 118th Congress.
Federal Ron Bill

Last year, Senators Mark Warner (D-VA) and Kevin Cramer (R-ND) introduced the SECURE Notarization Act of 2021 (S. 1625). Co-sponsorship of this bill was a key ask during MBA’s National Advocacy Conference earlier this year. This bipartisan, bicameral legislation would allow notaries in all states to perform RON transactions.

Your advocacy matters! Just last week, the full House of Representatives passed its RON companion legislation, H.R. 3962 by an overwhelming vote of 336-90, signaling to the Senate that there is considerable interest to clear the bill in the upper chamber.

S. 1625 requires tamper-evident technology in electronic notarizations and provides fraud prevention using multifactor authentication for identity proofing and audiovisual recording of the notarial act. To date, forty-one states have enacted their own laws to enable the use of RON. The federal legislation would complement those existing state laws, while allowing individual states the flexibility and freedom to implement their own RON standards.

  • Why it matters: A direct result of MBA’s outreach and advocacy, S. 1625’s minimum standards for RON are consistent with those provided in the MBA-ALTA model state RON bill and the Mortgage Industry Standards Maintenance Organization (MISMO) RON Standards.
  • What’s next: Thanks to your help, the robust floor vote on July 26 in favor of H.R. 3962 achieved two key objectives: (1) the measure cleared the full House with strong momentum; and, (2) helped create a pathway for MBA and our coalition partners to garner further support for the measure’s Senate companion, S. 1625 – while pushing for avenues to have the bill potentially considered by the full Senate prior to the close of the 117th Congress.
Tell your Senators to Expand Affordable Homeownership Opportunities and Support Community Revitalization!

Senators Ben Cardin (D-MD) and Rob Portman (R-OH) recently introduced Bill S.98, the Neighborhood Homes Investment Act (NHIA), a bill that would create a new federal tax credit to fuel development. This bipartisan legislation would encourage the rehabilitation of single-family homes and potentially attract $100 billion in development activity to underserved rural and urban communities across the country.

The NHIA builds on the success of the Low-Income Housing and New Markets Tax Credits, which support affordable rental housing and economic development, respectively, but are not designed to build or rehabilitate owner-occupied homes. Bill S.98 would support the development of homes in rural communities struggling with the costs of new construction, as well as the rehabilitation of homes in blighted communities, where vacant homes depress property values and thwart broader revitalization efforts.

FHA Extends Remote Work Flexibilities for Lenders and Appraisers

helm on May 19, 2020

In addition to to issuing an extension of FHA’s foreclosure and eviction moratorium for single family homeowners, FHA also announced an extension for remote work flexibilities.

Extensions Through June Provide Peace of Mind to Struggling Homeowners While Supporting New Mortgage
Originations During COVID-19 Recovery

WASHINGTON -5/14/2020  The Federal Housing Administration (FHA) announced an extension of its foreclosure and eviction moratorium through June 30, 2020, for homeowners with FHA-insured Single Family mortgages, while also supporting new FHA-insured mortgage originations through an extension of temporary policy flexibilities for lenders and appraisers. The extensions will support the President’s economic recovery efforts as the Nation continues to work to defeat the COVID-19 invisible enemy.

FHA’s Single Family foreclosure and eviction moratorium extension announced today applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:

  • Halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; and
  • Cease all evictions of persons from FHA-insured Single Family properties, excluding actions to evict occupants of legally vacant or abandoned properties.

Additionally, the Single Family mortgage origination policy extensions announced today allow alternatives for lenders to re-verify a borrower’s employment, and for appraisers to conduct desktop or exterior-only appraisals, to continue through June 30, 2020. These temporary measures allow lenders and appraisers to continue their necessary work for new FHA-insured mortgages in light of social distancing requirements.

“We made it clear at the beginning of this pandemic that no American should have to worry about losing their home amidst a crisis. Today’s announcement ensures that commitment,” said U.S. Department of Housing and Urban Development Secretary Ben Carson. “While we have made great strides in fighting this virus, the fact remains that many Americans are still struggling as we work diligently to get our economy back on sound footing, which I have full confidence we will do through the leadership of the President.”

“For those among the over 8.1 million single family homeowners with FHA-insured mortgages who need assistance, our highest priority is to ensure that they have the time through the foreclosure moratorium, and the assistance they need through special COVID-19 mortgage forbearance, to remain in their homes long-term,” said HUD Deputy Secretary and Federal Housing Commissioner Brian Montgomery. “At the same time, extending our policy flexibilities will ensure that affordable FHA-insured mortgage financing continues to remain available to support first-time and other homebuyers, and the Nation’s housing market.”

Homeowners with FHA-insured mortgages must continue to make their mortgage payments during the foreclosure and eviction moratorium if they are able to do so, or seek mortgage payment forbearance pursuant to the CARES Act from their mortgage servicer, to avoid future foreclosure actions when the moratorium expires.

Pursuant to the CARES Act, FHA requires mortgage servicers to:

  • Offer borrowers with FHA-insured mortgages up to six months or more of delayed mortgage payment forbearance when the borrower requests it. FHA does not require a lump sum payment at the end of the forbearance period.
  • Assess borrowers who receive COVID-19 forbearance for its special COVID-19 National Emergency Standalone Partial Claim before the end of the forbearance period. The COVID-19 National Emergency Standalone Partial Claim puts all deferred mortgage payment amounts owed into a junior lien which is only repaid when the borrower sells the home, refinances the mortgage, or the mortgage is otherwise extinguished.

FHA Press Release 5/14/2020

Foreclosure Prevention & Refinance Report Released

helm on May 14, 2020

The Foreclosure Prevention & Refinance Report and Federal Property Manager’s Report as of February 2020 has been posted.  This report quantifies the number of foreclosure prevention actions taken by Fannie Mae & Freddie Mac, the Enterprises, year-to-date and cumulative since the beginning of the conservatorships in September 2008.

Issued by FHFA 5/14/2020
Foreclosure Prevention, Refinance and FPM Report – February 2020

April New Home Purchase Mortgage Applications Decreased 12 Percent

helm on May 14, 2020

WASHINGTON, D.C. (May 14, 2020) — The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2020 shows mortgage applications for new home purchases decreased 12 percent compared from a year ago. Compared to March 2020, applications decreased by 25 percent. This change does not include any adjustment for typical seasonal patterns.

“New home purchase applications severely weakened in April, which coincided with the peak of the social distancing efforts and restrictions on non-essential activities to help slow the spread of COVID-19. During what’s typically the prime home buying season, activity fell 25 percent from March and decreased 12 percent from a year ago,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “MBA estimates that new home sales dropped to an annualized pace of 533,000 units – the slowest since December 2016. This decline was in line with data from our Weekly Applications Survey, which indicated a pullback in March and most of April.”

Added Kan, “There’s evidence now that unrealized, pent-up demand is being released as states start to reopen. We expect that heading into the summer, more prospective homebuyers will gradually return to the market.”

Source: Adam DeSanctis
Mortgage Bankers Association
adesanctis@mba.org
(202) 557-2727