The trade group’s priorities include changes to loan originator compensation standards and a higher tax exemption on home sales.

The GSEs will modify reporting forms in November to allow underwriting based on VantageScore 4.0. Meanwhile, the MBA is working on a proposal that calls for dropping the tri-merge scoring process for certain borrowers.

Economists at Fannie Mae and the MBA differ on how low interest rates on mortgages will go next year. Fannie is also more optimistic about the outlook for unemployment.

While the trade group still submits formal comment letters, sometimes faster action is needed, such as a text from MBA President and CEO Bob Broeksmit to an administration official.

The New York Department of Financial Services’ revised proposal doesn’t include any of the substantial changes sought by mortgage industry stakeholders.

In FY23, the organization posted an operating “profit” of $4.11 million.

The Mortgage Bankers Association was not immune from the cyclical nature of residential lending in 2024. Then again, its financial results could have been a lot worse.

The trade group said the current implementation timeline isn’t long enough for compliance with the new Mortgage Call Report requirements.

While banking trade groups favor regulators’ proposal to rescind the 2023 CRA final rule, consumer advocacy groups warned the rescission will stunt “much-needed” updates to the CRA framework.

The American Bankers Association noted that while the 1995 CRA framework isn’t perfect, it’s more workable than the final rule issued in 2023.