NMMLA attends the National Policy Conference in Washington, DC
On April 13th through the 14th, several directors and members of NMMLA descended upon Capitol Hill. The directive was to educate congress and the administration on those issues that matter most to our careers, our business, and continued longevity in real estate finance.

The conference gave industry leaders the opportunity to speak directly to lawmakers about what we do in the community as well as what the practical effects proposed changes of continued financial reform will have on our community and as well as our industry and our businesses. We heard from key officials, cabinet members, and special guest speakers. Overall, it was a highly successful endeavor.

Key components of the visit included:

Financial Services Regulatory Modernization – Risk Retention

  • Residential lenders already have risk retention in the forms of reps and warrants.
  • Commercial mortgage backed securities (CMBS) are business to business transactions that already have risk retention elements in their structures.
  • Congress should establish an exemption from risk retention for prudently underwritten mortgages with low risk characteristics.

Financial Services Regulatory Modernization Generally

  • Eliminating the patchwork of state and federal regulation and creating a uniform national standard will provide more consistent regulation, better consumer protection and increase competition to lower costs.


  • Congress should appropriate the full $25 million annually for staffing and technology upgrades at FHA.
  • Congress should extend the max limit until housing markets have stabilized.
  • Congress should support the FHA Reform ACT of 2010 to better manage its risk and stabilize the MMI fund


  • Congress is considering further restricting the mortgage interest deduction and property tax deduction as proposed by the President.
  • Congress should be offering the MID to those tax payers who don’t itemize and should make the tax deduction permanent

Secondary Market/GSE

  • The federal government must continue to play a role in the secondary mortgage market to ensure liquidity for residential, commercial and multifamily mortgages.
  • Begin the reform process as soon as possible with input from appropriate stakeholders

2011 Briefing Book

If you have not already signed up, I encourage you to visit and sign up for the mortgage action alliance.
-Angela Muxworthy

Additional content may be viewed at the website of Mortgage Bankers Association.

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