On Wednesday, , May 20, MBA’s President and CEO Bob Broeksmit, CMB, released the following statement after the House passed an amended version of the Senate-passed, 21st Century ROAD to Housing Act (H.R. 6644, as amended). The bill advanced with broad bipartisan support (396–13), marking a positive step forward for MBA and our members.

This package, which was introduced (as a counterpoint to a March-passed Senate companion bill) late last week by House Financial Services Committee (HFSC) Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA), was altered further with input provided by the White House prior to yesterday’s vote. This latest House proposal fixes prior concerns related to FHA multifamily loan limits and single-family disclosure requirements, preserves important USDA Rural Housing Service reforms, and codifies the GSEs’ reconsideration of value appraisal processes without increasing lender liability. The bill no longer includes a proposed expansion of an inefficient “first look” requirement for servicers.

The bill also fixes industry concerns around a provision that would have required disposition within seven years of newly constructed “build-to-rent (BTR)” homes acquired by large institutional investors (LIIs) – as defined by the bill. Several members of Congress are committed to working with MBA (and the Treasury Department upon enactment) to clarify the bill’s treatment of existing “horizontal multifamily” units not fully exempted from the LII section’s coverage.

Why it matters: MBA extends its deep appreciation to the Mortgage Action Alliance (MAA) and the thousands of grassroots advocates who responded to repeated Calls to Action — especially during MAA Action Week (May 11–15) — that helped educate House lawmakers and build support for a substantially refined House package. MBA’s legislative and political affairs team, reinforced by multiple letters sent independently and with housing partners, also led a sustained direct lobbying effort that ensured the final House bill was improved. In a letter and two joint trades letters (here and here) to the House ahead of the vote, MBA indicated its support for the overall proposal, providing specific commentary on key sections of the package and other pertinent measures.

What’s next: MBA remains engaged with House and Senate leaders and the administration on this housing package and its key provisions. Senate Banking Committee leaders indicated mid-week that there is “more work to do” to respond to the overwhelming House vote. We will continue to monitor next steps planned in the Senate in pursuit of the best possible bill that can be sent to President Trump’s desk for his signature in the coming days and weeks.

With regards,

Bill Killmer
SVP of Legislative & Political Affairs, MBA