| (Friday, March 13) This afternoon, President Donald Trump signed two executive orders (here and here) that aim to remove regulatory barriers to housing construction and promote lower costs and increased access to mortgage credit. Fact sheets: President Donald J. Trump Removes Regulatory Barriers to Affordable Home Construction; President Donald J. Trump Promotes Access to Mortgage Credit What they’re saying: In a press statement, MBA President and CEO Bob Broeksmit, CMB, said, “America’s housing finance system is the best in the world because it’s competitive. We support efforts to increase bank participation in mortgage lending and servicing, and the goal should be to revise overly burdensome rules for lenders of all sizes and business models. This includes credit unions that support their members and independent mortgage banks (IMBs), who serve most FHA, VA, and Rural Housing borrowers, making homeownership possible for first-time buyers, low- and moderate-income families, veterans, and those living in rural communities.” Broeksmit added, “MBA strongly supports efforts to reform appraisals, ease construction regulations, and encourage homebuilding to help address the structural challenges driving up housing costs.” Why it matters: Today’s order aims to make the mortgage process cheaper and more efficient, increase homebuilding, and reduce regulatory burdens. However, MBA believes it is imperative that these benefits apply to all lenders, including IMBs, credit unions, and banks of all sizes. Go deeper: Read MBA’s white paper on the importance of IMBs’ critical role in mortgage lending and servicing. What’s next: MBA is eager to work with the White House, federal housing agencies, and industry stakeholders throughout the regulatory reform process to ensure these enhancements are effective, practical, and implemented in a way that benefits consumers, lenders of all business models, and the broader housing market. |