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It’s a pivotal time for the mortgage industry. With the arrival of a new presidential administration, a new perspective now frames the debate in our country. As policymakers look to confront the challenges facing our nation, they will be considering legislation that will greatly influence the direction of the housing industry as a whole, and the mortgage industry in particular. It is vital that the mortgage workforce, from entry-level loan officers to CEOs, gets involved in the process. As professionals who earn a living in this industry, it’s our responsibility to let our voice be heard as important decisions are made that will shape the future of mortgage banking. The best policy is made when those of us who have the boots on the ground and work with consumers make our voice heard.
WHAT’S AT STAKE?
There are a few key issues on the horizon that stand to have a significant impact, and the industry needs a united voice. The Mortgage Bankers Association helps us to speak with one voice by representing the entire real estate finance industry. MBA represents all institutions that lend in both the residential and commercial mortgage markets. MBA is working on Capitol Hill and with the regulators every day to bring balance to the regulations that govern our industry, to lower costs, and to expand affordability for the home buyers that we serve.
One of the most important issues before Congress today is the reform of the government sponsored enterprises, Fannie Mae and Freddie Mac. They have been under federal control since 2008, when the U.S. intervened and provided billions of dollars in taxpayer assistance during the Great Recession.
After nine years in conservatorship, we need permanent legislative reform that levels the playing field, invites competition from private capital to the secondary market, and creates certainty so that bond investors from around the world continue to participate in the U.S. mortgage market.
It’s important for Congress to pass GSE reform in order to lock in the positive changes that regulators have already made to ensure a stable lending environment.
A SEAT AT THE TABLE
As I said, it’s the responsibility of all of us to personally get involved. That involvement can take many forms, and there’s a role for everyone to play.
I’m currently supporting our industry’s advocacy efforts by serving as Chairman of MORPAC, the political action committee of the MBA. MORPAC contributes to U.S. House and Senate candidates on behalf of the entire real estate finance industry, and as Chairman, I raise funds to support the PAC.
It’s vital that we’re involved in the process and support Members of Congress and congressional candidates who understand and respect our perspective.
Others get involved by volunteering their time. My wife, Patty Arvielo, president and co-founder of New American Funding, has taken a leadership role on MBA’s Diversity and Inclusion Committee. In conjunction with a great team of volunteer leaders, she’s working to advance the interests of women and minority members of our industry, and to help represent those needs to policymakers. This year, she accepted an appointment for a three-year term as a member on the Consumer Financial Protection Bureau’s Consumer Advisory Board. As a board member, Patty will serve as a consumer expert who is outside of the federal government, advising CFPB’s leadership on a broad range of consumer financial issues and emerging market trends.
It’s essential for the mortgage industry to be well-represented before the CFPB. We need a seat at the table whenever important discussions are taking place that are affecting our housing consumers and framing our future.
ONE INDUSTRY, ONE VOICE
But everyone in the industry has a chance to get involved and make a difference. The Mortgage Action Alliance is the MBA’s grassroots lobbying organization. MAA members get the chance to directly communicate with elected officials about important legislative issues impacting our business.
MAA is open to all mortgage industry professionals and it is free to get involved. It is important for members of Congress to understand the large role our industry plays in the communities they represent. Once you’re a member, you will be alerted with a ‘Call to Action’ when an important issue arises and you will be able to reach out to your elected officials with a few simple clicks.
YOUR VOICE COUNTS
MAA membership can make a big impact. Our industry is nearly 300,000 members strong – yet we have about 18,000 active MAA members. Imagine the impact we could have if we had 100,000 members sending letters to their elected officials at the same time? That’s why each of us has to stand up and let our voice be heard if we want to make a difference.
