Presentation Transcript

1. State Legislative Update

   October 8, 2011 Andrew Szalay, AMP and Chelsea Crucitti MBA State Government Affairs
2. My Presentation Today MBA State Government Affairs Program Current and Emerging Issues Tools for Action
3. State Mortgage Advocacy MBA Leadership State Cmte. AUDIENCE 50 Legislatures 50 Governors 50 Attorneys General 50 Regulators Mayors STAKEHOLDERS Member Lenders State Mortgage Bankers Associations State Legislative and Regulatory Committee (SLRC) ADVOCACY Correspondence Visits Coalitions MAA State Calls-to-Action MBAlerts INTELLIGENCE Exchange Calls Lobbyists Legislative Database MBA Staff
4. Your Point of Contact
5. Key and Current State Issues SAFE Act and Transitional Licensing – Promote MBA’s Transitional Licensing Model Bill that permits a qualified registered loan originator and a qualified out-of-state loan originator to be issued a transitional mortgage license while meeting applicable state licensing requirements. MBA is already engaging with state legislators, state and federal regulators and state mortgage associations to advocate for such a reform. Additionally, MBA will continue to track SAFE Act implementation and licensing bills. Foreclosure Reform and Mediation – Continue to advocate against foreclosure moratorium bills in the states and oppose foreclosure mediation as a mandatory requirement prior to foreclosure. Monitor, report and work to minimize the time and costs of new foreclosure mediation legislation on servicing operations. Vacant/Abandoned Foreclosed Properties – Encourage states to adopt an expedited foreclosure process, similar to one enacted in Colorado, for vacant and abandoned properties. Promote the “MERS Vacant Property Database” as an alternative to local ordinances imposing burdensome duties and penalties on servicers to maintain foreclosed properties. General Servicing Issues, e.g. tenant notification, data reporting, etc. – Continue to track legislation related to servicing issues, and oppose proposals that increase burdens on servicers and inhibit loss-mitigation efforts. Work to reverse state laws that require servicers or loss mitigation specialists to be licensed.
6. Key and Current State Issues Mortgage Registry and Duplicative State Requirements – Monitor and oppose legislation that attempts to create costly and duplicative mortgage servicing requirements, many of which attempt to challenge or are redundant to MERS. Appraisal Requirements – Monitor and report on legislation conforming state law to the new Dodd Frank Act appraisal requirements as well as legislation and regulation affecting Appraisal Management Companies (AMCs). Lien Priority Proposals – Identify legislative proposals that place debt in front of the mortgage and oppose those laws, such as those that support Property Assessed Clean Energy (PACE) programs and those that place Home Owner Association (HOA) fees on delinquent home and unit owners in first position. Impact of Dodd-Frank – Monitor and assess state legislation trends resulting from the federal Dodd-Frank Act. Other Priority Issues: Deficiency Judgments; Private Transfer Fees; Title Insurance; Mortgage Fraud; Reverse Mortgage, Mortgage Call Reports, and other critical issues as they arise.
7. Emerging Issues Transitional Licensing (SAFE Act) Lien Priority for HOA’s for Longer Periods of Time Vacant Property Owner Definition “Fracking”
8. MBA and Its Services Education Research Communications Regulatory Policy Advocacy and Coalitions
9. State Lobby Days Lobby Day Resource Package: Conference call with MBA Lobbyists on Lobbying Do’s and Don’ts Federal and State Legislative Update Introduction Letter to Legislators Talking Points Advertising: MAA and NewsLink
10. State Lobby Days Advertise your Lobby Day with a flyer to all MAA members in your state
11. 2012 Legislative Outlook Servicing Regulations/Legislation Foreclosure Reform Licensing Foreclosure Mediation Vacant Property Registration/Maintenance Expedited Foreclosure
12. State Legislative Database Log on from: mortgagebankers.org/Advocacy/StateLegislativeandRegulatoryResources
13. State Calls to Action on Proposed Bills
14. Legislative and Advocacy Resources: SLRC Exchange Calls: Every third Wednesday at 3:00 Eastern Analysis of Proposed Bills and Regs Input from MBA’s policy experts Talking Points Message Developing MBAlerts Bi-Weekly State Legislative Reports
15. Thank You. Andrew Szalay, AMP Chelsea Crucitti Dir. of State Government Affairs State Government Affairs Spec. Mortgage Bankers Association Mortgage Bankers Association aszalay@mortgagebankers.orgccrucitti@mortgagebankers.org (202) 557-2941 (202) 557-2811