The Mortgage Bankers Association of America (MBA) is the national nonprofit organization in the United States representing the real-estate finance industry. As of 2022, MBA has 162 employees and 2,200 member organizations. ¹ Membership peaked at 3,000 before the 2008 financial crisis. ²

MBA supports a range of regulatory adjustments to the mortgage industry, particularly measures to support homeownership among low-income and racial-minority Americans by easing lending standards.

Activities

The Mortgage Bankers Association of America (MBA) supports numerous government policies designed to increase access to mortgages for low-income Americans. This includes the Community Reinvestment Act, legislation initially enacted in 1977, which state legislatures are considering expanding to independent mortgage banks. ^{3 4} MBA supports Federal Housing Administration and Ginnie Mae policies with the same purpose. ^{5 6} MBA also supports reducing mortgage servicing costs through reforms to loan servicing standards. ⁷

In May 2023, the Federal Housing Finance Agency rescinded a “controversial” loan-level pricing adjustment that altered pricing based on debt-to-income levels. MBA had opposed the adjustment. ⁸

MBA supports the continuance of the Consumer Financial Protection Bureau (CFPB). In February 2023, the U.S. Supreme Court began examining the constitutionality of the CFPB’s funding structure after an appellate court ruled it unconstitutional. While most federal agencies are financed by discretionary U.S. Congressional appropriations, the CFPB is financed by the Federal Reserve, which led critics to argue that was an unconstitutional breach of the separation of powers. If the U.S. Supreme Court ruled the CFPB’s funding mechanism as unconstitutional, the agency would cease to function until U.S. Congress restructured its funding. In February 2023, in anticipation of this possibility, the CFPB began circulating a new set of proposed regulations to fill in for the CFPB’s absence. ^{9 10}

MBA supported numerous provisions in the Biden administration-backed Inflation Reduction Act, including tax credits for energy efficient buildings. MBA also supported the removal of a provision requiring banks to report transactions of more than $600 to the Internal Revenue Service. ¹¹

MBA supports clarifications to regulations set by the Consumer Financial Protection Bureau on mortgages, specifically regarding the qualified mortgages rule, the Loan Originator compensation rule, Real Estate Settlement Procedures Act servicing rule, TRID (TILA-RESPA Integrated Disclosures), and ECOA (Equal Credit Opportunity Act). ¹²

MBA supports a set of state-based mortgage regulations suggested by the Conference of State Bank Supervisors that would ensure regulatory uniformity across the states. ¹³

MBA supports changes to fix the pre-2008 crisis “structural flaws” of Fannie Mae and Freddie Mac, the two federally backed mortgage companies. ¹⁴

MBA supports a continued ban on Property Assessed Clean Energy (PACE) lending, a mortgage structure designed to accommodate weather-dependent energy improvements for properties financed by federal organizations and programs because it increases investor exposure to potential losses. ¹⁵

MBA advocates for some mandatory environment, social, and governance (ESG) regulations, including disclosures on climate-related financial risk. ¹⁶

MBA supported the Tax Cuts and Jobs Act, signed into law in 2017 by President Donald Trump. MBA supports the extension of the mortgage insurance premium deductibility provision, which was initially enacted in 2007, extended by the 2017 Act, but expired in 2021. ^{17 18}

MBA supports tax credits for mortgages, including extending the low-income housing tax credit (LIHTC). MBA supports enacting a middle-income housing tax credit (MIHTC) to extend the LIHTC to more expensive housing. ¹⁹

Home for All Pledge

the Mortgage Banking Association of America launched the Home for All Pledge, a commitment to providing lower lending standards to racial minorities in the United States to address “racial inequities” in housing. Signatories also commit to maintaining diversity, equity, and inclusion (DEI) standards in their workplace. ²⁰ Signatories include Fannie Mae and Freddie Mac. ²¹

Political Action Committee

In the 2022 election cycle, the Mortgage Banking Association Political Action Committee (known as MORPAC) raised and spent around $3 million, with expenditures slightly favoring Republican candidates. Historically, the PAC’s expenditures have been balanced between the two parties with slightly higher support for Republicans. Expenditures have steadily increased from $423,000 in the 2002 cycle to $3 million in the 2022 cycle. ²²

Open Doors Foundation

The Mortgage Bankers Association of America (MBA) has operated the MBA Open Doors Foundation since 2011. Since then, the organization has provided mortgage and rental assistance worth over $23 million to over 10,000 families with critically ill or injured children. The Foundation is financed by MBA and other mortgage banks. ²³

Diversity, Equity, and Inclusion

The Mortgage Bankers Association of America (MBA) has a dedicated diversity, equity, and inclusion (DEI) resource center and playbook. The organization’s website states: “DEI is more important now than ever. It’s no longer optional or a “nice-to-have.” It is critical on the path to business success.” ^{24 25}

Controversy

In 2014, former Mortgage Bankers Association of America (MBA) president David H. Stevens stated in a speech that 56 percent of black American mortgage applicants were denied, a far higher rate than was commonly believed in the industry. Stevens attributed the high rejection rate to overly stringent regulations set by federal mortgage companies and laws. ²⁶

In 2010, MBA sold its headquarters in Washington, D.C. at a $38 million loss only three years after purchasing the property for $79 million. The purchase was financed by a $75 million loan from a group of banks. MBA received criticism for defaulting on this loan despite often taking “a combative tone” towards defaulting mortgage borrowers. Then-president John Courson had said of borrowers who walked away from underwater mortgages: “what about the message they will send to their family and their kids and their friends?” ²⁷

Leadership

Bill Kilmer has been the senior vice president of legislative and political affairs of the Mortgage Bankers Association of America (MBA) since 2010 and oversees the organization’s lobbying. From 2001 to 2010, Kilmer worked as executive vice president of advocacy at the National Association of Home Builders. Earlier Kilmer served as a senior legislative officer for Congressional and Intergovernmental Affairs at the U.S. Department of Labor under President George H.W. Bush. ^{28 29}

William Kooper is the vice president of state government affairs and industry relations at MBA and has worked at the organization since 2001. From 1998 to 2001, Kooper served as special assistant to Clinton administration Housing and Urban Development assistant secretary for community planning and development Andrew Cuomo (D-NY). Earlier, Kooper worked for Andrew’s father, New York Governor Mario Cuomo (D-NY), as a confidential assistant. ^{30 31}

Marcia Davies is the chief operating officer of MBA and has worked at the organization since 2011. From 2009 to 2011, Davies served as a senior advisor to the Federal Housing Commissioner at the U.S. Department of Housing and Urban Development (HUD). Earlier, Davies worked at Freddie Mac for over 21 years. ^{32 33}

Peter Grace has been the senior vice president of Strategy and Member Services of MBA since 2012. Previously, he served as chief of staff for the Acting Deputy Secretary in HUD under President Barack Obama (D). Earlier, he was associate commissioner of the Office of Strategic Planning, Technology and Research at the New York City Department of Housing Preservation and Development. ³⁴

Steve O’Connor is the senior vice president of affordable housing at MBA and has worked at the organization since 1996. From 1991 to 1996, O’Connor served as the director of mortgage finance at the National Association of Realtors. Previously, O’Connor was a government affairs assistant at Freddie Mac for over a year. ^{35 36}

1. “2022 Annual Report.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/docs/default-source/annual-report/24510-mba-annual-report-2022-wb.pdf?sfvrsn=64804f0b_2.
2. “Everything You Need To Know About The Mortgage Bankers Association.” Nicki and Karen. July 20, 2020. Accessed October 26, 2023. https://nickiandkaren.com/ask-a-realtor/everything-you-need-to-know-about-the-mortgage-bankers-association/.
3. “Community Reinvestment Act (CRA).” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/community-reinvestment-act-cra.
4. “State Community Reinvestment Act (CRA) Legislation.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/state-community-reinvestment-act-CRA-legislation.
5. “Federal Housing Administration (FHA) Programs.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/federal-housing-administration-FHA-programs.
6. “Ginnie Mae Policies and Programs.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/ginnie-mae-policies-and-programs.
7. “Loan Servicing Standards.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/loan-servicing-standards.
8. Sorohan, Mike. “FHFA Rescinds Proposed Loan-Level Pricing Adjustment for DTI Ratios.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://newslink.mba.org/mba-newslinks/2023/may/mba-newslink-wednesday-may-10-2023-special-edition/fhfa-rescinds-proposed-pricing-adjustment-for-dti-ratios/.
9. Dayen, David. “Mortgage Bankers Scrambling Over Conservative Court Region.” The American Prospect. February 1, 2023. Accessed October 26, 2023. https://prospect.org/justice/2023-02-01-mortgage-bankers-cfpb-funding-congress/.
10. Dayen, David. “Conservative Judicial Ruling Threatens Functioning of Daily Life.” Prospect. October 21, 2022. Accessed October 26, 2023. https://prospect.org/justice/conservative-judicial-ruling-threatens-functioning-of-daily-life-cfpb/.
11. “MBA Positions on Tax Policy.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/docs/default-source/cmf-policy/cmf-issue-briefs/cmf_pol_tax_policy_issue_brief_spring22.pdf?sfvrsn=551f399b_2.
12. “Consumer Financial Protection Bureau (CFPB) Origination Issues.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/cfpb-origination-issues.
13. “CSBS Model State IMB Capital, Liquidity, and Governance Standards.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/csbs-model-state-imb-capital-liquidity-and-governance-standards.
14. “Fannie Mae and Freddie Mac Policies and Programs.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/fannie-mae-and-freddie-mac-policies-and-programs.
15. “Property Assessed Clean Energy (PACE) Lending.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/property-assessed-clean-energy-PACE-lending.
16. “Climate-Related Risk and Environmental, Social, Governance (ESG).” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/commercial/multifamily/policy-issues/climate-related-risk-and-environmental-social-governance-esg.
17. “Tax Issues.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/advocacy-and-policy/residential-policy-issues/tax-issues.
18. “Tax deductibility of MI premiums.” USMI. Accessed October 26, 2023. https://www.usmi.org/policy_priorities/mi-deductibility/#:~:text=Tax%20deductibility%20of%20MI%20premiums,MI%20deduction%20has%20been%20claimed.
19. “MBA Positions on Tax Policy.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/docs/default-source/cmf-policy/cmf-issue-briefs/cmf_pol_tax_policy_issue_brief_spring22.pdf?sfvrsn=551f399b_2.
20. “The Home for All Pledge.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/about-mba/the-home-for-all-pledge.
21. “See Who Signed the Pledge.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/about-mba/the-home-for-all-pledge/see-who-signed.
22. “PAC Profile: Mortgage Bankers Assn.” Open Secrets. Accessed October 26, 2023. https://www.opensecrets.org/spending-section.
23. “Homepage.” MBA Open Doors Foundation. Accessed October 26, 2023. https://www.mbaopensdoors.org/.
24. “Diversity, Equity, and Inclusion.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/industry-resources/diversity-equity-and-inclusion.
25. “Diversity, Equity, and Inclusion Playbook.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/industry-resources/diversity-equity-and-inclusion/diversity-equity-and-inclusion-playbook.
26. Eavis, Peter. “Dispute Over Banking Group’s Analysis of Mortgage Denials to Blacks.” The New York Times. May 23, 2014. Accessed October 26, 2023. https://archive.nytimes.com/dealbook.nytimes.com/2014/05/23/dispute-arises-over-number-of-mortgage-denials-to-blacks/.
27. Clark, Andrew. “US Mortgage Bankers Association sells HQ at $38m loss.” The Guardian. February 9, 2010. Accessed October 26, 2023. https://www.theguardian.com/business/2010/feb/09/mortgage-bankers-association-property-debacle.
28. “Bill Killmer.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/about-mba/leadership/bill-killmer.
29. “Bill Kilmer.” LinkedIn. Accessed October 26, 2023. https://www.linkedin.com/in/bill-killmer-790b3175/.
30. “William Kooper.” LinkedIn. Accessed October 26, 2023. https://www.linkedin.com/in/williamkooper/.
31. “William Kooper.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/about-mba/leadership/william-kooper.
32. “Marcia Davies.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/about-mba/leadership/marcia-davies.
33. “Marcia Davies.” LinkedIn. Accessed October 26, 2023. https://www.linkedin.com/in/marcia-davies-0953379/.
34. “Peter Grace.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/about-mba/leadership/peter-grace.
35. ^[1] “Steve O’Connor.” Mortgage Bankers Association of America. Accessed October 26, 2023. https://www.mba.org/about-mba/leadership/steve-o-connor.
36. “Steve O’Connor.” LinkedIn. Accessed October 26, 2023. https://www.linkedin.com/in/steve-o-connor-7b46b26/.