The New York Unified MBA Advocacy Day consisted of fifteen scheduled appointments with the legislators and executive branch. Representatives from the Mortgage Bankers Association of NENY, Empire State MBA and MBA of Genessee Region combined forces to bring a unified message to the politicians.
Topics of the Day:- NY Foreclosure Moratorium Bills S. 2958 and A. 5275
- The Senate Bill should not be an issue at this point and the MBA has provided an issue paper for the briefing book.
- Uniform State Test
- MBA provided UST Tables and information to support adaption of the UST and provided a model letter that could be sent by the legislators to the DFS
- Reciprocity and/or Transitional License.
- MBA provided Ohio Bill as potential model language for NYS to adopt.
- NYS High Cost Loan Test Limits and Index
- A Mortgage Professional will supply info and examples relative to the Freddie Mac PMMS and problems that will be created in a rising rate environment where customers could float into an unsaleable loan.
- Support of Governor Cuomo in his Property Tax Cap and Government Consolidation.
- MBA to provide state specific statistics on NYS Housing Market per 2013 Policy Book and these initiatives would be a positive influence on Affordable Homeownership in NYS.
Overall the meetings were positive and all legislators were very receptive. In addition to the above topics we were conscious of working toward creating relationships and promoting open communication between the legislators and the MBA so we could position ourselves as a resource for practical mortgage related information.
This marks the first of what will become an annual event for the MBA!
Story submitted by Michele Teague, MBA NENY Secretary