The privacy protection law has put an end to the controversial practice of “trigger leads,” which involved selling mortgage applicants’ data to competing lenders. Broeksmit reflected on the two-year journey of working on the trigger leads bill and achieving bipartisan support for its passage. He officially bid farewell to trigger leads during his speech.
Broeksmit also highlighted the VA reform law, which prevented a potential foreclosure crisis for thousands of veterans after key loan relief programs expired. He mentioned the efforts made to address the cancellation of the VA Servicing Purchase program earlier in the year.
Furthermore, the tax legislation has made several provisions benefiting lenders and borrowers permanent, including the mortgage interest deduction, mortgage insurance premium deductions, and the 20% pass-through deduction, as mentioned by Broeksmit.
In addition to engaging with members of Congress, such as House Speaker Mike Johnson and Sen. Mark Warner, Broeksmit emphasized the MBA’s collaboration with the Trump administration to influence housing and financial regulations. This includes efforts to reduce FHA multifamily insurance premiums and reform the CFPB’s Loan Officer Compensation Rule.
Broeksmit also highlighted the MBA’s ongoing work with the Federal Housing Finance Agency (FHFA) on credit score reform and reporting requirements, advocating for the elimination of mandatory tri-merge credit reports to lower costs for borrowers.
Looking forward, Broeksmit mentioned the MBA’s active involvement in discussions regarding the future of Fannie Mae and Freddie Mac, with a commitment to ensuring that any reform of government-sponsored enterprises maintains affordable mortgage credit.
Broeksmit concluded his remarks by recognizing the retirement of MBA Chief Operating Officer Marcia Davies, praising her three decades of service and the establishment of mPower, MBA’s network supporting women in the mortgage industry. He described Davies’ leadership as “courageous” and her impact as “a movement.”
“This year has been truly historic in terms of achievements,” Broeksmit stated. “But it is also historic in another, albeit somber, way,” he added, referring to Davies’ influential leadership and the impact she has had on the industry.