Additionally, the MBA suggests that the Department of Housing and Urban Development (HUD) should rescind its recent rules concerning floodplain management and energy efficiency standards.
The second section of the MBA’s letter focuses on regulations that the association believes warrant revisions. These include the CFPB’s Real Estate Settlement Procedures Act (RESPA) Section 8 and Regulation X servicing rules.
The MBA also recommends revisions to the Federal Housing Finance Agency’s (FHFA) incorporation of Unfair, Deceptive, or Abusive Acts or Practices (UDAP) into its Equitable Housing Finance plans for government-sponsored enterprises (GSEs).
In the letter, the MBA stated its general support for the rulemaking process when it provides clear guidelines. However, the association expressed concerns that some agency rules exceed statutory authority, create significant costs and liabilities, and negatively impact credit availability.
The MBA’s letter emphasizes its support for the Trump administration’s deregulation efforts and encourages agencies to utilize established legal procedures, such as notice and comment, when rescinding rules to ensure informed feedback from the industry is considered.