Condominium Project Questionnaires
to Increase Consistency, Improve Process
Freddie Mac and Fannie Mae (the GSEs) have developed standardized Condominium Project Questionnaire forms. The new forms provide greater consistency and clarity for lenders as they work to collect information to determine eligibility for mortgages secured by units in condominium projects.
Transitional Licensing Bill
Passes in the House Financial Services Committee
Representative Steve Stivers (R-OH) and a group of bipartisan House members introduced legislation to amend the SAFE Mortgage Licensing Act, to provide a temporary license for mortgage loan originators, transitioning between federally-insured depositories and non-depositories, as well as across state lines under the state licensing system. Representatives Terri Sewell (D-AL), Lynn Westmoreland (R-GA), Joyce Beatty (D-OH), Luke Messer (R-IN), Kyrsten Sinema (D-AZ) ), and Ed Perlmutter (D-CO) joined the bill as original cosponsors. The bill’s introduction came on the heels of tremendous advocacy conducted by MBA members during MBA’s National Advocacy Conference in April of 2015. Just prior to the April of 2016 National Advocacy Conference, the bill passed in the House Financial Services Committee 56-0. Members of the MBA lobbied for an introduction of the bill on the House floor at the National Policy Conference. In the Senate, the language is included in Senator Shelby’s Regulatory Relief bill, which may not move forward at this time. Therefore, there will need to be another vehicle to move the reform forward in the Senate.
2016 CONVENTION SPONSORS