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CMLA Weekly News Buzz - January 27, 2021

Published: January 27, 2021

CMLA News Digest
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This is your weekly hub of information about what's going on at CMLA.
January 27, 2021
CMLA News Highlight of the Week!
CMLA Advocacy
The Colorado General Assembly is planning to re-convene on February 16, 2021 to resume its work. Legislators will have 117 more days to consider several hundred bills that have yet to be introduced. Once session resumes, the Colorado Mortgage Lenders Association will actively engage on (at least) the following items:

• Regulation of Non-Bank Servicers

Rep. Mike Weissman (D-Aurora) plans to introduce legislation that would create a new licensing program for non-bank mortgage servicers. Believing that there is a regulatory gap at the state level, Rep. Weissman currently intends to create this new program within the Consumer Credit Unit at the Attorney General’s Office. There are numerous details to address, including definitions, portfolio thresholds, and others, but CMLA’s primary concern is giving new regulatory authority to a second state regulator. The CMLA believes that while this proposal is unnecessary given sweeping federal laws and regulations (and enforcement powers at the Attorney General’s Office already), if it is to proceed, at minimum it must be housed within DORA’s Division of Real Estate so that the industry continues to have a single regulator.
• Affordable Housing Report
There will be a bill to require the Division of Housing to prepare a yearly report that details how much money the Division (or the State Housing Board) receives and spends on grants or loans for affordable housing.

• Financial Literacy

There will be a bill to require the State Board of Education to review financial literacy knowledge and skills that students are expected to acquire prior to high school graduation. That information includes understanding homeownership and mortgages, and under the bill would add specific references to homeownership and mortgages in the existing financial literacy resource bank currently in existence at the State Board.

• Affordable Housing/Expanded Homeownership

There will likely be several bills aimed at increasing the supply of affordable housing, as well as helping homeowners qualify for mortgage loans. On the supply side, we could see a bill to create a pilot program to incentivize municipalities to remove barriers and adopt best practices for affordable housing development. On the qualification side, we will likely see a bill to allow renters to request that landlords report rent payment information to the credit reporting agencies (to help improve credit scores).
Dieter Raemdonck
CMLA Registered Lobbyist

Dieter Raemdonck is the registered lobbyist for CMLA and his practice is focused primarily on government relations matters at the federal, state, and local levels.
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CMLA is YOUR Legislative Advocate in the Mortgage Industry
January 27th - Mortgage Applications Down Again in MBA Weekly Survey
Mortgage applications fell for the second straight week as the 30-year fixed rate crept up, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending January 22.

The Market Composite Index decreased 4.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared to the previous week.
January 26th - MBA: Share of Mortgage Loans in Forbearance Increases Slightly to 5.38%
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey reported loans now in forbearance increased slightly to 5.38% of servicers’ portfolio volume as of Jan. 17 from 5.38% the prior week. MBA estimates 2.7 million homeowners are in forbearance plans.
January 22nd - Black Knight First Look: 2020 Ends with Higher Delinquencies, Lower Foreclosures
Black Knight, Jacksonville, Fla., said 2020 ended with 1.54 million more delinquent and 1.7 million more seriously delinquent mortgages than at the start of the year, a looming reminder of the challenges facing the market in 2021.
January 20th - FHA to Permit DACA-Status Recipients to Apply for FHA-Insured Mortgages
HUD said Jan. 20 it will permit individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service and are legally permitted to work in the U.S. to apply for mortgages backed by FHA.

announcement, effective Jan. 19, waives language in FHA Handbook 4000.1 Section II.A.1.b.ii(A)(9)(c), stating “Non-U.S. citizens without lawful residency in the U.S. are not eligible for FHA-insured mortgages.”
The Legislative and Regulatory Affairs Committee (LARAC) meets monthly to review proposed legislation and regulatory developments. We routinely comment on legislative and regulatory proposals to state and federal agencies, are active members of the Mortgage Bankers Association (MBA) and we attend the MBA’s National Policy Conference to engage with the Colorado Delegation in Washington, D.C.
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The Colorado Mortgage Lenders Association is an organization committed to responsible homeownership achieved through the practice of integrity-based lending. We serve our community through effective education, principled representation and gracious networking to advance free enterprise and the highest ethical standards in the mortgage lending industry.
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