On the Hill is NAMB's bi-weekly read on what's happening in Washington and why it matters to mortgage brokers.
Each issue cuts through the noise to bring you the federal policy, legislation, and regulatory moves shaping your business, along with the context and action items you need to stay ahead.
Brought to you by the National Association of Mortgage Brokers, the voice of the broker community since 1973. |
Condo financing just got harder, the CFPB is about to change hands, and Congress still hasn't settled a fight over veterans' home loan fees. Here's what brokers need to know. |
Lead Story: Condo Review Overhaul Takes Effect |
The streamlined path to financing a condo just closed. As of August 3, Fannie Mae has retired its Limited Review process under Lender Letter LL-2026-03, and Freddie Mac has retired its counterpart, Streamlined Review, under Guide Bulletin 2026-C. Every conventional loan application on an established condo project dated on or after August 3 now requires either a full project review or a qualifying waiver, even for well-qualified borrowers who previously sailed through on the shortened path.
What brokers should know: expect longer timelines and more documentation demands on condo files, budget for higher third-party review costs, and ask HOAs early whether a reserve study is on file and current, since a study older than 36 months forces a project back to default reserve treatment.
NAMB has provided several resources for you to share information on the changes with your realtor partners, buyers, sellers and condo associations.
Please click the following links to access.
One-page infographic...
Realtor-focused PowerPoint presentation... |
Prepare for NMLS Changes Coming Aug. 15 |
Beginning Aug. 15, NMLS will introduce new tools designed to make managing licensing requirements easier and more transparent. Most regulator-created license items for mortgage loan originators and other individual licensees will transition to Information Requests (IRs), providing a more direct way to receive requests, submit documentation, respond to regulators, and track the status of outstanding items.
In addition, enhanced System Tasks and new notification alerts within NMLS will help you identify and manage required actions more efficiently. These improvements are designed to reduce guesswork, prevent missed steps, and create a more guided NMLS experience.
On Monday, August 17, NMLS will be holding an informational webinar will designed to provide the foundation needed to understand the changes being introduced Aug. 15 and how they will affect your work supporting licensees, including mortgage loan originators (MLOs), and other individual license types.
Click here to register... |
Freddie Mac updates asset-based qualifying income, effective now |
Freddie Mac has released Guide Bulletin 2026-10, updating how borrowers can qualify using accumulated assets as income under Section 5307.1. Sellers can start using the new requirements right away, well ahead of the mandatory compliance date of February 3, 2027.
For brokers with asset-rich, income-light borrowers, this is worth a look now rather than waiting for the deadline to catch up on you.
Click here to read more... |
Leadership handoff arrives — with a twist
Russell Vought's authority to serve as CFPB Acting Director under the Federal Vacancies Reform Act expired August 1. The Senate Banking Committee held a confirmation hearing for nominee Brian Johnson on July 23, where he told senators he does not intend to eliminate the Bureau and would focus on “the consumer financial laws assigned to it by Congress.” Johnson has not yet been confirmed.
Reporting indicates Vought is expected to stay on in a senior-adviser capacity, with CFPB Chief Legal Officer Mark Paoletta positioned to serve as Acting Director in the interim under the Bureau's own succession provision.
Why it matters for brokers: Johnson's confirmation will determine whether the Bureau's paused 2026 workforce reduction plan proceeds, and it shapes the pace of LO compensation and RESPA servicing reform, both long-standing NAMB priorities.
Click here to read more... |
Reminder: TRID comment period closes August 10
The CFPB's Request for Information on TRID timing, the TILA right of rescission, and reverse mortgage disclosures (Docket No. CFPB-2026-0018) closes August 10, 2026.
Two of its 22 questions go directly to whether TRID timing rules increase costs for brokers and limit consumer access to credit. If a TRID timing rule has delayed a closing or forced a re-disclosure that changed nothing for the consumer, write it up with specifics and send it to NAMB's Government Affairs team — concrete examples carry more weight than general objections.
Click here to read more... |
NAMB Submits Comments to CFPB on TRID, Rescission, and Reverse Mortgage Disclosures
On August 7, NAMB submitted a formal comment letter to the Consumer Financial Protection Bureau in response to its Request for Information on the TILA-RESPA Integrated Disclosure Rule, the right of rescission, and reverse mortgage disclosures, issued under Executive Order 14393.
NAMB's comments support targeted, materiality-based flexibility in TRID timing rules while preserving the guaranteed consumer review periods built into TILA and RESPA. NAMB also urged the Bureau to extend any relief given to small banks and credit unions on a parity basis to independent, non-depository mortgage brokers of comparable origination volume, since brokers already operate under Regulation Z loan originator compensation restrictions at least as stringent as those applicable to depositories.
Additional recommendations addressed streamlining overlapping TRID and rescission waiting periods for refinance transactions, tolerance adjustments for transfer taxes and appraisal fees, and modernized, consumer-tested reverse mortgage disclosures.
Click here to read letter... |
- 30-year fixed: 6.66% (Freddie Mac PMMS, week ending July 30), up from 6.58% the prior week and down from 6.72% a year ago — the fourth straight weekly increase.
- 15-year fixed: 6.04% (Freddie Mac, July 30), up from 5.96% the week before.
- Freddie Mac's chief economist Sam Khater noted the housing market continues to benefit from rising inventory, giving buyers more options even as rates fluctuate.
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What your association has been doing these past two weeks:
- June 15 – July 8: NAMB sent a letter to FHFA Director Bill Pulte, then joined CHLA and CAI in a coalition letter, both requesting at least a 12-month delay on the condo review and reserve-funding changes.
- August 3: The condo review changes took effect as scheduled. NAMB President Kimber White continues to press FHFA for relief and is briefing members on how to prepare their pipelines.
- Ongoing: Advocacy on the issues that pay your bills. LO comp reform, LLPA reduction, credit report and credit scoring cost relief, flood insurance improvements, and expanded affordable housing access remain NAMB's 2026 priorities in Washington.
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- Now: H.R. 9237 and whether Section 104's VA home loan fee increases survive. Complete your Call to Action now.
- August 10: Comments close on the CFPB's TRID, rescission, and reverse mortgage RFI.
- This month: The CFPB's anticipated final Regulation X loss mitigation rule, and confirmation action on CFPB nominee Brian Johnson.
- January 4, 2027: The condo HOA reserve-funding increase from 10% to 15% is set to take effect — the next front in NAMB's delay campaign.
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