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. |
The biggest housing bill in decades is about to become law the quiet way, credit scoring took a real step into competition, and the Fed leaned hawkish just as summer buyers came off the sidelines. Here's what brokers need to know. |
Lead Story: ROAD to Housing Act becomes law, without a signing ceremony |
The 21st Century ROAD to Housing Act (H.R. 6644) is set to become law on July 10. After clearing the Senate 85 to 5 and the House 358 to 32, the bill went unsigned: President Trump declined to hold the planned signing, described the package as a “big yawn,” and pressed Congress to move his unrelated SAVE America voter-ID bill first. Under the Constitution's 10-day rule, the housing act becomes law automatically unless he vetoes it, and no veto has come.
For brokers, the headline now is implementation. The law's mortgage-facing pieces run through HUD and the CFPB, and their timelines will determine when any of it reaches your pipeline. As a refresher, the provisions most relevant to brokers include an FHA small-dollar mortgage pilot for loans under $100,000, a CFPB study of LO compensation and small-dollar lending with authority to adjust points-and-fees thresholds, appraisal reforms plus mandatory value-reconsideration procedures for federally backed loans, elimination of the manufactured-home chassis requirement, financing parity for modular homes, and a 350-home cap on large institutional investors. We'll track the rulemakings as they post.
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GSEs take a real step into credit-score competition
On July 1, Fannie Mae and Freddie Mac published historical credit-score data for FICO Score 10T and additional data for VantageScore 4.0, and confirmed that approved lenders can begin using VantageScore 4.0 now under an initial limited rollout of roughly 21 lenders. Lenders outside the rollout continue using Classic FICO on a tri-merge report until they are approved or the option goes broadly available.
The move operationalizes the credit-score competition NAMB has backed, and it carries a clear cost angle: VantageScore pulls have been priced near a dollar, while FICO's per-score price has climbed toward $10, a jump that Senator Josh Hawley's office has publicly criticized. More competition on score costs, and eventually on LLPAs, is exactly what NAMB has been pushing for on affordability.
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FHA moves ahead on appraisal modernization (UAD 3.6)
In its most recent INFO message (FHA INFO 2026-15), FHA detailed its transition to the modernized Uniform Appraisal Dataset 3.6 standard. A single, data-driven Uniform Residential Appraisal Report will replace the current Fannie Mae and Freddie Mac appraisal forms across residential property types, and FHA's Electronic Appraisal Delivery portal has been updated to support UAD 3.6 testing. Formal adoption dates are still to be announced, but FHA is urging mortgagees, roster appraisers, and software vendors to begin preparing now. This lines up with the UAD 3.6 resources NAMB has been building for members. (Note: confirm the exact INFO date before publishing.)
Also now in effect: the five FHA Mortgagee Letters issued June 23 (ML 2026-06 through 2026-10) that formalized the 14 Single Family changes covered in our last issue, from optional appraisal field reviews to the Form 92900-B rescission. Most took effect immediately; the loss-mitigation changes in ML 2026-08 must be implemented no later than September 21.
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The leadership clock counts down to August 1
Acting director Russell Vought's authority under the Federal Vacancies Reform Act is widely read to run out around August 1. When it does, CFPB Chief Legal Officer Mark Paoletta is slated to step in as acting director while the Senate considers Brian Johnson, the administration's nominee for the permanent post and a former CFPB deputy director. For brokers, the practical question is unchanged: whether the bureau advances the two revisions the industry has pushed for years, loan originator compensation (LO comp) and RESPA servicing. A confirmed director in place could determine how quickly that happens.
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- 30-year fixed: 6.43% (Freddie Mac PMMS, week ending July 2), a seven-week low, down from 6.49% the prior week and 6.67% a year ago.
- 15-year fixed: 5.79% (Freddie Mac, July 2).
- Daily pricing ticked back toward 6.50% in early July as the 10-year Treasury climbed near 4.58%, after the June Fed projections turned hawkish and a majority of policymakers signaled a possible rate hike later this year rather than a cut.
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- July 10: the ROAD to Housing Act becomes law absent a veto, kicking off the HUD and CFPB rulemakings that will shape its impact on brokers.
- FHA's UAD 3.6 adoption dates and any broadening of the VantageScore 4.0 rollout beyond the initial lenders.
- August 1: the CFPB leadership transition, and any early signals on LO comp and RESPA servicing.
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