Association of Independent Mortgage Experts

MBA members,

In June, MISMO held its Spring Summit in Portland, Oregon, and hundreds of mortgage professionals from across the industry were in attendance. FHFA’s recent credit scoring changes were a hot topic. What will the impacts be upon business? How could the new requirements change the lending landscape? Many joined MISMO’s Summit for an opportunity to learn more, and they came to the right place.

MISMO started its work around these changes shortly after the announcement. The early discussions began as educational sessions. MISMO coordinated with FHFA to hold a series of webinars where representatives from the agency shared the reasoning behind the changes and industry professionals learned the basics of the proposal.

During these discussions, industry practitioners provided feedback, and the meetings — several of which took place at the Summit — surfaced issues that will inform FHFA’s implementation of the policy update.

MISMO will continue to work with the community to update relevant standards and provide support to the industry through the transition and implementation of the changes.

This is just one example of MISMO’s valuable work as a trusted convening platform within the mortgage ecosystem. Communication, education and thoughtful consideration from every corner of our industry are essential if we are to work most effectively and implement meaningful changes. Mortgage finance industry veterans know that MISMO is the place to bring challenges, and together, we’ll continue to find solutions that meet the evolving needs of our industry.

NAHB members,

Homebuilders and property owners enjoyed a big win in late May when the U.S. Supreme Court issued a unanimous decision in Sackett v. Environmental Protection Agency (EPA) that will force the Biden administration to overhaul its “waters of the U.S.” (WOTUS) rule.

The Sackett case focused on government regulation of a wetland near a roadside ditch. The government believed it had Clean Water Act (CWA) authority over the wetland because it claimed that the wetland, in combination with other nearby wetlands, had a “significant nexus” to Priest Lake, Idaho.

The significant nexus test that establishes federal jurisdiction over minor waterbodies such as isolated wetlands or human-made ditches is a critical part of the Biden administration’s WOTUS rule. In Sackett, the Supreme Court rejected the significant nexus test and the EPA’s reasoning.

The Supreme Court explained that in order for a wetland to be regulated under CWA, it must have “a continuous surface connection to bodies that are ‘waters of the United States’ in their own right so that there is no clear demarcation between ‘waters’ and wetlands.” As a practical matter, the court found only wetlands that are indistinguishable from waters of the U.S. are covered by the CWA.

NAHB had filed a friend-of-the-court brief in the Sackett case, arguing that it does not make sense for isolated wetlands, isolated ponds or human-made ditches on private property to be subject to federal jurisdiction.

NAHB wants to hear from you. Presently, we understand the Corps has temporarily halted the issuance of newly approved jurisdictional determinations (AJDs) pending further guidance from Corps headquarters. However, you can still submit preliminary jurisdictional determinations (PJDs) for potentially jurisdictional features on their property and proceed to the CWA 404 permitting process — if they so choose.

For those who have already sought such a permit, NAHB asks that you forward us any communication from either of these federal agencies about your permit request.