Author: Karl Howley

Press Release: USMI Names Christina Brown as Vice President and Senior Counsel

Posted on by Karl Howley

USMI also promotes Brendan Kihn to Vice President of Government Relations 

WASHINGTON — U.S. Mortgage Insurers (USMI), the association representing the nation’s leading private mortgage insurance (MI) companies, today announced that Christina Brown will serve as Vice President and Senior Counsel for the association. Prior to joining USMI, Brown worked in a senior legal role at a mid-size independent mortgage bank and on regulatory and policy matters related to residential mortgage lending and servicing for a large depository institution. Brown previously served as Acting Principal Deputy General Counsel at the U.S. Department of Housing and Urban Development (HUD).

Brown is a dedicated attorney with significant mortgage, real estate, legal, regulatory, and operations experience across law firms, the federal government, and the private sector. At HUD, she served as the primary advisor to the General Counsel and supported the Department’s senior leaders including the Secretary and Deputy Secretary. She also led multiple administrative reform efforts identified in HUD’s Housing Finance Reform Plan and collaborated with the Federal Housing Finance Agency (FHFA) and other government agencies on cross-cutting legal and regulatory issues, including legislative initiatives related to the COVID-19 National Emergency and HUD’s responsibilities under the CARES Act.

“We are thrilled to have Christina join our team and share her deep knowledge of the mortgage industry, the housing finance system, and the regulatory process to support our members as they enable access to affordable homeownership, while strengthening the safety and soundness of the housing finance system,” said Seth Appleton, President of USMI. “Christina’s background and experience in legal and regulatory matters in the federal government and private sectors provide a unique perspective that will allow us to better serve and advocate for the borrowers and taxpayers who benefit from low down payment mortgages backed by private capital.”

“I look forward to working with the private MI industry, which for over 65 years has been committed to ensuring that home-ready borrowers have access to affordable and sustainable mortgage financing while promoting safety and soundness in the housing finance industry,” said Brown. “Given my passion for housing issues and sustainable homeownership, I am honored to join USMI and the private MI industry as it plays an important role in providing low down payment options backed by private capital, which are crucial for so many borrowers who seek to reach the American Dream of homeownership while building generational wealth.”

USMI is also pleased to announce that Brendan Kihn is being promoted to Vice President of Government Relations. Kihn has worked with USMI for 7 years, previously serving as Senior Director of Government Relations. He represents the association in front of lawmakers, regulators, and housing industry stakeholders in Washington, D.C., where he aids in the development of legislative and regulatory strategies to advocate on behalf of the private MI industry on issues focused on increasing sustainable and affordable homeownership, strengthening the housing finance system, and tax policy. “During his tenure at USMI, Brendan has enabled the association to be nimble and effective on advocacy initiatives with policymakers, housing industry stakeholders, and consumer advocate organizations,” said Appleton. “Brendan’s promotion recognizes his critical role at USMI and is a reflection of the important work that he will continue to do to strengthen USMI through advocacy efforts that benefit millions of low down payment borrowers and the housing finance system.”

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

Letter: Joint Trade Letter to FHFA on Proposed Enterprise Regulatory Capital Framework (ERCF)

Posted on by Karl Howley

USMI joined a coalition of housing finance organizations including the American Bankers Association (ABA), Housing Policy Council (HPC), and the Independent Community Bankers of America (ICBA) in responding to one element of the Federal Housing Finance Agency’s (FHFA) Notice of Proposed Rulemaking (NPR) on enhancements to the Enterprise Regulatory Capital Framework (ERCF). The organizations raised concerns regarding the method of calculating a borrower’s representative credit score once the government-sponsored enterprises (GSEs) migrate to the bi-merge credit report requirements. The coalition recommends that loan-level GSE data from 1999 forward should be published sooner than 4Q 2023 to allow for the necessary analysis and impact assessment ahead of the proposed implementation in 1Q 2024. In addition, the organizations call for FHFA to work more closely with the industry to fully assess operational and regulatory compliance considerations for mortgage market participants, including for the notices and disclosures required under the Fair Credit Reporting Act (FCRA). Click here to read the letter.

Letter: Statement for the Record for U.S. Senate Committee on Finance’s hearing, “Tax Policy’s Role in Increasing Affordable Housing Supply for Working Families.”

Posted on by Karl Howley

USMI submitted a letter for the record for the U.S. Senate Committee on Finance’s March 7 hearing titled, “Tax Policy’s Role in Increasing Affordable Housing Supply for Working Families.” USMI has long supported the tax provision allowing a deduction for MI premiums paid in connection with a mortgage on a qualified residence and commends the bipartisan work on the Middle Class Mortgage Insurance Premium Act to make the deduction permanent and expand taxpayer eligibility. Since 2007, the MI deduction has been a powerful tool in prudently promoting homeownership for low- and moderate-income (LMI) families and has been claimed over 43 million times by qualified homeowners for an aggregate $61.6 billion in tax deductions. Click here to read the letter.

Statement: The Introduction of The Middle Class Mortgage Insurance Premium Act of 2023

Posted on by Karl Howley

WASHINGTON—Seth Appleton, President of U.S. Mortgage Insurers (USMI), released the following statement on the introduction of The Middle-Class Mortgage Insurance (MI) Premium Act of 2023 sponsored by Representatives Vern Buchanan (R-FL) and Jimmy Panetta (D-CA):

“We are grateful to Representatives Buchanan and Panetta for their continued leadership on this critical legislation that would make permanent the ability of middle-class homeowners to deduct private and government MI premiums on their individual federal income tax returns, importantly restoring parity with the deductibility of mortgage interest. Since 2007, millions of homeowners have been able to claim the MI tax deduction, allowing them to save more of their hard-earned dollars. The MI tax deduction has long enjoyed bipartisan, industry, and consumer advocate support. We urge swift passage by the House and Senate.

“As affordability remains a persistent barrier to homeownership across the country, particularly for first-time homebuyers, the need for this legislation is even more urgent today than when the deduction was first enacted. Low down payment mortgages, including conventional loans with private MI, have proven critical for millions of low- and moderate-income, first-time, and minority borrowers to sustainably buy a home sooner, secure financial stability, and build intergenerational wealth.”

Borrower-paid MI premiums became tax deductible in 2007, but the deduction expired after tax year 2021. Last November, USMI joined a coalition of housing organizations in sending a letter to the House Ways and Means Committee and Senate Finance Committee urging members to make the MI premium tax deduction permanent and increase its income phaseout. Data through tax year 2020 shows that an average of 3.3 million homeowners have claimed the deduction annually and received an average deduction of $1,427. In aggregate, homeowners claimed more than $61 billion in MI premium deductions between 2007 and 2020.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.