Democratic presidential nominee Hillary Clinton is far outpacing her Republican rival Donald Trump in campaign contributions from mortgage bankers and brokers, but the industry's lackluster donation activity exposes a sense of apathy toward candidates who have not made housing policy a focal point in their campaigns.
In an election year dominated by controversy and big personalities, contributions activity from the mortgage industry has remained relatively muted, but still up from the recent midterm cycles. This year, there's been just over $5 million in mortgage industry donations, down from $5.5 million four years ago and $6.5 million in 2008, according to data from the Center for Responsive Politics, the nonpartisan, nonprofit organization that tracks political donations on its website,
Nowhere is this low level of giving more clear perhaps than in the presidential race, where the two major party candidates are on track to have received the smallest amount in donations since the 2000 election.
As of October 17, Clinton has received $274,785 in donations from the mortgage industry. While that figure is above the roughly $239,000 that President Obama raised for his 2012 campaign from the mortgage industry, it is otherwise the lowest amount given by the industry to a Democratic candidate since former Vice President Al Gore in 2000.
Indeed, Clinton's haul this year is just slightly ahead of the $255,723 she raked in from the mortgage industry during her 2008 bid for the Democratic presidential nomination.
But if Clinton's donations activity from mortgage professionals is muted, then Trump's is practically nonexistent. The real estate tycoon turned presidential candidate has only received $51,210 from supporters within the mortgage industry, which is the lowest total for any major party candidate since 1996.
To put that figure into further perspective: Trump still trails presidential primary also-rans former Gov. Jeb Bush and Sen. Bernie Sanders in total campaign contributions from the industry, excluding money to outside groups. That point is also underscored when looking at donations to political action committees. For instance, Quicken Loans' Dan Gilbert donated $1.25 million to America Leads, the super PAC that supported New Jersey Gov. Chris Christie's campaign for the Republican presidential nomination.
Trump has run a somewhat untraditional campaign as far as fundraising is concerned — he has self-funded much of his campaign and really only began raising money in earnest in July. But the discrepancy between Clinton and Trump in terms of fundraising is much more pronounced when comparing donations made by the mortgage industry.
Among all donors, Clinton has raised roughly twice as much in campaign funds as Trump, not including money donated to outside groups. But among mortgage industry donors, Clinton has received five times what Trump has.
And the concerns factoring into the nationwide conversation about this election are likely being duplicated, if not magnified, within the mortgage industry. Discussion has drifted toward talking "about personalities and the character of the candidate rather than the substantive issues relative to housing policies," Regina Lowrie, president and CEO of consulting firm RML Investments and former MBA chairman, said in an email.
"There continues to be improvement with diversity within the industry, especially with women," Lowrie said. "Certainly, given the events of recent weeks, one can understand why more women would likely support Clinton than Trump."
But Trump's lackluster support from the mortgage industry does strike some as surprising given his background as a commercial real estate developer.
"While he develops commercial real estate and resorts, I think the man gets the machinations of a transaction," said Brian Montgomery, vice chairman of The Collingwood Group and a former Federal Housing Administration commissioner. "In the abstract, you could think that's a positive for the mortgage industry."
Beyond Trump's real estate background, there are further concerns that a Clinton administration would not bring meaningful change for the industry, particularly regarding concerns of overregulation. Clinton, Lowrie said, "seems to be more focused on expanding housing's reach." That is perhaps a reflection of
"If she does win, I think the industry could expect more of the same," Montgomery said.
Consequently, Montgomery said that professionals in the industry may now be shifting their focus to congressional races "to build a firewall" that would keep a potential consecutive Democratic administration in check.
And if past precedent is any indicator, the mortgage industry may want to prepare for a Clinton White House. With the exception of Mitt Romney in 2012, the presidential candidate who received the most in donations from the mortgage industry has won in every election since 1992.
