Mortgage stakeholders spent approximately 42% less on lobbying in 2024 compared to two years earlier, according to data from Open Secrets, a nonprofit that tracks money in politics.
In total, mortgage participants—including influential trade groups, insurance companies, and lenders—spent $6.7 million on lobbying this year, a decrease from $12 million in 2022. The 2024 figures are based on Federal Election Commission data released on Sept. 22, 2024.
The Mortgage Bankers Association, the Council of Federal Home Loan Banks, Federal Home Loan Bank, Housing Policy Council, and Pennymac were the top spenders on advocacy this year.
The MBA spent $1.8 million on lobbying, down from $2.6 million two years ago.
The Housing Policy Council, another influential trade group, spent $310,000, nearly halving its lobbying expenditures compared to 2022. The Community Home Lenders of America also reduced its lobbying budget, spending only $94,000, down from $280,000 two years prior.
Mortgage lenders and servicers including United Wholesale Mortgage, Pennymac, NewDay USA, Mr. Cooper, Veterans United Home Loans and Freedom Mortgage funded advocacy efforts this year.Among these companies, Pennymac, Veterans United Home Loans and NewDay USA were the top spenders on lobbying, doling out $290,000, $220,000 and $220,000, respectively. Two years prior, Veterans United and NewDay spent $460,000 and $600,000 in lobbying efforts.
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Mortgage insurance companies and their main trade group significantly decreased lobbying efforts. Enact Holding, NMI Holdings and U.S. Mortgage Insurers spent $60,000, $60,000 and $160,000. Comparatively, in 2022 the three companies spent $130,000, $120,000 and $390,000.
MGIC Investment's spending remained unchanged, with the mortgage insurer investing $220,000 this year, the same amount spent two years ago.
Separately,
A survey conducted by Arizent, the parent company of National Mortgage News, reveals that most participants favor more conservative policies and are skeptical about a Kamala Harris presidency.
Among the 98 mortgage professionals surveyed, nearly 92% expressed some level of dissatisfaction with the current political climate, while 56% believe that a second Donald Trump presidency would positively affect the mortgage industry.
In contrast, only 32% of respondents think that a Harris presidency would benefit the mortgage sector.
The same 56% think that a Republican majority in the Senate would be advantageous for the mortgage industry, whereas 36% prefer a Democratic presence in Congress.
Key issues that those surveyed want the next administration and Congress to tackle include high interest rates (73%), the economy (60%), affordable housing (56%), and immigration (40%).
