2015-08-14T10:06:11-05:00 2014-09-30 521855942 TATE AND TRYON 2021 L STREET NW SUITE 400 WASHINGTON DC 20036 990 2013-10-01 361505650 MORTGAGE BANKERS ASSOCIATION MORT 2025572700 1919 M STREET NW NO 5TH FL WASHINGTON DC 20036 LISA J HAYNES CFO 2025572700 2015-08-14 1 DEBORAH G KOSNETT P00290720 2022932200 2013 2016-03-07 17:11:31Z DAVID H STEVENS 1919 M STREET NW NO 5TH FL WASHINGTON DC 20036 53232652 0 X WWW.MBA.ORG X 1914 IL MBA'S PRINCIPAL ACTIVITIES ARE INDUSTRY EDUCATION, RESEARCH, AND ADVOCACY. 24 21 140 2000 2077668 0 0 0 44562211 51282830 66293 -51936 894481 701101 45522985 51931995 0 0 0 0 22526830 23002062 0 0 0 14172068 16197330 36698898 39199392 8824087 12732603 25799113 42357558 29595601 34684487 -3796488 7673071 X THE MORTGAGE BANKERS ASSOCIATION (MBA) IS THE NATIONAL ASSOCIATION REPRESENTING THE REAL ESTATE FINANCE INDUSTRY, AN INDUSTRY THAT EMPLOYS MORE THAN 280,000 PEOPLE IN VIRTUALLY EVERY COMMUNITY IN THE COUNTRY. HEADQUARTERED IN WASHINGTON, D.C., MBA INVESTS IN COMMUNITIES ACROSS THE NATION BY ENSURING THE CONTINUED STRENGTH OF THE NATION'S RESIDENTIAL AND COMMERCIAL REAL ESTATE MARKETS; EXPANDING HOMEOWNERSHIP AND EXTENDING ACCESS TO AFFORDABLE HOUSING TO ALL AMERICANS AND SUPPORTING FINANCIAL LITERACY EFFORTS. 0 0 MEETINGS & CONFERENCESMBA'S FISCAL YEAR 2014 (FY2014), ENDING SEPTEMBER 30, 2014, SAW MORE THAN 17,332 INDIVIDUAL ATTENDEES AT 20 CONFERENCES AND MEETINGS THAT PROVIDED ATTENDEES WITH TIMELY INFORMATION ABOUT THE ECONOMY, BUSINESS TRENDS, TECHNOLOGICAL INNOVATION AND LEGISLATIVE AND REGULATORY CHANGES AND PROSPECTS. MBA CONDUCTED A SUCCESSFUL ANNUAL CONVENTION IN OCTOBER 2013 IN WASHINGTON, DC WITH 4,515 ATTENDEES. THE CREF/MULTIFAMILY HOUSING CONVENTION & EXPO WAS HELD IN FEBRUARY 2014 IN ORLANDO WITH 2,774 ATTENDEES. SPONSORSHIP AND BOOTH SALES REMAINED STRONG AT THE MBA MEETINGS WITH 525 COMPANIES EXHIBITING THEIR PRODUCTS AND SERVICES. IN ADDITION TO THE LARGE ANNUAL CONVENTION EXPECTED FROM A MAJOR ASSOCIATION, MBA HOSTS 4 ADDITIONAL LARGE CONFERENCES AND EXPOS EACH YEAR AS WELL AS 15 MORE FINELY FOCUSED SPECIAL INTEREST CONFERENCES. THE FIVE LARGE GATHERINGS ARE THE ANNUAL CONVENTION & EXPO, COMMERCIAL REAL ESTATE FINANCE/MULTIFAMILY HOUSING CONVENTION & EXPO, NATIONAL MORTGAGE SERVICING CONFERENCE & EXPO, NATIONAL TECHNOLOGY IN MORTGAGE BANKING CONFERENCE & EXPO AND NATIONAL SECONDARY MARKET CONFERENCE & EXPO. SPECIALIZED PROGRAMS HELP PARTICIPANTS GAIN KNOWLEDGE AND INFORMATION IN SUCH AREAS AS LEGAL ISSUES AND REGULATORY COMPLIANCE, RISK MANAGEMENT, AND ACCOUNTING AND FINANCIAL MANAGEMENT AND THIS YEAR THE DIVERSITY AND INCLUSION WAS ADDED. EACH OF THESE PROGRAMS HAD STRONG ATTENDANCE AND IS AN IMPORTANT PART OF THE MEMBERSHIP VALUE PROPOSITION FOR MEMBER COMPANIES. SEVERAL PROGRAMS QUALIFY IN WHOLE OR IN PART FOR CONTINUING LEGAL EDUCATION CREDIT AND OTHER CONTINUING EDUCATION CREDITS. ADVOCACY FOR MEMBERS AND THE INDUSTRYMBA SENT OVER 75 LETTERS TO REGULATORY POLICYMAKERS ON REAL ESTATE FINANCE INDUSTRY ISSUES IN 2014. MOREOVER, MBA INVOLVED HUNDREDS OF INDIVIDUALS FROM ACROSS THE ASSOCIATION'S MEMBERSHIP IN THE DEVELOPMENT AND REFINEMENT OF ITS ADVOCACY POSITIONS -- AS MBA EDUCATED POLICYMAKERS IN CONGRESS, STATE CAPITALS, FEDERAL AGENCIES, CONSUMER GROUPS AND HOUSING-RELATED TRADE ASSOCIATIONS. MBA ALSO BROUGHT IN HUNDREDS OF REPRESENTATIVES FROM ITS MEMBER COMPANIES TO MEET WITH FEDERAL REGULATORS ON MANY TOP POLICY ISSUES, MOST POINTEDLY DURING THE ASSOCIATION'S NATIONAL ADVOCACY CONFERENCE. THROUGH THESE EFFORTS, MBA MADE SIGNIFICANT PROGRESS FOR THE INDUSTRY'S RESIDENTIAL SECTOR, THE SECTOR MOST CONCERNED WITH LEGISLATIVE AND REGULATORY ISSUES, INCLUDING CHANGES TO THE CONSUMER FINANCIAL PROTECTION BUREAU'S QUALIFIED MORTGAGE (QM) STANDARD THAT PROVIDE MORTGAGE LENDERS WITH A RIGHT TO CURE INADVERTENT ERRORS IN CALCULATING THE THREE PERCENT CAP ON POINTS AND FEES; SIGNIFICANT CHANGES TO THE WAY FANNIE MAE AND FREDDIE MAC (THE GSES) CALCULATE COMPENSATORY SERVICING FEES THAT WILL SHARPLY REDUCE THE VOLUME OF THESE FEES AND ELIMINATE THEM ENTIRELY FOR MANY SMALL MORTGAGE SERVICERS; CRITICAL REFORMS TO THE GSES' REPRESENTATION AND WARRANTY FRAMEWORK THAT WILL PROVIDE LENDERS WITH GREATER CERTAINTY ABOUT MANUFACTURING RISKS AND REMEDIES, AND ALIGNMENT BY FEDERAL AGENCIES OF THE QUALIFIED RESIDENTIAL MORTGAGE (QRM) AND QM STANDARDS, AMONG OTHER ISSUES. ON THE LEGISLATIVE FRONT IN 2014, MBA PROVIDED KEY INPUT DURING HEARINGS AND IN THE DEBATE THAT LED TO LEGISLATION BEING PASSED BY THE SENATE BANKING COMMITTEE TO END THE GSES' CONSERVATORSHIP AND REFORM FANNIE MAE AND FREDDIE MAC. NOTABLY, MBA STRIVED TO ENSURE THAT ANY NEW FRAMEWORK WOULD BE FAIR TO LENDERS OF ALL SIZES AND BUSINESS MODELS. MBA ALSO FOCUSED ON LEGISLATIVE EFFORTS TO PROVIDE RESIDENTIAL LENDERS GREATER FLEXIBILITY TO FIT LOANS UNDER THE QM STANDARD'S STRICT THREE PERCENT CAP ON POINTS AND FEES; SOUGHT THE INCLUSION OF A SERIES OF MORTGAGE-RELATED TAX PROVISIONS VITAL TO BOTH THE RESIDENTIAL AND MULTIFAMILY SECTORS (MORTGAGE DEBT FORGIVENESS, MORTGAGE INSURANCE PREMIUM DEDUCTIBILITY, AND A FIXED RATE FOR LOW-INCOME HOUSING TAX CREDIT MULTIFAMILY CONSTRUCTION PROJECTS); AND ADVOCATED FOR THE REAUTHORIZATION OF THE TERRORISM RISK INSURANCE PROGRAM FOR THE INDUSTRY'S COMMERCIAL/MULTIFAMILY SECTORS. ADDITIONALLY, MBA TESTIFIED BEFORE THE HOUSE OF REPRESENTATIVES ON THE EFFECTS OF RESIDENTIAL MORTGAGE LENDING STANDARDS UNDER THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.MBA'S STATE GOVERNMENT AFFAIRS PROGRAM ALSO WORKED ON SEVERAL KEY ISSUES IN 2014, ASSISTING STATE AND LOCAL ASSOCIATIONS IN NUMEROUS ADVOCACY ENDEAVORS. A CONSIDERABLE EFFORT WAS MADE BY MBA TO ADDRESS ASYMMETRICAL STATE MORTGAGE LOAN ORIGINATOR (MLO) LICENSING STANDARDS UNDER THE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2008, WITH EMPHASIS ON CONTINUING A COORDINATED CAMPAIGN WITH STATE AND LOCAL ASSOCIATIONS TO SUPPORT THE CONFERENCE OF STATE BANK SUPERVISORS' UNIFORM STATE TEST FOR THESE MLOS. ALSO, MBA SUPPORTED EFFORTS BY SIX LOCAL NEW YORK ASSOCIATIONS TO ACHIEVE ENACTMENT OF A NEW YORK LAW THAT RESTORED CONSUMER ACCESS TO SINGLE-FAMILY RESIDENTIAL LOANS INSURED BY THE FEDERAL HOUSING ADMINISTRATION -- THIS AFFORDABLE HOME FINANCING HAD BEEN UNINTENTIONALLY SHUT DOWN BY A FEDERAL POLICY ADJUSTMENT, AND MORTGAGE CREDIT ACCESS FOR MANY FIRST-TIME AND LOW- TO MODERATE-INCOME BORROWERS HAD BEEN RELIANT ON TEMPORARY, EMERGENCY REGULATIONS ISSUED AT 90-DAY INTERVALS. ADDITIONALLY -- THROUGH LETTERS, OP-EDS AND DISCUSSIONS WITH KEY POLICYMAKERS -- MBA AND STATE AND LOCAL ASSOCIATIONS PARTNERED TO PREVENT LOCAL GOVERNMENTS FROM UTILIZING EMINENT DOMAIN MORTGAGE SEIZURE PROPOSALS IN LOCATIONS RANGING FROM SEATTLE, WASHINGTON TO SAN FRANCISCO, CALIFORNIA. THE PASSAGE OF THESE PROPOSALS IN ANY JURISDICTION WOULD HAVE HAD DETRIMENTAL FINANCIAL EFFECTS ON CURRENT AND POTENTIAL HOMEOWNERS, INVESTORS AND LOCAL GOVERNMENTS THEMSELVES.DURING THE 2013-2014 POLITICAL CYCLE, MBA'S POLITICAL ACTION COMMITTEE, MORPAC, RAISED AND RECEIVED CONTRIBUTIONS IN EXCESS OF $1.43 MILLION FROM MORE THAN 1,500 INDIVIDUALS. AND IN 2014, MORE THAN 9,000 COMMUNICATIONS WERE SENT BY MORTGAGE ACTION ALLIANCE (MAA) MEMBERS TO THEIR ELECTED OFFICIALS AND REGULATORS. OF THE 20 "CALLS TO ACTION" EMAILS MBA PROMPTED MAA MEMBERS TO ACT UPON, FIVE WERE TARGETED AT THE STATE LEVEL AND TWO WERE SPECIFICALLY FOCUSED ON COMMERCIAL/MULTIFAMILY ISSUES. THE REMAINDER FOCUSED ON FEDERAL LEVEL RESIDENTIAL ISSUES. MOREOVER, BY THE END OF 2014 MAA HELD A RECORD NUMBER OF ACTIVE MEMBERS, A TOTAL OF NEARLY 10,000.IN 2014, MBA'S COMMERCIAL/MULTIFAMILY POLICY EFFORTS YIELDED SIGNIFICANT ADVANCEMENTS OF OUR MEMBERS' PUBLIC POLICY INTERESTS. THIS ADVOCACY HELPED TO BROADEN LIQUIDITY AND CAPITAL AVAILABILITY FOR THE COMMERCIAL REAL ESTATE FINANCE SECTORS WE REPRESENT. A KEY LEGISLATIVE PRIORITY WAS THE EXTENSION OF THE TERRORISM RISK INSURANCE ACT (TRIA), WHICH IS VITAL TO THE STABILITY OF THE COMMERCIAL REAL ESTATE MARKET. MBA'S EFFORTS IN 2014 SET THE STAGE FOR TRIA'S EVENTUAL PASSAGE IN EARLY 2015. FOR THE MULTIFAMILY SECTOR, MBA WORKED TO ACHIEVE MULTIPLE OBJECTIVES TO ENSURE THE CONTINUOUS FLOW OF CAPITAL TO MULTIFAMILY RENTAL HOUSING. THIS INCLUDED EFFORTS WITH REGARD TO THE GSES, FHA AND OTHER CAPITAL SOURCES THAT SUPPORT APARTMENT FINANCE. FOR THE BANKING SECTOR, MBA ADVOCATED FOR REASONABLE REGULATORY CAPITAL AND LIQUIDITY RULES, INCLUDING UNDER BASEL III. LIFE INSURANCE COMPANY LENDING ALSO CONTINUED TO BENEFIT FROM FAVORABLE CHANGES ADVOCATED BY MBA FOR RISK'BASED CAPITAL FOR COMMERCIAL REAL ESTATE LOANS. FOR SECURITIZED LENDING, NEW RULES UNDER REGULATION AB REFLECTED MANY MBA POSITIONS AND EXCLUDED PROPOSALS THAT WOULD HAVE BEEN DISRUPTIVE TO THE COMMERCIAL MORTGAGE'BACKED SECURITIES MARKET. MEMBERSHIPMBA'S GROWING MEMBERSHIP INCLUDES BUSINESSES FROM ALL SEGMENTS OF THE REAL ESTATE FINANCE INDUSTRY. WE ENDED FY 2014 WITH 2,117 TOTAL MEMBERS, REPRESENTING AN INCREASE OF THREE PERCENT YEAR OVER YEAR. WE WELCOMED 444 NEW MEMBERS AND REALIZED AN 83 PERCENT RENEWAL RATE. TOTAL MEMBERSHIP DUES FOR 2014 BROUGHT IN $17.9 MILLION IN REVENUE FOR THE ASSOCIATION. EDUCATIONMBA EDUCATION EXPERIENCED A SOLID YEAR OF GROWTH IN 2014, WITH GROSS REVENUE OF MORE THAN $4.2 MILLION, AND NET INCOME OF ALMOST $1.2 MILLION. THAT GROWTH WAS FUELED LARGELY BY OUR COMPLIANCE ESSENTIALS OFFERINGS, WHICH PROVIDED MEMBERS WITH TIMELY TRAINING AND REFERENCE MATERIALS ON A NUMBER OF CRITICAL REGULATORY CHANGES TAKING PLACE IN THE INDUSTRY. AS PART OF THE COMPLIANCE ESSENTIALS PROGRAM, WE HOSTED FOUR TILA RESPA WORKSHOPS AROUND THE COUNTRY, WITH PAID ATTENDANCE FOR THE SERIES TOTALING 347, AND TOTAL GROSS REVENUE OF $197,800. QM/ATR WAS THE BIG SELLER AMONGST OUR RESOURCE GUIDES, WITH 124 COPIES GENERATING $136,500 IN GROSS REVENUE DURING THE FISCAL YEAR. IN ADDITION TO COMPLIANCE ESSENTIALS, 2014 SAW THE LAUNCH OF A NEW INSTRUCTOR-GUIDED ONLINE COURSE TITLED THE SCHOOL OF LOAN ORIGINATION (SOLO). THREE PUBLIC SOLO COURSES WERE HELD IN 2014, WITH MORE THAN 70 STUDENTS TRAINED AND $70,800 IN GROSS REVENUE COLLECTED. TWO OTHER PREMIER MBA PROGRAMS, FHA MULTIFAMILY UNDERWRITER TRAINING AND FUTURE LEADERS, GENERATED $445,300 AND $183,500 IN GROSS REVENUE, RESPECTIVELY. 0 0 1 1 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 147 0 1 140 1 1 1 0 0 0 1 1 0 X 24 21 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X LISA J HAYNES 2025572835 1919 M STREET NW NO 5TH FL WASHINGTON DC 20036 EDWARD J BURKE CHAIRMAN 4.00 X X 8668 0 0 WILLIAM COSGROVE CHAIRMAN-ELECT 20.00 X X 725 0 0 WILLIAM C EMERSON VICE-CHAIRMAN 3.00 X X 0 0 0 DEBRA W STILL IMMEDIATE PAST CHAIR 1.00 X X 3968 0 0 RICK ANESHANSEL BOARD MEMBER 0.50 X 0 0 0 BARRETT BURNS BOARD MEMBER 0.50 X 0 0 0 HUGH FRATER BOARD MEMBER 0.50 X 0 0 0 CHRISTOPHER GEORGE BOARD MEMBER 0.50 X 0 0 0 C WILLIAM GRIFFITH BOARD MEMBER 0.50 X 0 0 0 MICHAEL J HEID BOARD MEMBER 0.50 X 0 0 0 R PAIGE HOOD BOARD MEMBER 0.50 X 0 0 0 BRIAN LANCASTER BOARD MEMBER 0.50 X 0 0 0 JEROME LIENHARD BOARD MEMBER 0.50 X 0 0 0 RODRIGO LOPEZ BOARD MEMBER 0.50 X 0 0 0 MICHAEL S MALLOY BOARD MEMBER 0.50 X 0 0 0 WILLIAM J MCCUE BOARD MEMBER 0.50 X 0 0 0 J DAVID MOTLEY BOARD MEMBER 0.50 X 0 0 0 ANAND NALLATHAMBI BOARD MEMBER 0.50 X 0 0 0 KURT PFOTENHAUER BOARD MEMBER 0.50 X 0 0 0 JULIE PIEPHO BOARD MEMBER 0.50 X 0 0 0 BRIAN F STOFFERS BOARD MEMBER 0.50 X 0 0 0 ROBERT M STOUT BOARD MEMBER 0.50 X 0 0 0 WILLIAM M WALKER BOARD MEMBER 0.50 X 0 0 0 KEVIN WATTERS BOARD MEMBER 0.50 X 0 0 0 DAVID H STEVENS PRESIDENT & CEO 33.80 1.20 X 1547455 0 21080 PHYLLIS K SLESINGER SVP & GENERAL COUNSEL 30.00 5.00 X 322424 0 24047 MARGARET A COLON SVP & CAO 28.00 7.00 X 329249 0 6375 MARCIA M DAVIES SVP, CHIEF OF STAFF 34.70 0.30 X 394152 0 16925 WILLIAM P KILMER SVP, LEGIS/POL AFFAIRS 35.00 0.00 X 470088 0 23471 GORDON R MILLS SVP, RES POL/MEM SVCS 35.00 0.00 X 494785 0 21080 GAIL DAVIS-CARDWELL SVP, COMM & M/F FIN 35.00 0.00 X 316797 0 15300 STEPHEN O'CONNOR SVP, PUB POL/IND. REL 35.00 0.00 X 341635 0 28730 EMILE J BRINKMANN SVP, RESEARCH 34.00 1.00 X 315999 0 26905 THOMAS K KIM SVP, CREF POLICY 35.00 0.00 X 274799 0 21269 MICHAEL C FRATANTONI VP, SFR/POL DEV 29.00 6.00 X 258409 0 26421 GENEARLENE D NEILL VP, HR 35.00 0.00 X 255223 0 25965 JAMES WOODWELL VP, COMMERCIAL RE 35.00 0.00 X 249865 0 20032 KENNETH A MARKISON VP & REG. COUNSEL 35.00 0.00 X 243360 0 21862 JAMES GROSS VP, FINACC/PUBPOL 35.00 0.00 X 239575 0 23759 ANGELA LAZEAR SVP & CFO (FORMER) 0.00 0.00 X 126223 0 19164 6193399 0 342385 16 1 1 0 AB SCHNARE ASSOCIATES LLC 3010 P STREET NW WASHINGTON DC 20007 INDEPENDENT CONSULTANT 541525 STRATMOR GROUP LLC 6000 SHAKERAG HILL SUITE 300 PEACHTREE CITY GA 30269 BENCHMARKING SERVICE 266296 INTUITIVE BUSINESS CONCEPTS 8640 GUILFORD RD COLUMBIA MD 21046 TECHNOLOGY SERVICES 210000 SARAH HOLLANDER 1102 TUCKAHOE LN ALEXANDRIA VA 22302 GRAPHIC DESIGN SERVICES 149945 MORRISON & FOERSTER LLP PO BOX 742335 LOS ANGELES CA 90074 LEGAL SERVICES 136570 8 MEMBERSHIP DUES 900099 17893860 17893860 OTHER CONFERENCES AND PROGRAMS 900099 16605059 16605059 ANNUAL CONVENTION 900099 7904749 7904749 EDUCATIONAL PROGRAMS 900099 3890596 3890596 PERIODICALS & PUBLICATIONS 541800 3062970 985302 2077668 1925596 1925596 51282830 86589 86589 455339 455339 6727 1155405 0 1300657 6727 -145252 -138525 -138525 OTHER REVENUE 900099 245762 245762 245762 51931995 49205162 2077668 649165 5083611 14540861 1148661 1194143 1034786 199017 67044 499083 12751 2256328 82957 758656 543947 242477 1696217 744772 3668455 19764 197524 329243 EQUIPMENT RENTAL & MAIN 1532986 PRINTING & PUBLICATIONS 1464766 CREDIT CARD FEES 647499 MEALS AND ENTERTAINMENT 446226 787618 39199392 10597068 13942446 422907 685276 1714054 1708404 6223379 3437876 504241 2785503 10394136 21001625 1263919 1343183 902788 891121 25799113 42357558 4554889 4485071 16534508 18089725 8506204 12109691 29595601 34684487 X -3796488 7502476 0 170595 -3796488 7673071 25799113 42357558 X 12732603 -70813 -1192231 X X 0 1 X 1 0 MORTGAGE BANKERS ASSOCIATION PAC 1919 M STREET NW WASHINGTON DC 20036 526144335 839787 0 0 1 17893860 3295263 -1580022 1715241 3578772 -1863531 PART I-A, LINE 1: MBA'S POLITICAL ACTIVITY FOR THE YEAR ENDED 9/30/14 CONSISTED OF ACTIVITIES CONDUCTED SOLELY THROUGH ITS CONNECTED PAC, THE MORTGAGE BANKERS ASSOCIATION PAC (MORPAC). 2592000 215852 2376148 3323723 3011940 311783 307656 210084 97572 2785503 LIABILITY FOR PENSION BENEFITS 7993797 DEFERRED RENT AND LEASE INCENTIVE 4115894 12109691 X 52004483 -70813 156052 85239 51919244 12751 12751 51931995 40534924 1348283 1348283 39186641 12751 12751 39199392 PART X, LINE 2: THE ASSOCIATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR INCOME TAX POSITIONS TAKEN. THEREFORE, MANAGEMENT HAS NOT IDENTIFIED ANY UNCERTAIN INCOME TAX POSITIONS. AT A MINIMUM, THE FISCAL YEARS 2011 THROUGH 2014 REMAIN OPEN FOR EXAMINATION BY TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: EQUITY IN INCOME OF SUBSIDIARIES 10,800. LOSS ON DISPOSAL OF FIXED ASSETS REPORTED IN PART VIII 145,252. PART XII, LINE 2D - OTHER ADJUSTMENTS: PENSION CHANGES NOT INCLUDED IN PERIODIC PENSION COST 1,203,031. LOSS ON DISPOSAL OF FIXED ASSETS REPORTED IN PART VIII 145,252. X X X X 1 1 X X X X 0 0 0 DAVID H STEVENS PRESIDENT & CEO 993152 0 542000 0 12303 0 7650 0 19637 0 1574742 0 0 0 PHYLLIS K SLESINGER SVP & GENERAL COUNSEL 293752 0 25000 0 3672 0 15300 0 12053 0 349777 0 0 0 MARGARET A COLON SVP & CAO 286910 0 40000 0 2339 0 6375 0 4803 0 340427 0 0 0 MARCIA M DAVIES SVP, CHIEF OF STAFF 342121 0 50000 0 2031 0 7650 0 15482 0 417284 0 0 0 WILLIAM P KILMER SVP, LEGIS/POL AFFAIRS 438427 0 30000 0 1661 0 10041 0 19637 0 499766 0 0 0 GORDON R MILLS SVP, RES POL/MEM SVCS 393152 0 100000 0 1633 0 7650 0 19637 0 522072 0 0 0 GAIL DAVIS-CARDWELL SVP, COMM & M/F FIN 288976 0 25000 0 2821 0 15300 0 6207 0 338304 0 0 0 STEPHEN O'CONNOR SVP, PUB POL/IND. REL 306152 0 33825 0 1658 0 15300 0 19637 0 376572 0 0 0 EMILE J BRINKMANN SVP, RESEARCH 296992 0 15000 0 4007 0 15300 0 17812 0 349111 0 0 0 THOMAS K KIM SVP, CREF POLICY 250352 0 23500 0 947 0 7644 0 19753 0 302196 0 0 0 MICHAEL C FRATANTONI VP, SFR/POL DEV 232640 0 25000 0 769 0 10795 0 19667 0 288871 0 0 0 GENEARLENE D NEILL VP, HR 232080 0 19200 0 3943 0 14220 0 17708 0 287151 0 0 0 JAMES WOODWELL VP, COMMERCIAL RE 229628 0 19000 0 1237 0 13785 0 12134 0 275784 0 0 0 KENNETH A MARKISON VP & REG. COUNSEL 215265 0 21500 0 6595 0 13118 0 14100 0 270578 0 0 0 JAMES GROSS VP, FINACC/PUBPOL 229892 0 5858 0 3825 0 12154 0 17541 0 269270 0 0 0 ANGELA LAZEAR SVP & CFO (FORMER) 74749 0 0 0 51474 0 5046 0 14118 0 145387 0 0 0 FORM 990, PART VI, SECTION A, LINE 1 MBA HAS AN EXECUTIVE COMMITTEE THAT IS EMPOWERED TO ACT ON BEHALF OF THE FULL BOARD OF DIRECTORS BETWEEN MEETINGS. THE COMMITTEE DOES NOT HAVE THE AUTHORITY TO ADOPT OFFICIAL POSITIONS ON PUBLIC POLICY MATTERS (UNLESS EXPLICITLY PROVIDED THAT POWER); APPROVE THE ANNUAL BUDGET; DETERMINE MEMBER DUES; APPOINT OR REMOVE THE PRESIDENT AND CEO; FILL BOARD AND EXECUTIVE COMMITTEE VACANCIES; ADOPT BYLAWS AMMENDMENTS; APPROVE ORGANIZATIONAL CONSOLIDATION OR MERGER; OR ELIMINATE A STANDING COMMITTEE. THE EXECUTIVE COMMITTEE IS COMPOSED OF THE ELECTED OFFICERS AND THE CHAIRS OF COMBOG AND RESBOG, AS WELL AS THE PRESIDENT AND CEO OF THE ASSOCIATION SERVING EX OFFICIO AS NONVOTING MEMBER. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED IN AUGUST 2014 TO INCLUDE THE FOLLOWING CHANGES: 1. TO DELETE REFERENCES TO THE "CHIEF ADMINISTRATIVE OFFICER" AND SUBSTITUTE "CHIEF FINANCIAL OFFICER"; 2. TO INCREASE THE MAXIMUM NUMBER OF VOTING BOARD SEATS FROM 26 TO 28 TO FACILITATE COMPOSITIONAL BALANCE ON THE BOARD; 3. TO REDUCE THE TERM OF AUDIT COMMITTEE MEMBERS FROM THREE TO TWO YEARS TO MAKE TERMS MORE COMPATIBLE WITH THE STANDARD TERM OF MEMBERS OF THE BOARD OF DIRECTORS, WITH TERMS OF LESS THAN TWO YEARS TO BE PERMITTED, FOR A TRANSITION PERIOD TO STAGGER TERMS APPROPRIATELY; AND 4. TO REDUCE THE TERM OF INVESTMENT COMMITTEE MEMBERS FROM THREE YEARS TO TWO YEARS TO ENCOURAGE PARTICIPATION WHILE MAINTAINING CONTINUITY, WITH TERMS OF LESS THAN TWO TO BE PERMITTED FOR A TRANSITION PERIOD TO STAGGER TERMS APPROPRIATELY. FORM 990, PART VI, SECTION A, LINE 6 MBA IS A NONPROFIT MEMBERSHIP CORPORATION. IT HAS THE FOLLOWING CLASSES OF MEMBERSHIP: (A) REGULAR MEMBERS - FINANCIAL INSTITUTIONS AND OTHER ENTITIES THAT ARE REGULARLY IN THE BUSINESS OF ORIGINATING, SERVICING, OR INVESTING IN MORTGAGE LOANS OR OTHERWISE SHARE IN THE RISK OF MORTGAGE LOAN PERFORMANCE, SUCH AS MORTGAGE INSURERS AND TITLE INSURANCE UNDERWRITERS, SHALL BE CONSIDERED REGULAR MEMBERS. (B) ASSOCIATE MEMBERS - BUSINESS ORGANIZATIONS, FINANCIAL INSTITUTIONS, AND INDIVIDUALS THAT REGULARLY PROVIDE SERVICE OR PRODUCTS FOR BUSINESS ORGANIZATIONS OR FINANCIAL INSTITUTIONS ELIGIBLE TO BE REGULAR MEMBERS SHALL BE CONSIDERED ASSOCIATE MEMBERS. (C) ALLIANCE MEMBER - THE BOARD OF DIRECTORS NAMES AS THE SOLE ALLIANCE MEMBER THE MORTGAGE ACTION ALLIANCE, INC., AN AFFILIATE ORGANIZATION THAT OPERATES TO PROMOTE THE COMMON BUSINESS INTERESTS OF THE RESIDENTIAL AND COMMERCIAL REAL ESTATE FINANCE INDUSTRIES THROUGH GRASSROOTS ADVOCACY ACTIVITIES. (D) HONORARY MEMBERS - INDIVIDUALS WHO HAVE SERVED ALL OR PART OF TWO TERMS AS A MEMBER OF ONE OF THE BOARDS OF GOVERNORS, OR WHO HAVE SERVED AS AN OFFICER FOR TWO YEARS, AND WHO HAVE RETIRED FROM ACTIVE BUSINESS SHALL BE CONSIDERED HONORARY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A UNDER THE ASSOCIATION'S BYLAWS, ONLY REGULAR MEMBERS AND THE ALLIANCE MEMBER MAY ELECT OFFICERS AND THE AT-LARGE MEMBERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B REGULAR MEMBERS ARE REQUIRED TO APPROVE A PLAN OF MERGER THAT CALLS FOR THE ASSOCIATION TO MERGE INTO ANOTHER ASSOCIATION OR OTHER ENTITY, OR A PLAN OF MERGER THAT CALLS FOR THE ASSOCIATION TO ABSORB ANOTHER ASSOCIATION OR OTHER ENTITY, AND THE MERGER WOULD RESULT IN (I) A NAME CHANGE FOR THE ASSOCIATION, (II) THE CREATION OF A NEW MEMBERSHIP CLASS, (III) THE ELIMINATION OF A MEMBERSHIP CLASS, OR (IV) A SUBSTANTIAL CHANGE TO THE THEN CURRENT GOVERNANCE SYSTEM. IN ADDITION, REGULAR MEMBERS ARE REQUIRED TO APPROVE A PLAN FOR CONSOLIDATION WHEREBY THE ASSOCIATION WOULD COMBINE WITH ONE OR MORE ASSOCIATIONS TO CREATE A NEW ASSOCIATION AND CEASE TO EXIST AS AN INDEPENDENT ENTITY. FORM 990, PART VI, SECTION B, LINE 11 THE FIVE INDEPENDENT MEMBERS OF THE AUDIT COMMITTEE, WHICH IS A BOARD-LEVEL COMMITTEE, RECEIVED A COPY OF THE FORM 990 BEFORE ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C IT IS MBA'S POLICY THAT NO COVERED PARTY PARTICIPATE IN THE EVALUATION OR APPROVAL BY MBA OF ANY CONTRACTUAL ARRANGEMENT TO WHICH MBA MAY BECOME A PARTY IF THE COVERED PARTY'S PARTICIPATION WOULD CREATE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST. MBA'S CONFLICTS POLICY REQUIRES ANNUAL DISCLOSURE TO THE MBA GENERAL COUNSEL AND SECRETARY OF "CONFLICTS OF INTEREST" DEFINED AS A SITUATION IN WHICH A COVERED PARTY WOULD PARTICIPATE IN THE EVALUATION OR APPROVAL BY MBA OF ANY CONTRACTUAL ARRANGEMENT TO WHICH MBA MAY BECOME A PARTY, IF SUCH INDIVIDUAL, OR SUCH INDIVIDUAL'S EMPLOYER, WOULD OBTAIN MORE THAN AN INSIGNIFICANT FINANCIAL BENEFIT, EITHER DIRECTLY OR INDIRECTLY. "COVERED PARTY" MEANS A MEMBER OF THE MBA BOARD OF DIRECTORS OR A MEMBER OF A BOARD COMMITTEE OR BOARD TASK FORCE THAT MAY BOTH (I) RECOMMEND ENTERING INTO CONTRACTS AND (II) PLAY A ROLE IN VENDOR REVIEW AND SELECTION. MOREOVER, COVERED PARTIES ARE SUPPOSED TO UPDATE THEIR DISCLOSURES AS CIRCUMSTANCES WARRANT AND PROVIDE THEM TO THE MBA GENERAL COUNSEL AND SECRETARY. THE DISINTERESTED MEMBERS OF THE EXECUTIVE COMMITTEE OF THE MBA BOARD OF DIRECTORS SHALL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS OR BEHAVIOR IN CONFLICT WITH THIS POLICY HAS OCCURRED, AND WHAT SUBSEQUENT ACTION IS APPROPRIATE (IF ANY) AND ITS DECISION WILL BE FINAL, EXCEPT AS FOLLOWS. THE EXECUTIVE COMMITTEE SHALL INFORM THE FULL BOARD OF DIRECTORS OF ANY DISAGREEMENT BETWEEN THE EXECUTIVE COMMITTEE AND THE DISCLOSING DIRECTOR AS TO ITS DETERMINATION THAT A CONFLICT OF INTEREST, OR BEHAVIOR IN CONFLICT OF THE POLICY, EXISTS AND ANY RECOMMENDED ACTION. THE BOARD SHALL RETAIN THE RIGHT TO MODIFY OR REVERSE THE EXECUTIVE COMMITTEE'S DETERMINATIONS IN THIS CONTEXT. THE CONFLICTS OF INTEREST POLICY ALSO ADDRESSES CONFIDENTIALITY. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR PRESIDENT AND CEO 1. REVIEW AND APPROVAL. THE COMPENSATION COMMITTEE, ON BEHALF OF THE BOARD, WILL REVIEW AND APPROVE THE COMPENSATION OF MBA'S CHIEF EMPLOYED EXECUTIVE, THE PRESIDENT, PROVIDED THAT INDIVIDUALS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE ARE NOT INVOLVED IN THIS REVIEW AND APPROVAL. 'COMPENSATION' MEANS INITIAL SALARY, SPECIAL BENEFITS NOT GENERALLY AVAILABLE TO MBA STAFF, SALARY INCREASES AND BONUSES. 2. USE OF DATA AS TO COMPARABLE COMPENSATION. THE COMPENSATION COMMITTEE WILL REVIEW AND SET THE COMPENSATION OF THE PRESIDENT USING AS REFERENCES POINTS: (I) COMPENSATION OF ANY PREDECESSOR PRESIDENT, AND (II) READILY AVAILABLE PUBLIC DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS (FORMAL BENCHMARKING STUDIES BY OUTSIDE COMPENSATION CONSULTANTS NEED NOT BE COMMISSIONED ANNUALLY BUT MAY BE SOUGHT PERIODICALLY). 3. ASSESSMENT OF PERFORMANCE. THE COMPENSATION COMMITTEE WILL TAKE INTO ACCOUNT: (I) THE LEVEL OF ATTAINMENT OF MBA'S GOALS AND OBJECTIVES OVER THE REVIEW PERIOD, (II) THE NATURE OF THE PARTICULAR EXTERNAL AND INTERNAL CHALLENGES FACING MBA OVER THE REVIEW PERIOD, AND (III) SUCH OTHER CONSIDERATIONS AS MAY BE APPLICABLE UNDER THE PREVAILING CIRCUMSTANCES. 4. CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING. THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO THE DECISIONS REGARDING THE COMPENSATION ARRANGEMENT. PROCESS FOR SPECIFIED KEY EMPLOYEES 1. REVIEW AND APPROVAL. THE PRESIDENT WILL SUBMIT RECOMMENDATIONS TO THE COMPENSATION COMMITTEE FOR REVIEW AND APPROVAL OF THE TOTAL COMPENSATION OF THE FOLLOWING SPECIFIED KEY EMPLOYEES, AS DEFINED IN THE INTERNAL REVENUE SERVICE'S FORM 990 INSTRUCTIONS: --THE CHIEF FINANCIAL OFFICER --THE SECRETARY, AS APPROVED BY THE BOARD OF DIRECTORS --ALL SENIOR VICE PRESIDENTS PROVIDED THAT INDIVIDUALS WITH CONFLICTS OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT AT ISSUE ARE NOT INVOLVED IN THIS REVIEW AND APPROVAL. 'COMPENSATION' MEANS INITIAL SALARY, SPECIAL BENEFITS NOT GENERALLY AVAILABLE TO MBA STAFF, SALARY INCREASES AND BONUSES. 2. USE OF DATA AS TO COMPARABLE COMPENSATION. THE COMPENSATION COMMITTEE WILL REVIEW AND SET THE COMPENSATION OF THE SPECIFIED KEY EMPLOYEES, BASED ON THE RECOMMENDATIONS OF THE PRESIDENT, WHO WILL USE AS REFERENCES POINTS: (I) READILY AVAILABLE PUBLIC OR OTHER DATA AS TO COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS (MBA NEED NOT OBTAIN FORMAL BENCHMARKING STUDIES FROM OUTSIDE COMPENSATION CONSULTANTS ANNUALLY BUT THESE MAY BE SOUGHT PERIODICALLY); AND (II) THE SALARY AND LENGTH OF SERVICE OF THE PREVIOUS INCUMBENT. 3. ASSESSMENT OF PERFORMANCE. THE COMPENSATION COMMITTEE WILL REVIEW FOR SPECIFIED KEY EMPLOYEES THE PRESIDENT'S ASSESSMENT OF -- (I) THE LEVEL OF ATTAINMENT OF MBA'S GOALS AND OBJECTIVES OVER THE REVIEW PERIOD; (II) THE LEVEL OF ATTAINMENT OF A SPECIFIED KEY EMPLOYEE'S INDIVIDUAL GOALS AND OBJECTIVES OVER THE REVIEW PERIOD; (III) THE NATURE OF THE PARTICULAR EXTERNAL AND INTERNAL CHALLENGES FACING MBA OVER THE REVIEW PERIOD; AND (IV) OTHER, DOCUMENTED CONSIDERATIONS THAT MAY BE APPLICABLE UNDER THE PREVAILING CIRCUMSTANCES. 4. CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING. THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING WITH RESPECT TO DECISIONS REGARDING THE COMPENSATION ARRANGEMENTS. PROCESS FOR REMAINING EMPLOYEES FOR THE REMAINING EMPLOYEES, THE BOARD HEREBY APPROVES THE FOLLOWING PROCESS FOR DETERMINING TOTAL COMPENSATION: 1. THE PRESIDENT IS AUTHORIZED AND DIRECTED TO: (A) IMPLEMENT MBA'S PRESENT EMPLOYEE POSITION CLASSIFICATION SYSTEM THAT IDENTIFIES FUNCTIONALLY COMPARABLE POSITIONS ACROSS GROUPS, AND (B) ADMINISTER A COMPENSATION PLAN BASED ON: (I) SUCH CLASSIFICATION SYSTEM, (II) REASONABLY AVAILABLE CURRENT COMPENSATION DATA FROM SIMILARLY SITUATED ASSOCIATIONS, (III) MBA'S GOALS AND OBJECTIVES, AND (IV) SUCH OTHER CRITERIA OR CONSIDERATIONS THAT MAY BE APPLICABLE UNDER THE PREVAILING CIRCUMSTANCES. 2. THE PRESIDENT IS FURTHER AUTHORIZED TO REVISIT THE EMPLOYEE CLASSIFICATION SYSTEM AS WELL AS TO ENGAGE COMPENSATION CONSULTANTS, FROM TIME TO TIME, TO HELP ASSURE THAT THE EMPLOYEE CLASSIFICATION SYSTEM AND THE COMPENSATION DATA AND PLAN REMAIN RELEVANT TO THE ACHIEVEMENT OF MBA'S OVERALL GOALS AND OBJECTIVES. 3. UNDER EXCEPTIONAL CIRCUMSTANCES THAT MUST BE DOCUMENTED AND REPORTED TO THE COMPENSATION COMMITTEE, THE PRESIDENT IS AUTHORIZED TO OFFER SIGNING OR RETENTION BONUSES AND OTHER FORMS OF COMPENSATION TO EMPLOYEES IN ORDER TO HELP ASSURE THE SMOOTH OPERATION OF MBA AND/OR THE ACHIEVEMENT OF SIGNIFICANT MBA GOALS AND OBJECTIVES. FORM 990, PART VI, SECTION C, LINE 19 CHARTER, BYLAWS AND CONFLICTS OF INTEREST POLICY ARE PROVIDED UPON REQUEST. FINANCIAL INFORMATION IS PROVIDED THROUGH THE FORM 990 UPON REQUEST. FINANCIAL STATEMENTS ARE PROVIDED TO THE BOARD OF DIRECTORS AND ARE NOT MADE AVAILABLE PUBLICLY. FORM 990, PART XI, LINE 9: PENSION-RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST -1,203,031. EQUITY IN INCOME OF SUBSIDIARIES 10,800. FORM 990, PART XII, LINE 2C THE AUDIT OVERSIGHT PROCESS HAS REMAINED UNCHANGED FROM THE PRIOR YEAR. 1331 L STREET LLC (DISREGARDED ENTITY) 1919 M STREET NW 5TH FL WASHINGTON DC 20036 331210397 HOLDS MBA HEADQUARTERS OFFICE BUILDING DE MBA FIRST LLC 1919 M STREET NW 5TH FL WASHINGTON DC 20036 PROVIDES SVCS TO ORGANIZATIONS IN THE REAL ESTATE FINANCE INDUSTRY DC MISMO INC 1919 M STREET NW 5TH FL WASHINGTON DC 20036 510502943 DEVELOPING, PROMOTING AND MAINTAINING VOLUNTARY ELECTRONIC COMMERCE STDS DE 501(C)(6) 1 RIHA 1919 M STREET NW 5TH FL WASHINGTON DC 20036 366109824 FURTHERING RESEARCH IN THE FIELD OF MORTGAGE BANKING AND REAL ESTATE FINANCE IL 501(C)(3) 509(A)(3) 1 MORPAC 1919 M STREET NW 5TH FL WASHINGTON DC 20036 526144335 POLITICAL ACTION COMMITTEE DC 527 1 MORTGAGE ACTION ALLIANCE INC 1919 M STREET NW 5TH FL WASHINGTON DC 20036 271893100 SUPPORT COMMON BUSINESS INTERESTS OF REAL ESTATE FINANCE INDUSTRY DE 501(C)(6) 1 MBA OPENS DOORS FOUNDATION 1919 M STREET NW 5TH FL WASHINGTON DC 20036 320355086 SPONSORS PHILANTHROPIC ACTIVITIES FOCUSED ON HOME OWNERSHIP DE 501(C)(3) 170(B)(1)(A)(VI) 1 LENDER TECHNOLOGIES CORPORATION 1919 M STREET NW 5TH FL WASHINGTON DC 20036 522233464 ENABLES VALUE-ADDED TECHNOLOGY AND INFORMATION PRODUCTS DC C 18171 175698 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 1 RIHA O 30000 BOOK VALUE RIHA Q 38377 BOOK VALUE RIHA C 100000 CASH MISMO INC L 420000 CONTRACTUAL FEE MISMO INC Q 115031 ACTUAL EXPENDITURES MISMO INC S 438140 REIMB FOR CC FEES