AMBA Monday Morning News - Week of May 4th, 2026 
Message from the Board
Fellow Alaska mortgage banking professionals,
Welcome to May. The light has shifted. We are well past the equinox, and from now through summer solstice every week brings noticeably more daylight, warmer afternoons, and the kind of energy that pulls Alaskans back outside. For those of us in the mortgage business, May usually marks the moment when the spring market hits full stride. Open houses fill up. Pre-approvals start to convert. The pace picks up.
This year carries something extra. After a long stretch of waiting, watching, and recalibrating, buyers are showing up. Inventory is moving. Conversations that paused last fall are restarting. The fundamentals are not perfect, but they are workable, and our clients are deciding to act. That decision is often built on a phone call with one of you.
Take a moment this week to appreciate the work you do. Closing a loan in Alaska is harder than it looks from the outside. You make it look easy, and you make it possible.
Have a strong week.
Benjamin Reynolds - AMBA President
Thank you to the sponsor of our Monday Morning News
Next Luncheon!
May '26 Luncheon - Membership Meeting, Elections, and Season Wrap-up
Join AMBA for our May Luncheon including our Membership Meeting, Elections, and Season Wrap-up
Luncheon Schedule:
Doors Open at 11:30 AM
Food Served at 11:45 AM
Meeting Starts at 12:00 PM
Meeting Ends at 1:00 PM
Reminder!!!
All member companies and employees have been added and have an account created. Login using your company email and, if this is your first time logging in, select the "Forgot Password" option to update your password. If there are any issues with logging in, please contact us at [email protected] or Benjamin Reynolds at [email protected].
This Month's Meeting Sponsor:
VENUE SPONSOR:
TBD
Catering SPONSOR:
TBD
Virtual Meeting SPONSOR
-->REGISTER TODAY!<--
News From Last Week
CALL For Responses - HB 254: 5% Tax Assessed Value Cap Survey - Response period extended
- Reduces unexpected escrow shortages caused by sharp year-over-year assessment jumps, particularly in Anchorage where some assessments have risen 10–25% in a single year
- Helps homeowners — especially seniors on fixed incomes — budget more predictably and stay in their homes longer
- May reduce the frequency of tax-driven distressed sales or HELOC draws for escrow shortfalls
- Gives borrowers more payment stability, which could support healthier loan performance
- Assessed values that are capped will increasingly diverge from market values over time, particularly in high-appreciation markets like Anchorage
- For HELOCs, refinances, and certain equity-based lending decisions, lenders sometimes use assessed value as an informal data point — a growing gap between assessed and market value reduces its usefulness and may require more borrower education
- New buyers will pay taxes based on market value while long-term neighbors pay on suppressed values — this inequity can affect neighborhood comparables and buyer perception of affordability
- Municipalities may compensate for capped revenue by raising mill rates, which could offset any tax relief to homeowners
- The bill lacks a sale-triggered reassessment, meaning the divergence from market value compounds over time and cannot be corrected until physical improvements are made
The full legislative text can be found here: https://www.akleg.gov/basis/Bill/Detail/?Root=HB%20254#tab6_4
-->COMPLETE THE SURVEY HERE<--
Nominate an Individual or Company for AMBA's Inauguaral Community IMpact Award
The Alaska Mortgage Bankers Association Community Impact Award recognizes an AMBA member — individual or company — who has gone above and beyond to strengthen Alaska's communities through charitable giving, volunteerism, housing access, civic leadership, or other meaningful contributions. Nominations are reviewed by the AMBA Board of Directors, and the award is presented at our annual May meeting. We encourage you to nominate someone who exemplifies the best of our industry and our state.
Board nominations for the 2026-2027 Season Are Open
2026-2027 Board Nominations are officially open. Voting will occur at our May Luncheon. Nominations for all positions will be accepted. President, VP, Secretary, and Treasurer positions are limited to Regular members, while Director positions are open to Regular and Affiliate Members. The current incumbents seeking re-election are:
President - Benjamin Reynolds - Cook Inlet Lending Center
Vice President - Sharon Seymour - Leading Edge Lending
Treasurer - Deborah Manfred - Credit Union 1
Secretary - Seat Open
Director (3 Seats Available):
Brad Kiefer - Alaska Commercial Loan Brokers
Stephanie Eddy - AHFC
Seat Open
-->SUBMIT BOARD NOMINATIONS HERE<---
HUD and USDA Rescind Energy Code Mandate for FHA and USDA Loans
The Department of Housing and Urban Development and the Department of Agriculture jointly rescinded a 2024 rule that required new FHA- and USDA-financed homes to meet the 2021 International Energy Conservation Code, with the rescission effective May 1. According to the HUD press release, agency officials say the mandate added between $20,000 and $31,000 to construction costs. The change reverts both programs to the energy efficiency standards in place before the 2024 final determination.
Alaska Impact: Alaska's cold climate and heavy reliance on FHA and USDA-backed financing in rural areas mean many builders and lenders here had been actively planning for compliance. The rescission removes a near-term construction cost burden, though Alaska Housing Finance Corporation's Building Energy Efficiency Standard (BEES) continues to apply for state-financed loans.
Fed Holds Rates Steady in Sharpest Committee Split Since 1992
The Federal Open Market Committee voted 8-4 on April 29 to hold the federal funds rate target at 3.50 to 3.75 percent, the most divided FOMC vote in more than three decades. According to the Federal Reserve's official statement, the committee noted that inflation is elevated, in part reflecting a recent increase in global energy prices. The meeting was widely expected to be Chair Jerome Powell's final meeting as chair, with his term ending May 15.
Alaska Impact: Mortgage rates do not move in lockstep with the federal funds rate, but Fed signaling shapes the broader rate environment. The dissent split suggests further cuts are not imminent, which aligns with current MBA forecasts of 30-year rates holding in the 6.3 to 6.4 percent range through 2026.
CFPB Finalizes Fair Lending Rule, Ending Disparate Impact Liability
The Consumer Financial Protection Bureau finalized a rule on April 22 amending Regulation B under the Equal Credit Opportunity Act. According to the Federal Register publication, the rule eliminates disparate impact liability under ECOA, narrows the discouragement standard, and restricts certain special purpose credit programs. Enforcement will focus on intentional discrimination rather than statistical outcomes, with the rule taking effect approximately 90 days after publication, on or about July 21.
Alaska Impact: Alaska lenders should review marketing practices, pricing exception logs, and underwriting documentation in advance of the effective date. The rule does not eliminate fair lending obligations, and state-level protections may still apply. AMBA members are encouraged to coordinate compliance reviews with counsel before July.
Welcome New Members!
AMBA welcomes all Alaska mortgage banking professionals to join our growing community. Membership provides access to industry advocacy, professional development opportunities, networking events, and regular market intelligence updates tailored specifically to Alaska's unique market conditions.
2025-2026 Membership Benefits Include:
- Voice in state legislative advocacy through our new Legislative Affairs Committee
- Monthly educational sessions and industry updates
- Professional networking opportunities with Alaska mortgage banking leaders
- Access to Alaska-specific market data and trends
- Discounted rates for industry events and conferences
Contact AMBA at (907) 727-1076 or [email protected] to learn about Regular, Affiliate, Non-Profit, and Individual membership options. Visit alaskamba.org for complete membership information and dues structure. Join us in advancing Alaska's mortgage banking industry!
New Job Posts
Check out these careers!
Our Career Board is now available! Take a look at some of the new positions below:
Residential Lending Manager - Matanuska Valley Federal Credit Union
Loan officer Assistant - Raven Mortgage
POST YOUR JOB TODAY USING YOUR MEMBER ACCOUNT!