2016-08-11T14:37:58-05:00 2015-09-30 521855942 TATE AND TRYON 2021 L STREET NW SUITE 400 WASHINGTON DC 20036 990 2014-10-01 361505650 MORTGAGE BANKERS ASSOCIATION MORT 2025572700 1919 M STREET NW NO 5TH FL WASHINGTON DC 20036 LISA J HAYNES CFO 2025572700 2016-08-11 1 DEBORAH G KOSNETT P00290720 2022932200 2014 2017-02-10 21:41:12Z DAVID H STEVENS 1919 M STREET NW NO 5TH FL WASHINGTON DC 20036 55276249 0 X WWW.MBA.ORG X 1914 IL MBA'S PRINCIPAL ACTIVITIES ARE INDUSTRY EDUCATION, RESEARCH, AND ADVOCACY. 27 25 139 2000 2038362 0 0 75000 51282830 52779026 -51936 256320 701101 802033 51931995 53912379 0 95065 0 0 23002062 24659764 0 0 0 16197330 16760170 39199392 41514999 12732603 12397380 42357558 59210917 34684487 44715593 7673071 14495324 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 2015, SAW MORE THAN 17,817 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 2014 IN LAS VEGAS WITH 4,209 ATTENDEES. THE CREF/MULTIFAMILY HOUSING CONVENTION & EXPO WAS HELD IN FEBRUARY 2015 IN SAN DIEGO WITH 3,082 ATTENDEES. SPONSORSHIP AND BOOTH SALES REMAINED STRONG AT THE MBA MEETINGS WITH 518 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, DIVERSITY AND INCLUSION AND THIS YEAR CEO EXCHANGE 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 INDUSTRYIN 2015, MBA SENT OVER 70 LETTERS TO POLICYMAKERS ON THE REAL ESTATE FINANCE INDUSTRY'S RESIDENTIAL HOUSING ISSUES. MOREOVER, MBA INVOLVED HUNDREDS OF INDIVIDUALS FROM ACROSS THE ASSOCIATION'S MEMBERSHIP IN THE DEVELOPMENT AND REFINEMENT OF ITS RELATED ADVOCACY POSITIONS. TO THEN CHAMPION THESE POSITIONS, MBA REGULARLY MET WITH POLICYMAKERS IN CONGRESS AND AT REGULATORY AGENCIES, AS WELL AS WITH CONSUMER GROUPS, HOUSING-RELATED TRADE ASSOCIATIONS, AND OTHER STAKEHOLDERS. TO BOLSTER THESE EFFORTS, MBA BROUGHT IN HUNDREDS OF MEMBER COMPANY REPRESENTATIVES TO MEET WITH FEDERAL POLICYMAKERS ON TOP ISSUES, MOST PROMINENTLY DURING THE ASSOCIATION'S NATIONAL ADVOCACY CONFERENCE.THROUGH THESE EFFORTS, MBA MADE SIGNIFICANT PROGRESS ON KEY REGULATORY ISSUES FOR THE INDUSTRY'S RESIDENTIAL SECTOR, INCLUDING: OBTAINING CLARITY AND CERTAINTY WITH FANNIE MAE'S AND FREDDIE MAC'S REPRESENTATION AND WARRANTY ENFORCEMENT POLICIES FOR SELLERS AND SERVICERS (LENDERS GAINED THE RIGHT TO CORRECT A LOAN-LEVEL DEFECT, THE RIGHT TO PROPOSE ALTERNATIVES TO REPURCHASE, AND CLEAR, DETAILED DEFINITIONS OF THE TYPE OF DEFECTS THAT MAY AND MAY NOT BE SUBJECT TO A REPURCHASE REQUEST); A REDUCTION IN THE FEDERAL HOUSING ADMINISTRATION'S ANNUAL SINGLE-FAMILY MORTGAGE INSURANCE PREMIUMS (SUPPORTED BY MBA RESEARCH AND ANALYSIS WHICH SUGGESTED THIS REDUCTION WOULD HELP ADDRESS BOTH ADVERSE SELECTION CONCERNS AND LOST FHA ORIGINATION VOLUME IN A MANNER THAT WOULD NOT HURT THE MUTUAL MORTGAGE INSURANCE FUND AND WOULD ULTIMATELY BENEFIT THE FUND'S LONG TERM SOLVENCY); AND OBTAINING A "GOOD FAITH" ENFORCEMENT PERIOD FROM THE CONSUMER FINANCIAL PROTECTION BUREAU FOLLOWING THE ENACTMENT OF ITS TILA-RESPA INTEGRATED DISCLOSURE (TRID) RULE (MBA PERSUADED THE CFPB TO ANNOUNCE THAT, WHEN WEIGHING ENFORCEMENT DURING THIS GOOD FAITH PERIOD, IT WOULD TAKE INTO CONSIDERATION INSTITUTIONAL IMPLEMENTATION PLANS, UPDATES TO POLICIES AND PROCEDURES, EFFORTS TO TRAIN STAFF, AND THE HANDLING OF TECHNICAL AND OTHER IMPLEMENTATION PROBLEMS).ON THE LEGISLATIVE FRONT IN 2015, MBA ALSO PROVIDED KEY INPUT DURING HEARINGS AND IN THE DEBATE THAT LED TO LEGISLATION BEING PASSED BY THE SENATE BANKING COMMITTEE TO PROVIDE REGULATORY RELIEF FOR FINANCIAL INSTITUTIONS - WHICH INCLUDED SEVERAL PROVISIONS IMPORTANT TO MBA MEMBERS. ADDITIONALLY, THE ASSOCIATION SECURED HOUSE PASSAGE OF LEGISLATION TO PROVIDE LENDERS WITH GREATER FLEXIBILITY UNDER THE CFPB'S QUALIFIED MORTGAGE "POINTS AND FEES" CAP AND LEGISLATION TO GRANT A TEMPORARY LEGAL SAFE HARBOR FOR LENDERS WHO MAKE GOOD FAITH EFFORTS TO COMPLY WITH THE CFPB'S NEW TRID RULE. FURTHER, MBA SECURED THE INTRODUCTION OF LEGISLATION TO ADDRESS CONCERNS REGARDING BOTH MORTGAGE LOAN ORIGINATOR (MLO) JOB MOBILITY AND THE FEDERAL HOUSING FINANCE AGENCY'S NEW RULES FOR MEMBERSHIP WITH THE FEDERAL HOME LOAN BANK SYSTEM. MBA ROUNDED OUT THE YEAR BY SUCCESSFULLY OPPOSING AN ATTEMPT TO USE FANNIE MAE AND FREDDIE MAC GUARANTEE FEES TO FUND A MULTI-YEAR HIGHWAY REAUTHORIZATION BILL AND BY SECURING SEVERAL TAX AND APPROPRIATIONS PRIORITIES VITAL TO BOTH THE RESIDENTIAL AND MULTIFAMILY SECTORS IN THE YEAR-END OMNIBUS AND TAX PACKAGE (MORTGAGE DEBT FORGIVENESS, MORTGAGE INSURANCE PREMIUM DEDUCTIBILITY, AND A FIXED RATE FOR LOW-INCOME HOUSING TAX CREDIT MULTIFAMILY CONSTRUCTION PROJECTS).MBA'S STATE GOVERNMENT AFFAIRS PROGRAM ALSO WORKED ON SEVERAL KEY ISSUES IN 2015, ASSISTING STATE AND LOCAL ASSOCIATIONS IN NUMEROUS ADVOCACY ENDEAVORS. NOTABLY, A CONSIDERABLE EFFORT WAS MADE BY MBA TO ADDRESS ASYMMETRICAL STATE 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 STATE REGULATOR ADOPTION OF THE UNIFORM STATE TEST FOR THESE MLOS. MBA ALSO BACKED THE NEVADA MORTGAGE LENDERS ASSOCIATION IN ITS SUCCESSFUL LEGISLATIVE EFFORTS TO MITIGATE LENDER/SERVICER RISKS FROM HOMEOWNERS ASSOCIATION "SUPER LIENS" - THE UNANTICIPATED RESULT OF A 2014 NEVADA SUPREME COURT DECISION. MOREOVER, MBA HELPED STATE ASSOCIATIONS SUCCESSFULLY ADVOCATE AGAINST LEGISLATION WHICH WOULD HAVE ENACTED A SIMILAR SUPER LIEN STANDARD IN OTHER STATES, INCLUDING IN MAINE, NEW HAMPSHIRE, OHIO, TENNESSEE, AND VERMONT. FINALLY, THE ASSOCIATION AND ITS STATE GOVERNMENT AFFAIRS PROGRAM BEGAN ADVANCING LEGISLATIVE SOLUTIONS FOR STATE VACANT AND ABANDONED PROPERTY BACKLOGS THROUGH SUPPORT FOR A SERIES OF "MBA PRINCIPLES" THAT - IF IMPLEMENTED BY STATE POLICYMAKERS - WOULD RESPONSIBLY EXPEDITE THE FORECLOSURE PROCESS FOR VACANT AND ABANDONED PROPERTIES IN BOTH JUDICIAL AND NON-JUDICIAL FORECLOSURE JURISDICTIONS. THE MBA PRINCIPLES HAVE NOW BEEN CO-BRANDED BY STATE ASSOCIATIONS THROUGHOUT THE COUNTRY; THEY PROVIDE INDUSTRY RECOMMENDATIONS FOR DEVELOPING STATE LEGISLATION, IN COMBINATION WITH A GENERAL FRAMEWORK OF MODEL LANGUAGE, AND HOPEFULLY THEY WILL LEAD TO POSITIVE LEGISLATIVE DEVELOPMENTS IN 2016 AND BEYOND.FINALLY, IN 2015 MBA'S POLITICAL ACTION COMMITTEE, MORPAC, RAISED AND RECEIVED CONTRIBUTIONS IN EXCESS OF $1.1 MILLION FROM MORE THAN 900 INDIVIDUALS. DURING THE SAME PERIOD, MORE THAN 11,000 COMMUNICATIONS WERE SENT BY MORTGAGE ACTION ALLIANCE (MAA) MEMBERS TO THEIR ELECTED OFFICIALS AND REGULATORS. OF THE 14 "CALL TO ACTION" EMAILS MAA PROMPTED ITS MEMBERS TO ACT UPON, TWO WERE TARGETED AT THE STATE LEVEL. THE REMAINDER FOCUSED ON FEDERAL LEVEL RESIDENTIAL ISSUES. MOREOVER, AT THE CLOSE OF 2015 MAA HELD A RECORD NUMBER OF ACTIVE MEMBERS, A TOTAL OF NEARLY 11,000. MEMBERSHIPMBA'S GROWING MEMBERSHIP INCLUDES BUSINESSES FROM ALL SEGMENTS OF THE REAL ESTATE FINANCE INDUSTRY. WE ENDED 2015 WITH 2,204 TOTAL MEMBERS, REPRESENTING AN INCREASE OF SEVEN PERCENT YEAR OVER YEAR. TOTAL MEMBERSHIP DUES FOR 2015 BROUGHT IN APPROXIMATELY $18.2 MILLION IN REVENUE FOR THE ASSOCIATION. EDUCATION:MBA EDUCATION EXPERIENCED A SOLID YEAR OF GROWTH IN FY15, WITH GROSS REVENUE OF MORE THAN $4.9 MILLION, AND NET INCOME OF APPROXIMATELY $1.3 MILLION. THAT GROWTH WAS FUELED BY ROBUST REGULATORY COMPLIANCE PROGRAMMING, WITH CONTINUED EMPHASIS ON GUIDANCE FOR THE TILA RESPA INTEGRATED DISCLOSURE (TRID) IMPLEMENTATION. ELEVEN WORKSHOPS, BOTH LIVE AND VIRTUAL, WERE HELD ON THE SUBJECT DURING THE YEAR, GENERATING GROSS REVENUE OF $413,000. SUPPLEMENTING THE LIVE PROGRAMMING, THE TRID RESOURCE GUIDE SOLD OVER 180 COPIES DURING THE YEAR, GENERATING MORE THAN $220,000 IN GROSS REVENUE. IN ADDITION TO COMPLIANCE, MBA EDUCATION'S FLAGSHIP CLASSROOM OFFERING, THE SCHOOL OF MORTGAGE BANKING, GENERATED MORE THAN $589,200 IN GROSS REVENUE, A 16% INCREASE FROM THE PREVIOUS YEAR. FINALLY, MBA EDUCATION LAUNCHED TWO NEW PROGRAMS IN 2015. THE FIRST PROGRAM, MORTGAGE BANKING BOUND, IS AN ONLINE, INSTRUCTOR-LED COURSE THAT EXPOSES COLLEGE STUDENTS AND OTHER JOB SEEKERS TO CAREER OPPORTUNITIES IN THE RESIDENTIAL MORTGAGE INDUSTRY. IN THE SECOND PROGRAM, MBA LAUNCHED AN 8-PART SERIES INSTRUCTOR-GUIDED ONLINE PROGRAM CALLED COMMERCIAL REAL ESTATE (CRE) BASICS THAT INTRODUCES NEW HIRES AND INEXPERIENCED EMPLOYEES TO ALL FACETS OF COMMERCIAL REAL ESTATE LENDING. AS PART OF THIS EFFORT, MBA EDUCATION ALSO ENTERED INTO A DEAL WITH THE CHARTERED REALTY INVESTOR (CRI) SOCIETY, WHEREBY MBA TOOK OVER THE ADMINISTRATION AND MANAGEMENT OF THE SOCIETY'S CRI DESIGNATION PROGRAM. THIS DESIGNATION IS RECOGNIZED ACROSS THE COMMERCIAL/MULTIFAMILY REAL ESTATE FINANCE INDUSTRY. COMMERCIAL/MULTIFAMILY:IN 2015, 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. AMONG OTHER THINGS, A LONG-TERM EXTENSION OF THE TERRORISM RISK INSURANCE ACT (TRIA), WHICH IS VITAL TO THE STABILITY OF THE COMMERCIAL REAL ESTATE MARKET, WAS ENACTED BY CONGRESS AND SIGNED INTO LAW IN EARLY 2015. FOR THE MULTIFAMILY SECTOR, MBA WORKED TO ACHIEVE MULTIPLE OBJECTIVES TO ENSURE THE CONTINUOUS FLOW OF CAPITAL TO MULTIFAMILY RENTAL HOUSING. MBA SECURED POSITIVE MULTIFAMILY-RELATED AMENDMENTS TO THE FINANCIAL INDUSTRY REGULATORY AUTHORITY'S PROPOSED MARGINING REQUIREMENTS. MBA'S EFFORTS ALSO SUPPORTED THE AVAILABILITY OF LIQUIDITY FOR MULTIFAMILY RENTAL HOUSING, INCLUDING FOR AFFORDABLE AND WORKFORCE RENTAL HOUSING. 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 SUPPORTED BY MBA FOR RISK-BASED CAPITAL FOR COMMERCIAL REAL ESTATE LOANS. FOR SECURITIZED LENDING, MBA WORKED WITH MEMBERS TO ADDRESS IMPLEMENTATION ISSUES WITH THE RISK RETENTION FINAL RULE IMPACTING THE COMMERCIAL MORTGAGE-BACKED SECURITIES MARKET. MBA CONTINUED TO ENGAGE WITH POLICYMAKERS THROUGH ITS NATIONAL ADVOCACY CONFERENCE AND OTHER POINTS OF ENGAGEMENT ON ISSUES OF IMPORTANCE TO THE COMMERCIAL/MULTIFAMILY FINANCE INDUSTRY 0 1 1 1 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 179 0 1 139 1 1 1 0 0 0 1 1 0 X 27 25 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 WILLIAM COSGROVE CHAIRMAN 4.00 X X 5283 0 0 WILLIAM C EMERSON CHAIRMAN-ELECT 7.00 X X 0 0 0 RODRIGO LOPEZ VICE-CHAIRMAN 3.00 X X 2952 0 0 EDWARD J BURKE IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 RICK ANESHANSEL BOARD MEMBER 0.50 X 0 0 0 RICHARD BENNION BOARD MEMBER 0.50 X 0 0 0 BYRON BOSTON BOARD MEMBER 0.50 X 0 0 0 NATHAN BURCH BOARD MEMBER 0.50 X 0 0 0 BARRETT BURNS BOARD MEMBER 0.50 X 0 0 0 PHILIP DEFRONZO BOARD MEMBER 0.50 X 0 0 0 THOMAS S DENNARD 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 JAMIE KORUS BOARD MEMBER 0.50 X 0 0 0 JEROME LIENHARD 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 BRIAN LANCASTER 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 STEVENS DAVID H PRESIDENT & CEO 33.80 1.20 X 1485057 0 25067 SLESINGER PHYLLIS K SVP & GENERAL COUNSEL 32.00 3.00 X 345416 0 24925 COLON MARGARET A SVP & CAO (OUTGOING) 28.00 7.00 X 200355 0 3635 HAYNES LISA VP & CFO (INCOMING) 32.70 2.30 X 65287 0 2341 DAVIES MARCIA M CHIEF OPERATING OFFICER 34.70 0.30 X 500114 0 16748 KILLMER WILLIAM P SVP, LEGISLATIVE & POLITICAL AFFAIRS 35.00 X 470737 0 26366 MILLS GORDON R SVP, RESIDENTIAL POLICY & MEMBER SERVICES 35.00 X 508687 0 22466 DAVIS-CARDWELL GAIL SVP, COMMERCIAL & M/F FINANCE 35.00 X 326675 0 29139 O'CONNOR STEPHEN SVP, PUBLIC POLICY & INDUSTRY RELATIONS 35.00 X 357607 0 30266 KIM THOMAS K SVP, CREF POLICY 35.00 X 288035 0 26764 FRATANTONI MICHAEL C CHIEF ECONOMIST & SVP OF RESEARCH & INDUSTRY TECHN 33.00 2.00 X 314494 0 30820 GRACE PETER CIO AND SVP, STRATEGY AND MEMBER SERVICES 35.00 X 270337 0 20435 MIGLIAZZO TRICIA VP, MEMBERSHIP ENGAGEMENT 35.00 X 283092 0 5497 NEILL GENEARLENE D VP, HUMAN RESOURCES 35.00 X 267773 0 27996 WOODWELL JAMES VP, COMMERCIAL REAL ESTATE 35.00 X 254658 0 14208 MARKISON KENNETH A VP & REGULATORY COUNSEL 35.00 X 251664 0 23005 GROSS JAMES VP, FINANCIAL ACCOUNTING & PUBLIC POLICY 35.00 X 250673 0 27396 6448896 0 357074 64 0 1 0 AB SCHNARE ASSOCIATES LLC 3010 P ST NW WASHINGTON DC 20007 IT CONSULTING 514060 STRATMOR GROUP LLC PO BOX 19436 BOULDER CO 80308 RESEARCH CONSULTANTS 333128 HOLLANDER SARAH 1102 TUCKAHOE LANE ALEXANDRIA VA 22302 ART DIRECTOR CONSULTING 137993 AT-TECH STAFFING SERVICES INC PO BOX 29048 GLENDALE CA 91209 IT CONSULTING 127422 HOLLAND & KNIGHT LLP PO BOX 864084 ORLANDO FL 32886 LEGISLATIVE & ADVOCACY CONSULTING 120000 9 75000 75000 MEMBERSHIP DUES 900099 18237720 18237720 OTHER CONFERENCES AND PROGRAMS 900099 17696399 17696399 ANNUAL CONVENTION 900099 7516504 7516504 EDUCATIONAL PROGRAMS 900099 4658436 4658436 PERIODICALS & PUBLICATIONS 541800 2772376 734014 2038362 1897591 1897591 52779026 440080 440080 559114 559114 1167818 12292 1363870 0 -196052 12292 -183760 -183760 OTHER REVENUE 900099 242919 242919 242919 53912379 50740664 2038362 1058353 95065 5514963 15821354 1021698 1221471 1080278 98200 69629 466335 124935 1973386 101222 817238 772962 75506 1679106 790177 3924820 15123 475144 374791 EQUIPMENT RENTAL & MAIN 1676834 PRINTING & PUBLICATIONS 1481783 CREDIT CARD FEES 681304 MEALS AND ENTERTAINMENT 485571 676104 41514999 13942446 31004479 685276 649049 1708404 2537099 6651918 3807623 2785503 2844295 21001625 19982624 1343183 1356004 891121 837367 42357558 59210917 4485071 5433703 18089725 24374031 12109691 14907859 34684487 44715593 X 7502476 14362629 170595 132695 7673071 14495324 42357558 59210917 X 12397380 -1136840 -4438287 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED MORTGAGE BANKERS ASSOCIATION PAC 1919 M STREET NW WASHINGTON DC 20036 526144335 658550 0 0 1 18237720 3519182 -1863531 1655651 1823772 -168121 PART I-A, LINE 1: MBA'S POLITICAL ACTIVITY FOR THE YEAR ENDED 9/30/15 CONSISTED OF ACTIVITIES CONDUCTED SOLELY THROUGH ITS CONNECTED PAC, THE MORTGAGE BANKERS ASSOCIATION PAC (MORPAC). 2613843 433105 2180738 3684686 3154671 530015 353389 219847 133542 2844295 LIABILITY FOR PENSION BENEFITS 10892816 DEFERRED RENT AND LEASE INCENTIVE 3992576 ACCRUED SEVERANCE PAY 22467 14907859 52704706 -1136840 54102 -1082738 53787444 124935 124935 53912379 45882453 4492389 4492389 41390064 124935 124935 41514999 PART XI, LINE 2D - OTHER ADJUSTMENTS: EQUITY IN INCOME OF SUBSIDIARIES 54,102. PART XII, LINE 2D - OTHER ADJUSTMENTS: PENSION CHANGES NOT INCLUDED IN PERIODIC PENSION COST 4,492,389. 0 FAMILY MATTERS OF GREATER WASHINGTO 1509 16TH STREET NW WASHINGTON DC 20036 530208258 501C3 5000 GALA SPONSORSHIP FINANCIAL SVCS ROUNDABLEHOPE NOW ALLIANCE 600 13TH STREET NW SUITE 400 WASHINGTON DC 20005 360753125 501C6 5000 ANNUAL ASSESSMENT NATIONAL HOUSING CONFERENCE INC 1900 M ST NW SUITE 200 WASHINGTON DC 20035 530208180 501C3 5000 NHC LEADERSHIP CIRCLE DUES CHILDREN'S TUMOR FOUNDATION 120 WALL STREET NEW YORK NY 10005 132298956 501C3 10000 CTF DETROIT GALA SPNSRSP MBA OPENS DOORS FOUNDATION 1919 M STREET NW FLOOR 5 WASHINGTON DC 20036 320355086 501C3 20000 HOLIDAY CONTRIBUTION; CHAIMAN'S CONF MORRISON CANYON FDTNCMG FDTN 3160 CROW CANYON RD SAN RAMON CA 94583 455058060 501C3 10000 CMG CHARITY WINE AUCTION DONATION WASHINGTON TENNIS & EDUCATION FOUNDATION 16TH KENNEDY STREETS NW WASHINGTON DC 20011 526046504 501C3 12000 WTEF SPONSORSHIP FT WORTH AIRPOWER FOUNDATION PO BOX 8728 FORT WORTH TX 76124 752828493 501C3 15000 AMERICAN AIR SKY BALL SPONSORSHIP 7 1 X X X X 1 1 X X X X 0 1 0 STEVENS DAVID H PRESIDENT & CEO 1021360 0 450000 0 13697 0 10400 0 20901 0 1516358 0 0 0 SLESINGER PHYLLIS K SVP & GENERAL COUNSEL 311584 0 30000 0 3832 0 15600 0 12631 0 373647 0 0 0 COLON MARGARET A SVP & CAO (OUTGOING) 189194 0 10000 0 1161 0 3635 0 1653 0 205643 0 0 0 DAVIES MARCIA M CHIEF OPERATING OFFICER 427787 0 70000 0 2327 0 10400 0 12582 0 523096 0 0 0 KILLMER WILLIAM P SVP, LEGISLATIVE & POLITICAL AFFAIRS 429490 0 40000 0 1247 0 11700 0 20900 0 503337 0 0 0 MILLS GORDON R SVP, RESIDENTIAL POLICY & MEMBER SER 406360 0 100000 0 2327 0 7800 0 20900 0 537387 0 0 0 DAVIS-CARDWELL GAIL SVP, COMMERCIAL & M/F FINANCE 297348 0 27000 0 2327 0 15600 0 19773 0 362048 0 0 0 O'CONNOR STEPHEN SVP, PUBLIC POLICY & INDUSTRY RELATI 317360 0 39000 0 1247 0 15600 0 20900 0 394107 0 0 0 KIM THOMAS K SVP, CREF POLICY 257220 0 30000 0 815 0 10725 0 22247 0 321007 0 0 0 FRATANTONI MICHAEL C CHIEF ECONOMIST & SVP OF RESEARCH & 288954 0 25000 0 540 0 14782 0 19344 0 348620 0 0 0 GRACE PETER CIO AND SVP, STRATEGY AND MEMBER SER 229491 0 40000 0 846 0 6897 0 19773 0 297007 0 0 0 MIGLIAZZO TRICIA VP, MEMBERSHIP ENGAGEMENT 271069 0 11000 0 1023 0 5497 0 1916 0 290505 0 0 0 NEILL GENEARLENE D VP, HUMAN RESOURCES 239056 0 25000 0 3717 0 14730 0 19347 0 301850 0 0 0 WOODWELL JAMES VP, COMMERCIAL REAL ESTATE 236855 0 17000 0 803 0 14208 0 5594 0 274460 0 0 0 MARKISON KENNETH A VP & REGULATORY COUNSEL 223472 0 22000 0 6192 0 13680 0 14779 0 280123 0 0 0 GROSS JAMES VP, FINANCIAL ACCOUNTING & PUBLIC PO 236684 0 7300 0 6689 0 14550 0 18427 0 283650 0 0 0 PART I, LINE 4B MBA CREATED A NONQUALIFIED DEFERRED COMPENSATION PLAN ON BEHALF OF DAVID STEVENS, MBA'S PRESIDENT AND CEO. AMOUNTS DUE UNDER THE PLAN ARE SUBJECT TO VARIOUS VESTING SCHEDULES AND PROVISIONS. THE AMOUNT ACCRUED UNDER THE PLAN AS OF SEPTEMBER 30, 2015 WAS $1,260,000. 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 IN JUNE 2015, THE MBA BOARD OF DIRECTORS ("BOARD") APPROVED AMENDMENTS TO THE MBA BYLAWS PROVIDING FOR A NEW MEMBERSHIP CLASS OF "STUDENT MEMBERS." STUDENT MEMBERS ARE INDIVIDUALS (I) WHO, PRIOR TO EMPLOYMENT IN THE REAL ESTATE FINANCE INDUSTRY, ARE VALIDLY ENROLLED IN A COMMUNITY OR OTHER TWO-YEAR COLLEGE OR OTHER POST-SECONDARY EDUCATIONAL INSTITUTION ("EDUCATIONAL INSTITUTION") AND ALSO VALIDLY ENROLLED IN THE ASSOCIATION'S CURRENT CAREER EDUCATION COURSE, OR OTHER COMPARABLE INSTRUCTIONAL COURSE PROVIDED BY THE ASSOCIATION, OR (II) WHO, PRIOR TO EMPLOYMENT IN THE REAL ESTATE FINANCE INDUSTRY, ARE VALIDLY ENROLLED IN ANY EDUCATIONAL INSTITUTION AFTER COMPLETING THE ASSOCIATION'S CURRENT CAREER EDUCATION COURSE, OR OTHER COMPARABLE INSTRUCTIONAL COURSE PROVIDED BY THE ASSOCIATION. STUDENT MEMBERS RECEIVE NO GOVERNANCE RIGHTS. IN ADDITION, THE BOARD AUTHORIZED FOUR ADDITIONAL BOARD SEATS, RAISING THE MAXIMUM NUMBER OF SEATS FROM 28 TO 32. THIS CHANGE BECAME EFFECTIVE FOR FY2016. 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. (E) STUDENT MEMBERS - INDIVIDUALS (I) WHO, PRIOR TO EMPLOYMENT IN THE REAL ESTATE FINANCE INDUSTRY, ARE VALIDLY ENROLLED IN A COMMUNITY OR OTHER TWO-YEAR COLLEGE OR OTHER POST-SECONDARY EDUCATIONAL INSTITUTION ("EDUCATIONAL INSTITUTION") AND ALSO VALIDLY ENROLLED IN THE ASSOCIATION'S CURRENT CAREER EDUCATION COURSE, OR OTHER COMPARABLE INSTRUCTIONAL COURSE PROVIDED BY THE ASSOCIATION, OR (II) WHO, PRIOR TO EMPLOYMENT IN THE REAL ESTATE FINANCE INDUSTRY, ARE VALIDLY ENROLLED IN ANY EDUCATIONAL INSTITUTION AFTER COMPLETING THE ASSOCIATION'S CURRENT CAREER EDUCATION COURSE, OR OTHER COMPARABLE INSTRUCTIONAL COURSE PROVIDED BY THE ASSOCIATION. 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 -4,492,389. EQUITY IN INCOME OF SUBSIDIARIES 54,102. 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 0 0 MBA FIRST LLC (DISREGARDED ENTITY) 1919 M STREET NW 5TH FL WASHINGTON DC 20036 PROVIDES SVCS TO ORGANIZATIONS IN THE REAL ESTATE FINANCE INDUSTRY DC 0 0 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 PROVIDES RENTAL & MORTGAGE ASSISTANCE TO FAMILIES W/CRITICALLY ILL CHILDREN. DE 501(C)(3) 170(B)(1)(A)(VI) 1 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 0 1 1 1 RIHA O 30000 BOOK VALUE RIHA Q 6063 BOOK VALUE RIHA C 75000 CASH MISMO INC L 498000 CONTRACTUAL FEE MISMO INC Q 117056 ACTUAL EXPENDITURES MISMO INC S 350135 REIMB FOR CC FEES MBA OPEN DOORS FOUNDATION B 20000 MBA'S HOLIDAY & CHAIRMAN'S CONF MBA OPEN DOORS FOUNDATION O 149276 SHARING OF EMPLOYEES MBA OPEN DOORS FOUNDATION P 53244 REIMB OF EXPENDITURES MORPAC R 658550 TRANSFER TO PAC UNDER FEC RULES