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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 74 J O U R N A L August 2023 and efficient available mortgage. Ginnie Mae's MBS portfolio outstanding grew to $2.404 trillion in May 2023, including $34 billion of total MBS issuance, leading to $14 billion of net growth. Issuance for this month was $1 billion higher than April's reported total of $33 billion, and $6 billion higher than March's recorded total of $28 billion. May's new MBS issuance supported the financing of more than 113,000 households, including more than 55,000 first-time home- buyers. Approximately 75% of the May MBS issuance reflects new mortgages that support home purchases, as refinance activity remained low due to higher mortgage rates. To date in 2023, Ginnie Mae has supported the pooling and securitization of more than 232,000 first-time homebuyer loans. HUD OFFERS GRANTS TO STUDY OFFICE- TO-RESIDENTIAL CONVERSIONS O n July 21, 2023, the U.S. Department of Housing and Urban Develop- ment (HUD) released a notice of funding opportunity (NOFO) to study office-to-residential conversions. HUD's Office of Policy Development and Research (PD&R) also hosted a virtual event featuring developers, researchers, and local officials to discuss the challenges of executing these con- versions and how policies can help overcome those challenges. The NOFO provides up to $860,000 to compile case studies of conversion projects that have taken place since the start of the pandemic, improve understanding of the financing limitations associated with conver- sions and the policy reforms and subsidies that can make projects more economically vi- able, propose metrics to evaluate conversions on housing affordability and other outcomes, and develop a guide for local leaders and development practitioners. Proposals are due on October 12, 2023. "There has been a surge in interest in office-to-residential conversions since the pandemic-induced shift to remote work and as many cities face a softening demand for office space and escalating demand for hous- ing," said Solomon Greene, Principal Deputy Assistant Secretary for Policy Development and Research. "Research highlighted at the event and supported by this NOFO will help the field to understand the financial and structural barriers associated with conver- sions and will provide key stakeholders with examples of how best to overcome them." This NOFO and event are the latest in HUD's effort to support researchers, community residents, practitioners, and policymakers to work together to unleash housing supply. NEW NEVADA LAW WILL PROTECT HOMEBUYERS FROM PREDATORY CONTRACTS T he American Land Title Association (ALTA), the national trade asso- ciation of the land title insurance industry, alongside AARP and the Nevada Land Title Association (NLTA) applaud the Nevada legislature for passing Senate Bill (SB) 355, which includes provisions protect- ing homeowners from the predatory practice of filing unfair real estate fee agreements in property records, known as Non-Title Recorded Agreements for Personal Services (NTRAPS). The new law will make NTRAPS unenforceable. "The property rights of American home- buyers must be protected," ALTA Vice Presi- dent of Government Affairs Elizabeth Blosser said. "A home often is a consumer's largest investment, and the best way to support the certainty of land ownership is through public policy. We have to ensure that there are no unreasonable restraints on a homebuyer's fu- ture ability to sell or refinance their property due to unwarranted transactional costs." NTRAPS have been recorded in property records since 2018. The practice preys upon homeowners, offering small cash gifts in ex- change for decades-long contracts for the ex- clusive rights to sell the property. Submitting NTRAPS for inclusion in property records characterized as liens, covenants, encum- brances, or security interests in exchange for money creates impediments and increases the cost and complexity of transferring or financing real estate in the future. "We are pleased that AARP's advocacy efforts, undertaken in collaboration with ALTA, have produced a win for Nevada homeowners," AARP Government Affairs Director Samar Jha said. "We look forward to working on similar legislative solutions in other states to help protect homeowners against predatory housing practices." SB 355 follows the objective of similar bills introduced across the country to provide a remedy for existing NTRAPS while also discouraging these types of unfair practices impacting homeowners. "I would like to thank Assemblywoman Heidi Kasama for assisting NLTA with the passage of this important legislation," said Sylvia Smith Turk, Division President for Stewart Title Co. and past President of NLTA. "NLTA members are proud to support and sponsor legislation to protect property rights for Nevada homeowners." "SB 355 will provide Nevadans some peace of mind by protecting them from unfair service agreements," AARP State Di- rector Maria Moore said. "As they search for supportive services that will enable them to live with dignity and independence in their own homes, many older Nevadans are being enticed with unfair service agreements prom- ising quick cash as a marketing technique. Older adults can be especially vulnerable and need the extra safeguards provided by SB 355 in order to be protected from such unfair, deceptive and abusive practices." The new law will: » Make NTRAPS unenforceable by law » Restrict and prohibit the recording of NTRAPS in property records » Create penalties if NTRAPS are recorded in property records » Provide for the removal of NTRAPS from property records and recovery of damages Nevada Gov. Joe Lombardo signed SB 355 into law on June 15.