The Mortgage Bankers Association completed its 2011 fiscal year, raking in earnings of $2.7 million, up from a loss of $28 million the year before.
The MBA’s latest year-end earnings cover the 12-month period stretching from Oct. 1, 2010 through Sept. 2011. The association’s form was filed with the Treasury in mid-August.
By the end of the year, the association still had $17.7 million in total liabilities and net assets/fund balances.
Before calculating expenses, the MBA pulled in $34.4 million, mostly from revenue on services.
The association also disclosed in forms filed with the Treasury that it sent 5,500 advocates throughout its grassroots network, The Mortgage Action Alliance, in fiscal 2011 to visit with elected officials on numerous mortgage lending and servicing issues.
Overall, the association spent $32,355 on lobbying, according to documents filed.
MBA CEO David Stevens notes in the official tax paperwork that the association met with a “a divided Congress” to address complex mortgage issues such as the ongoing rollout of Dodd-Frank’s Truth-in-Lending Rules and the launch of the Consumer Financial Protection Bureau in fiscal 2011.
By the end of the year, the association still had $17.7 million in total liabilities and net assets/fund balances.
