Hi, I’m Adam DeSanctis. This is The Mortgage Minute, the latest news from the Mortgage Bankers Association. Last week, FHFA Director Bill Pulte released an order that rescinds a November, 2024 advisory bulletin that required Fannie Mae and Freddie Mac to certify compliance with unfair or deceptive acts or practice laws, UDAP for short, including by conducting consumer compliance reviews of their seller servicers. Since then, MBA has consistently advocated for this rescission meeting with FHFA staff during the previous administration, as well as communicating our concerns with Director Pulte after his confirmation. We believe that the expectations for the GSEs to conduct consumer protection oversight of their customers. Wrongly established that GSCs as compliance regulators was duplicative of federal and state regulatory oversight of UAPs and would’ve negatively impacted consumers and lenders through higher costs. In the order Director Pulte stated instead, the FTC has the authority to issue interpretive rules and policy statements pertaining to UDAP authority NBA will continue to monitor and keep members updated on this issue. That’s it for this week. Thank you for listening.
Adam DeSanctis, VP, Communication at Mortgage Bankers Association
As a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely considered to be an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA’s social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA’s research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA’s organizational public affairs plan, media relations and member communications support for mPower, MBA’s Opens Doors Foundation and MBA’s Diversity, Equity, and Inclusion programs.