Hi, I’m Adam DeSanctis, this is the Mortgage Minute, the latest news from the Mortgage Bankers Association. Last week, MBA in several trades sent a letter to FHFA with recommendations for its ongoing credit score models and reports initiative. After launching more than two years ago, the initiative as currently defined, is overly complex, costly to consumers and missing key requirements that are necessary for a successful transition. Our letter urges FHFA leadership to reevaluate portions of the initiative to make successful progress towards credit score modernization for the GSEs. We believe five critical steps are required in order to establish a viable implementation plan, including to commit to data transparency and sharing, conduct a cost benefit analysis and operational impact assessment, reevaluate the buyer option, coordinate with prudential regulators, and finally to align with government lending programs. Ultimately, we believe a well-coordinated and appropriate execution strategy is needed to minimize disruption to the housing finance system. We will continue to work with incoming leadership at FHFA and other trade associations to establish a workable implementation plan to ensure that unintended consequences are mitigated, and that cost complexity, consumer impact, and policy implications are taken into consideration throughout this initiative. 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.