Hi, I’m Adam DeSantis. This is the Mortgage Minute, the latest news from the Mortgage Bankers Association. The big news last week was that the Federal reserve cut short term rates by 25 basis points, the first rate cut since last December. Mortgage rates have fallen in recent weeks and the Fed’s move should put further downward pressure on rates. Additionally. Last week, US representative Gregory Meeks, along with Representative Pete Sessions, introduced the bipartisan Mortgage Insurance Freedom Act legislation that would end FHAs policy requiring mortgage insurance premiums for the life of the loan MBA in a letter of support welcome the bill’s intent, noting that aligning FHAs rules with the conventional market would enhance affordability and improve sustainable access to home ownership. Particularly for first time and low to moderate income borrowers. As you know, removing that life of loan requirement would bring FHA loans into greater alignment with GSE offerings and lower long-term costs for borrowers. MBA will monitor this bill in congress and is also continuing to urge HUD to use its administrative authority to evaluate and address this issue through a more data-driven policy process. That’s it for this week. Thank you for listening.
Adam DeSanctis, VP, Communications 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 regarded as 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.