[Adam] Hi, I’m Adam DeSanctis. This is the Mortgage Minute. The latest news from the Mortgage Bankers Association, the CFPB, last week, published a final rule creating a registry of non bank covered persons subject to certain agency and court orders. This final rule requires covered non banks that are subject to certain agency or court orders to register those orders with a CFPB with a limited exception for orders available on the NMLS additionally covered, non banks that are subject to CFPB supervision must submit annual statements describing the steps taken to ensure compliance with covered orders and whether there was any instance of noncompliance with those orders. MBA believes that including mortgage lenders and servicers in a registry is an unnecessary and redundant move, which we outlined as such in March 2023, comment letter, and it also contradicts the CFPB concerns about lowering costs. We believe they missed an opportunity here to simply add its enforcement information on mortgage companies to the already comprehensive consumer facing database maintained and already operative by the CSBs, NMLS Consumer Access Portal, we will track and keep you updated on the implementation of this final rule, which goes into effect on September 16, 2024 That’s it for this week. Thank you for listening.

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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.