[Adam] Hi, I’m Adam DeSanctis. This is the Mortgage Minute. The latest news from the Mortgage Bankers Association. The Financial Stability Oversight Council, or FSOC, earlier this month approved and released a report on non-bank mortgage servicing. The report includes several recommendations to Congress and state regulators to address when it considers key vulnerabilities with a non-bank mortgage servicing space. The report’s recommendations have been Congress create an emergency fund finance by IMBs provide FHFA with authority to direct and supervise IMBs and expand Ginnie Mae’s pass through assistance program or PTAP.  While some the recommendations could be beneficial by providing liquidity support. to IMBs, others, especially the call for an IMB emergency fund, directing FHFA Supervisory Authority over IMBs. And even higher state level capital requirements are not only unnecessary, but would likely increase costs for borrowers. In a press statement MBA president and CEO. Bob Brooksmith stated that while supports national standards for capital and liquidity requirements, layering duplicative supervision requirements or supervisory entities onto a heavily regulated market will add significant cost and complexity. We will continue to engage with FSOC agencies, Ginnie Mae, state regulators, and others to identify effective solutions that do not undermine the IMB business model. 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.