Hi, I’m Adam DeSanctis with the Mortgage Minute, the latest news from the Mortgage Bankers Association. I hope you all enjoyed a nice Fourth of July weekend. Last week, Fannie Mae and Freddie Mac released the long-awaited historical credit score data for FICO 10T and additional data for VantageScore 4.0, a major milestone that MBA has long advocated for. The data will help lenders, investors, and technology providers prepare for the transition to a modernized credit scoring framework that gives lenders the option to use either VantageScore 4.0 or FICO 10T. MBA welcomes this release, noting that broader adoption of these predictive models will help increase competition, improve credit availability, and help lower costs for consumers. Looking ahead, we will continue working with FHFA, the GSEs, and HUD to make sure both scoring models are available to all lenders as quickly as possible while continuing to advocate for reforms to the costly tri-merge credit reporting requirement. This includes calling for the GSEs to adopt a single report option for GSE borrowers with strong credit profiles. 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.