Hi, I’m Adam DeSanctis with the Mortgage Minute, the latest news from the Mortgage Bankers Association. Last week, FHFA Director Bill Palti used X to highlight ongoing concerns with the cost and structure of the nation’s credit reporting and scoring system. Director Palti said Vantage Score 4.0 will be fully available to lenders delivering loans to the GSEs, and he also said FHFA is, quote-unquote, strongly considering buy merge and stronger solutions, end quote, and is studying the use of just one credit report to generate additional savings for consumers. These developments build on years of advocacy by MBA to modernize credit scoring, increase competition, lower costs, and eliminate the universal tri-merge requirement. In a press statement, MBA President and CEO Bob Broeksmit welcomed the full adoption of Vantage Score 4.0, calling it an important step toward a more modern and competitive credit scoring framework. We also support ending the tri-merge requirement and moving to a single-file approach for borrowers with strong credit profiles. MBA looks forward to working with FHFA and the GSEs to modernize credit reporting and scoring and build a system that better serves consumers in today’s housing market. 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.