Hi, I’m Adam DeSanctis with the Mortgage Minute. The latest news from the Mortgage Bankers Association. The big news last week in Washington was that FHFA director Bill Pulte and HUD’s Secretary Scott Turner. During a press conference outline key next steps to modernize credit scoring across the housing finance system. Fannie Mae, Freddie Mac have updated their selling policies to allow the use of Vantage score 4.0 now in FICO 10T in the future. A limited rollout to 21 approved lenders will begin not as a pilot, but to ensure systems are operationally ready. Key details like pricing and business rules are still to come. FHFA also announced that we’ll release long awaited historical data this summer covering both vantage score 4.0 and FCO 10T an important step for market adoption and transparency. At the same time, FHA is expected to permit both models for underwriting in the coming months. Expanding their use across more of the mortgage market. Notably, Dr. Pulte emphasized the importance of competition signaling that attention may soon turn to the credit bureaus themselves. In response, MBA President and CEO Bob Broeksmit welcome the move. Calling it an important step toward modernizing credit scoring and increasing competition. MBA believes more competition and credit scoring can expand access to credit and reduce cause for borrowers. Looking ahead MBA will continue working with FHFA, the GSEs and HUD to ensure these new models are available to all lenders as quickly as possible, and we will keep pushing for reforms to the tri me credit reporting requirement to further lower costs and increase competition. 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.