Hi, I’m Adam DeSanctis with the Mortgage Minute, the latest news from the Mortgage Bankers Association. Last week, the Department of Veterans Affairs announced a major update to its loss mitigation waterfall and introduced its new partial claim policy under recently enacted legislation giving VA this authority. As you may recall, MBA played a key role in securing passage of that law, which expands foreclosure prevention tools for veteran homeowners. The updates allow servicers to offer informal forbearance or repayment plans and establish a structured path to modifications or partial claims through a three-month trial payment plan. Borrowers who fail three trials lose access to certain options in the current default episode, and only one modification or partial claim is permitted every twenty-four months. MBA President and CEO Bob Broeksmit said the changes ensure veterans can access key loss mitigation tools offered to borrowers with other government-backed loans that could help them stay in their homes without increasing their monthly payments. MBA will continue working with VA and industry partners to clarify any implementation details and support the rollout. Servicers will be able to implement the new policies as early as June 15th and must comply no later than November 28th of this year. 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.