Hi, I’m Adam De Sanctis with the Mortgage Minute, the latest news from the Mortgage Bankers Association. Ahead of his appearance at the World Economic Forum in Davos, Switzerland. Last week, President Trump signed an executive order aimed at curbing institutional purchases of single family homes. The order directs federal agencies with housing programs to identify ways to halt government backed financing, insurance, or securitization for large institutional investors, buying single family homes that could otherwise be owned by individual buyers. It also bars federal agencies from selling government owned single family properties to large institutional investors. The administration acknowledged that some elements would require congressional approval and said it will prepare legislative proposals to codify these policies into law. President Trump highlighted the order during his Wednesday remarks in Davos, while also pointing to other recent housing affordability actions, including directing Fannie Mae and Freddie Mac to purchase $200 billion in mortgage backed securities to help lower mortgage rates. Meanwhile, MBA, along with the America’s credit unions and the independent Community Bankers of America sent a joint letter to the White House outlining three near term administrative reforms to lower home buying costs. The first ending, the tri merge credit reporting requirement in favor of a single file framework. Two responsibly reducing mortgage insurance premiums for FHA loans, and three, coordinating a reduced loan level price adjustment grid. While eliminating LLPA for rate and term refinances, more housing affordability announcements are expected ahead of the President’s State of the Union address on February 24th. MBA will continue to engage with the administration and Congress on the implementation of any common sense housing affordability proposal. And finally, NBA’s IB conference takes place next week in Amelia Island, Florida. It’s not too late to join us, and I hope to see you there. Register today at mba.org/imb26.
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.