[Adam] Hi, I'm Adam DeSanctis. This is the Mortgage Minute, the latest news from the Mortgage Bankers Association. MBA last week submitted a comment letter in response to FHFA's re proposal of its suspended counterparty program or SCP regulation. You may recall that we strongly opposed the initial July 2023 proposal that would have significantly expanded the SCP and exposed GSE approved lenders and servicers to the threat of a draconian penalty for minor civil or administrative sanctions or misconduct. We committed FHFA this September when they announced a re proposal of the amendments to its SCP regulation, many of which were in response to our initial opposition. Our latest feedback, again, commends FHFA, for its narrowly tailored proposal, and we also urge them to finalize the rule with one important revision to the definition of quote unquote covered misconduct, to further ensure that counterparties are not at risk for routine certifications. We suggest that the words knowingly or recklessly be inserted before quote unquote making false statements or claims. We will continue to monitor any final developments on this and will keep you informed of any updates. That's it for this week. Thank you for listening!
Adam DeSanctis, Director of Public Affairs 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 considered to be 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.
