Hi, I’m Adam De Sanctis. This is the Mortgage Minute, the latest news from the Mortgage Bankers Association. In a major advocacy win for MBA and its members. The CFPB announced last week that it is rescinding its rule requiring non-bank financial services companies to report regulatory or judicial orders related to consumer finance violations. The now rescinded rule would’ve created what the CFPB called a repeat offender registry. The Bureau said it is withdrawing the rule because the costs imposed on companies were not justified by any proven benefits to consumers. MBA President and CEO Bob Broeksmit in a press statement praised the decision saying that MBA’s pleased the Bureau listened to our members’ persistent feedback that the real world have created compliance burdens without improving consumer protection or market transparency. MBAs long argue that the registry duplicates existing systems like the NMLSs consumer access portal. The CFPB also rescinded a related rule on non-bank contract terms and other action that we support. This marks a significant policy when in reflection of MBA’s ongoing engagement with the Bureau on key regulatory issues. Now 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.