Hi, I’m Adam DeSanctis. This is the Mortgage Minute, the latest news from the Mortgage Bankers Association. Last week, the CFPB announced a proposal to rescind its non-bank registration regulation that was issued on June 3rd of last year. You may know this one as the so-called repeat offender registry. This is great news. MBA applauds the CFBs new proposal and commends them for being receptive to our persistent advocacy against the implementation of this misguided rule. We have been very vocal since last summer about the duplicative nature and regulatory burden on registrants that have already had their information reported in the NMLS Consumer Access database. We also had issues with the short implementation timelines and the insufficient showing of need for such a registry. Coincidentally, MBA identified this rule among many others in this week’s OMB letter on regulations and earlier this year sent a letter to the CFPB, urging it to take immediate action to halt any further work on the rule which they did. Our response in a common letter will support the rescission of this rule. Comments are due by June 13th. That’s it for this week, and if you’re in New York City for MBA secondary, come say hi, If you see me.
Check out the Mortgage Action Alliance App and join in supporting the MBA’s efforts on “The Hill” in DC. You don’t have a member to participate. click the below link and click “Join MAA”
Mortgage Action Alliance
Adam DeSanctis, VP, Communication 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.