Hi, I’m Adam DeSanctis with the Mortgage Minute, the latest news from the Mortgage Bankers Association. MBA members, now is an important time to make your voice heard on credit reporting and scoring reform. Use #EndTriMerge to tweet at FHFA Director William Pelty, or share your support on LinkedIn. MBA has advocated for ending the universal tri-merge requirement for years because the current system limits competition and has contributed to significant increases in the cost of credit reports, costs that ultimately affect lenders and borrowers. Now, Director Pelty has signaled that FHFA is seriously considering changes to the current system. MBA supports moving away from the universal tri-merge requirement and toward a more competitive credit reporting marketplace. We also support a single-file approach for borrowers with strong credit profiles, which could further promote competition and reduce costs while maintaining prudent risk management. These recent actions by the GSEs and FHA to implement Vantage Score 4.0 and FICO 10T are also important steps forward. So please make your voice heard. Use EndTriMerge hashtag, tag Director Pelty, and share why modernizing the credit reporting system matters to your business and your borrowers. 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.