[Adam] Hi, I'm Adam DeSantis. This is the Mortgage Minute, the latest news from the Mortgage Bankers Association. In a move to expand credit access, FHA last week issued a draft mortgagee letter that revises its policies on the use for rental income in the underwriting process. Under this revised policy, borrowers must demonstrate a history of receiving border rental income for at least 9 to 12 months, with the rental income capped at 30 percent of their total effective monthly income. We see this as a positive as developing consistent and aligned policies around how to underwrite rental income is a priority for our members. Furthermore, given current affordability challenges, these enhanced rental income flexibilities will help to safely expand homeownership opportunities for eligible borrowers. We will collect feedback from members and submit comments by the December 10, 2024 deadline. And finally, have you registered yet to join us in Austin, Texas for MBA's IMB Conference? Go to mba.org/imb25 for more information and to register. We hope to see you there from January 27th through the 29th. That's it for this week. Thank you for listening and have a happy Thanksgiving.
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.
