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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 60 January 2025 J O U R N A L These households were spread across urban, rural, and Tribal com- munities. With the $423.4 billion gross yearly issuance of MBS, Ginnie Mae's outstanding portfolio reached a record $2.64 trillion. Operational outcomes from this performance were $3.1 billion, which included a $1.3 billion donation to the U.S. government. "Once again, our fiscal year results demonstrate Ginnie Mae's ability to provide consistent access to affordable credit throughout all market cycles while delivering value to taxpayers," said Gregory Keith, SVP and Chief Risk Officer at Ginnie Mae. "In generating $3.1 billion net financial impact, includ- ing supporting 1.2 million households, Ginnie Mae proved how impactful our business can be in strengthening the housing finance market while generat- ing superior financial results. Perhaps more amazing is that Ginnie Mae accomplishes this mission with fewer than 300 employees." Effective financial management, operational effectiveness, and strategic expansion are Ginnie Mae's top priori- ties. These are essential to the company's long-term performance and favorable influence on the U.S. home finance industry. These initiatives promote in- vestor confidence both domestically and internationally while ensuring that more Americans have significant opportuni- ties to obtain a home. "Despite economic challenges, Gin- nie Mae maintained strong financial health and operational excellence," said Adetokunbo "Toky" Lofinmakin, Chief Financial Officer at Ginnie Mae. "With a business model that generates a neg- ative subsidy, we directly contribute to U.S. Government earnings. This year's $1.3 billion contribution underscores our value and unwavering commitment to advancing affordable homeowner- ship nationwide." Ginnie Mae's operations are still anchored by its emphasis on governance, internal controls, and modernization, which guarantees stability and prepared- ness to handle changing problems. "For five consecutive years, Ginnie Mae has maintained an unmodified au- dit opinion—an extraordinary achieve- ment for a small agency managing such a large portfolio," said Erica Johnson, Director and Audit Liaison Officer at Ginnie Mae. "Our robust internal controls and modernization initiatives enable us to adapt to evolving market conditions, maintain transparency, and ensure we remain well-prepared to meet future challenges." SENATE PASSES TRIGGER LEADS MEASURE T he U.S. Senate has announced the passage of the bipartisan Homebuyers' Privacy Protec- tion Act (S. 3502), a measure that will ban trigger leads except in limited circumstances. When a consumer applies for a mortgage, credit bureaus are notified that the consumer is interested in financing, which is referred to as a "trigger lead." That information is then sold by the credit bureaus to data bro- kers (including other lenders) without the consumer's knowledge or approval. Consumers are then often bombarded with hundreds of calls that may lure them away from their chosen lender. The Homebuyers' Privacy Protec- tion Act S. 3502) Was Introduced by U.S. Rep. John Rose With 43 Biparti- san Co-sponsors When the measure was first introduced in February 2024, U.S. Rep. Ritchie Torres said, "Trigger leads exploit consumers' financial inquiries, turning them into commodities sold without consent. We must empower homebuyers, not bombard them with predatory calls. This bipartisan legisla- tion takes a crucial step in safeguarding consumer privacy and choice in the mortgage process." S. 3502 specifically prohibits a consumer reporting agency from furnishing a trigger lead unless an individual chooses to opt in. In that case, only certain approved groups will be notified that an individual is seeking a new mortgage. The bill is tailored to give consumers more control over the information they receive as part of the homebuying process and eliminates trigger lead abuses while preserving their use in appropriately limited circumstances. According to Colin Barrett, President and CEO of the Tennessee Bankers Association, "It is not unusual for bank customers to receive 100-plus misleading texts, phone calls, and emails within the first 24 hours of applying for a mortgage." "MBA applauds the Senate for pass- ing legislation we championed to stop the abusive use of mortgage trigger leads while preserving their use in appropri- ately limited circumstances during a real estate transaction," Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB said. Rep. Rose added, "Buying a home is stressful enough for many consumers. The last thing most folks want is to be annoyed incessantly by the constant barrage of emails, text messages, and phone calls after they apply for a mortgage. My bill would put an end to this shady and confusing practice and restore data privacy for homebuyers." S. 3502 moves on to the House of Representatives for approval prior to the Congressional winter break. Click here for more information on S. 3502—The Homebuyers' Privacy Protection Act. HUD ADDRESSES RISING PROPERTY MANAGEMENT EXPENSES A s insurance and property management costs continue to rise nationwide, the U.S. De- partment of Housing & Urban Devel-

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