Membership Luncheon: Legislative Update

Join us on March 16 in Montpelier for the latest information on legislative and regulatory issues facing mortgage lenders today. Current bills introduced include property transfer tax increases, credit report security freeze, unidentified corridors, strict foreclosure, affordable housing tax credits and more. All bills of interest can be viewed on our web site. Our speakers will be Chris Rice, our lobbyist, Tom Candon, Deputy Commissioner of Banking, and Rep. Peg Flory, House Republican Leader.  They will share the latest information and there will be plenty of time for questions and answers. For more information or to register, go to http://www.vermontmba.com/LegislativeInformation.htm

Federal Mortgage Fraud Act Introduced
Senator Barack Obama, with Senators Dick Durbin and Robert Menendez introduced a mortgage fraud bill on February 14, 2006. Senate Bill 2280, which is entitled the “Stopping Transactions which Operate to Promote Fraud, Risk, and Underdevelopment Act” or the “STOP Fraud Act,” would provide for the following: (i) increased funding for federal enforcement; (ii) penalties for fraudulent activities in mortgage lending and mortgage brokering; (iii) reporting requirements; and (iv) increased funding for housing counseling. The bill would also establish a national database of mortgage professionals who have been disciplined by state or federal agencies.  To view a copy of this bill:
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=109_cong_bills&docid=f:s2280is.txt

VMBA Board of Directors Openings

Welcome to Andy Mikell of Vermont Attorneys Title Corp. who is joining the VMBA Board of Directors in place of Clarence Davis, who has moved on to new horizons.

At the Annual Meeting in May we will elect more new members to the board, replacing members whose terms have expired or maxed out.  If you are interested in being considered for a position, please contact the office at (802) 879-0334.

Congratulations to the Newest Certified Mortgage Professional (CMP)

Mark Stanton, CMP

Express Mortgage Corp.

121 Connor Way, Ste. 270

Williston, VT  05495

Phone: (802) 879-8390

Fax: (802) 879-7683

Website: www.expressmortgagecorp.com

contact@vermontmba.com

VMBA Calendar of Events

Links of Interest

Freddie Mac Monthly Economic Outlook

The latest Rural Development e-newsletter for VT and NH can be viewed at http://www.rurdev.usda.gov/vt/ 

Workshop for Lenders and Brokers New to Rural Development Guarantee Loans

USDA Rural Development is offering two workshops: MARCH 30 in Plymouth, New Hampshire and APRIL 6 in Williston, Vermont.  Vermont and New Hampshire staff will provide an overview of the Rural Development (RD) loan guarantee program. RD loan guarantees enable lenders to originate a 102% LTV loan (if the Guarantee fee is financed) without monthly mortgage insurance.  The guarantees assist home buyers expand their purchasing power beyond conventional mortgage products and typical PMI options. RD Guarantees can be used with VHFA, NHH, Fannie Mae and other secondary market products.  Loan Specialists will review the key features including basic eligibility, loan underwriting standards, loan purposes, etc. The focus is on the new originator, processor or underwriter.
For more information contact Sharon Lafley, USDA Rural Development, at contact@vermontmba.com.

 

Mortgage Bankers Association Announces

Re-launch of www.mortgagebankers.org

The Mortgage Bankers Association (MBA) announced the launch of its new, more efficient and user friendly website, www.mortgagebankers.org. This leading online resource for MBA's residential and commercial/multifamily members, other real estate finance professionals, academicians, journalists, lawmakers, and thought leaders, contains comprehensive information on government affairs issues, statistical data, economic and market forecasts, market trends, technology updates as well as educational opportunities, conferences and meetings and important information for consumers on how to buy a home.

Among the website's enhancements, users will find a content-centric navigation architecture and a new search engine that speeds the access to relevant information and resources. The site now provides the ability to customize content to the user's market preference whether it is single family, commercial and/or multifamily.