Vermont Mortgage Bankers Association
Newsletter
Newsletter
July 2007
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| Diamond Sponsors First American Title Insurance Strategic Information Resources Vermont Attorneys Title Corporation Vermont Housing Finance Agency |
Happy Summer !
What a grand time of year.
And what an amazing place
we call home.
But we know every day can't be sunny and the
lake level is high, thanks to all the rain...
Our industry continues to bear the effects of some
stormy weather as well. We continue to read
stories weekly, if not daily about the problems in the
subprime market, and concerns over values of
properties.
The best thing we all can do is know the facts.
Please check out some of the links provided here,
and be prepared to address concerns armed with
the facts.
Enjoy the summer sun - this is Vermont, and it is far
too short.
Best ~
Diane
What a grand time of year.
And what an amazing place
we call home.
But we know every day can't be sunny and the
lake level is high, thanks to all the rain...
Our industry continues to bear the effects of some
stormy weather as well. We continue to read
stories weekly, if not daily about the problems in the
subprime market, and concerns over values of
properties.
The best thing we all can do is know the facts.
Please check out some of the links provided here,
and be prepared to address concerns armed with
the facts.
Enjoy the summer sun - this is Vermont, and it is far
too short.
Best ~
Diane
Certified Mortgage Professional
The VMBA Board of Governors with the Education
Committee have made some significant
changes to the Vermont Certified Mortgage
Professional (CMP) program.
The CMP designation reflects the completion of
years of experience in the mortgage industry and
extensive educational and professional
accomplishments established by the Vermont
MBA. The Vermont CMP differs from the national
MBA certificate programs, although most of the
MBA educational programs may be used as
credit for the Vermont CMP.
Currently, 19 mortgage professionals in VT have
earned the VMBA CMP. The new program is
posted on the website. You may also download
the application as a Word Document. We
encourage everyone to take a look at it, and
consider working towards your CMP.
The changes include:
The VMBA Board of Governors with the Education
Committee have made some significant
changes to the Vermont Certified Mortgage
Professional (CMP) program.
The CMP designation reflects the completion of
years of experience in the mortgage industry and
extensive educational and professional
accomplishments established by the Vermont
MBA. The Vermont CMP differs from the national
MBA certificate programs, although most of the
MBA educational programs may be used as
credit for the Vermont CMP.
Currently, 19 mortgage professionals in VT have
earned the VMBA CMP. The new program is
posted on the website. You may also download
the application as a Word Document. We
encourage everyone to take a look at it, and
consider working towards your CMP.
The changes include:
- Minimum 5 years experience, up from 3
- Credit given based upon years of
experience working in the industry, not
based upon length of employment with
one company - Scale established for points for Other
Education, based upon hours of
completed classes - Credit for any management position, not
just Senior Management or branch
management
| Lake Champlain Dinner Cruise There's still time to register for the annual VMBA Lake Champlain Dinner Cruise. Our annual cruise returns to the Spirit of Ethan Allen with a decidedly Jamaican theme. Thursday, August 2, sailing from 6:30 - 9:00. You may still Pre-Register Dock-side registration available, space permitting. Remember - the ship sails at 6:30 from the dock near the Burlington Boathouse!
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| VMBA Event Survey The VMBA survey to help us plan future events is still available. It takes less than 5 minutes! Link to it here SURVEY |
| A Word From Our Sponsor “ Triggers & Scores & Fee’s …OH MY " Frequently asked questions from a frequently asked person… Not a day goes by without someone asking about credit scores or the trigger offers their borrowers received. Hopefully you find this information helpful in your everyday activities. Maureen Devine, Senior Vice President, SIR, Strategic Information Resources Are you frustrated by the competing offers your borrowers get the day after you take their application? Those offers are probably a result of “Trigger Leads” that were purchased by the other lenders. These leads typically are delivered daily to lenders who have purchased the program. Triggers are actually a type of prescreen program and as such are regulated by the FCRA. A proactive approach may be to educate your client up front about these programs. Consider sharing the attached Consumer Alert published by the FTC with your borrowers at the time of application. “Shopping For a Mortgage? Your Application May Trigger Competing Offers” I’m thinking of a number … Do you know your number? Let’s face it. Your borrower’s credit score can greatly influence their ability to get a loan at a reasonable rate. If you are a lender seeking to close more loans, or a consumer wanting to lock into a loan at a great rate for the home of your dreams, an improved credit score can help in achieving that goal. Did you know there are tools available that can automatically scan every credit file that is drawn and alert you to potential opportunities to raise the credit scores? These products will compare credit data across all three Credit Reporting Agencies simultaneously and illustrate how specific credit-related actions can affect a consumer's overall credit score. Lenders using these tools claim they are closing as much as 30% more loans. Talk to your Credit Reporting Agency about these tools. Why is the credit score your borrower has on the file he received online, different than the one you see on the file you drew? Credit Reporting Agencies like SIR are frequently asked why the score the consumer receives on a Credit Report (they purchased from one of the National Credit Bureaus) is different than what they use in lending. The reason is that there are many different credit-scoring models. Different models have different score ranges, to learn more about how “Different credit scores mean the same thing.” Click here www.experian. com/ask I’ve also included some additional information to help you and your borrowers understand credit scores. Check these out: www.myfico.com as well as www.equifax.com or www.transunion.com What is the new requirement that the National Bureaus have that now logs all second use? You have likely heard there have been some very important changes imposed by the 3 National Credit Reporting Agencies, Equifax, Experian and Trans Union with regard to “secondary usage” of credit reports. In an effort to comply with the FCRA, the 3 National CRA’s have begun to log (and charge) for each subsequent use and/or reissuing of the credit file to another entity. The credit reporting agencies require that end users and secondary users are visible to the consumer by way of logging a soft inquiry whenever the credit file is passed/shared with another entity. The 3 National Credit Reporting Agencies will continue to refine their new policies; we expect to hear more in the next few months Thanks to Maureen Devine and Strategic Information Resources, Inc. (SIR). SIR is a national provider of credit reporting, mortgage reporting and background screening services helping thousands of clients minimize risk every day. For more information, please contact "Moe" at mdevine@nextgeninfo.com, or visit their website: www.nextgeninfo.com |
Housing Appreciation Housing appreciation data is tracked by the Office of Federal Housing Enterprise Oversight. You may want to save the link below to have the most recent data available. The report is huge - but if you do a search for Vermont, you can skip to the few pages with our stats. The link is now posted on the "Links" page of our Website. Thanks to Janet Knutsen and Nikki Hayes at the Chittenden for sharing this report. Housing Appreciation data by state |
| NEMBC The New England Mortgage Banker's Conference in Providence Rhode Island is September 19 – 21. Check out what's happening at their Website Four Vermont v/div> 
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