Vermont Mortgage Bankers Association
Newsletter
Newsletter
August 2007
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| Diamond Sponsors First American Title Insurance Strategic Information Resources Vermont Attorneys Title Corporation Vermont Housing Finance Agency |
Chicken Little
The sky is falling.... the sky is falling
Well, maybe not the sky.
Maybe it is just the rain...
No, the sky is not falling, although if the storm blows
off your roof, it may feel like it for awhile.
Nationally, our industry over the past few years was
on a closing frenzy. Some Investors, with some
products, tossed aside the basic lending guidelines
in the interest of bringing in more and more loans.
The "rules" for loans become pretty crazy. We
seemed to be down to a "fog a mirror" requirement
to qualify for a home mortgage.
Many borrowers should not have been approved.
A correction was inevitable, and necessary.
What we are seeing goes beyond a "correction".
Emotions are fueling the fire. Some doors have
shut, jobs have been lost, and confidence in our
industry is shaken.
Unfortunately some good lenders have been
impacted, and some good homeowners, with the
wrong loan product have been hurt.
So what do we do?
For most of you - nothing different at all.
Be visible, and professional, and represent our
industry with pride. It's time to reassure our
customers, friends and neighbors.
Enjoy the end of summer.
Best ~
Diane
The sky is falling.... the sky is falling
Well, maybe not the sky.
Maybe it is just the rain...
No, the sky is not falling, although if the storm blows
off your roof, it may feel like it for awhile.
Nationally, our industry over the past few years was
on a closing frenzy. Some Investors, with some
products, tossed aside the basic lending guidelines
in the interest of bringing in more and more loans.
The "rules" for loans become pretty crazy. We
seemed to be down to a "fog a mirror" requirement
to qualify for a home mortgage.
Many borrowers should not have been approved.
A correction was inevitable, and necessary.
What we are seeing goes beyond a "correction".
Emotions are fueling the fire. Some doors have
shut, jobs have been lost, and confidence in our
industry is shaken.
Unfortunately some good lenders have been
impacted, and some good homeowners, with the
wrong loan product have been hurt.
So what do we do?
For most of you - nothing different at all.
Be visible, and professional, and represent our
industry with pride. It's time to reassure our
customers, friends and neighbors.
Enjoy the end of summer.
Best ~
Diane
Project Clarity
Project Clarity is a major initiative of the MBA, with a
mission to help consumers better understand and
evaluate different mortgage choices.
Two key tools, The Simple Facts, and The Simple
Calculator are now available from the Consumer
Links page on the Vermontmba.org website.
The Simple Facts can be printed, or you can direct
customers to it online. MBA members can order
copies co-branded with your company logo.
Take a look at The Simple Facts Brochure
Project Clarity is a major initiative of the MBA, with a
mission to help consumers better understand and
evaluate different mortgage choices.
Two key tools, The Simple Facts, and The Simple
Calculator are now available from the Consumer
Links page on the Vermontmba.org website.
The Simple Facts can be printed, or you can direct
customers to it online. MBA members can order
copies co-branded with your company logo.
Take a look at The Simple Facts Brochure
| Lake Champlain Dinner Cruise The ship sailed on Thursday, August 2, and from the feedback, the best thing was the FOOD! The buffet was great, the theme was festive, and the company was in good spirits. |
| 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 |
Meet your Officers! 2007 Board Of Governors At the first meeting following the Annual Meeting, the Board of Governors elected their Officers for the year. President: Kathy Simanskas, CMP, Mortgage Manager, VSECU Vice President: Jason Pidgeon, AMP, Mortgage Loan Officer, New England Federal Credit Union Treasurer: Maureen Devine, Senior Vice President, Strategic Information Resources (SIR). Secretary: Erin Navin, Homeownership Outreach Coordinator, Vermont Housing Finance Agency Past President: Nikki Hayes, CMP, Assistant Vice President & Mortgage Loan Officer, Chittenden Bank Board of Governors Members Guy Andrews, CMA Appraisals, Inc. Mark Chaffee, CMP, Mortgage Financial Services Greg Hahr, LibertyQuest Mortgage, Inc. Jon Korpela, MGIC Andy Mikell, Vermont Attorneys Title Corp. Mark Stanton, Express Mortgage Corp. Contact information available at Vermontmba.org |
| Industry Update It's not a pretty picture right now. Best estimates indicate around 40,000 jobs have been lost, and 137 major U.S. Lenders have closed up since late 2006. But, as always, it's best to be informed, even if the information isn't flattering to our industry. A good overview of where the industry is on employment can be found in the MSNBC news article. Check it out. MSNBC Article I'll provide once again the link to the summary of VT Data, as provided by the MBA. This has good data for VT compared to the rest of the country, including out total origination and subprime originations. Vermont Housing Facts Finally I'll pass along a website I discovered from my counter-part at the MA MBA. Please note - this is an "unauthorized" blog, not an official site. However, it does provide links to legitimate news articles. mortgageimplode |
NEMBC Responds to Industry Challenges For the first time ever - the New England Mortgage Bankers Conference (NEMBC) will host a Job Fair in the midst of the Marketplace Conference Center in Providence, RI. The joint New England Mortgage Banker Associations are reaching out to the many good people in our industry who have found themselves out of work due to industry changes. A special rate of just $50 for the single day Marketplace pass has been created for unemployed mortgage bankers. A host of Career Counseling, Employment Workshops, Networking and Resume drop activities have been added to the other Marketplace seminars. You all of you, a silver lining in this storm is definitely the opportunity to grab a bargain at the NEMBC. The full Registration fee was cut to $295 for Members. All VMBA member firm employees receive this member rate. The deadline for this discount was extended to this Friday, AUGUST 31. If you can't attend the full conference, you might want to do just the one day Marketplace registration, for $100. But, the best deal, and full experience for your long trip down is really the complete package. Remember, the rate goes back to $450 after August 1. This is the year to check it out! REGISTER ONLINE |
| Universal Jurisdiction The latest update on the new Wastewater/well water regulations is that consumer informational brochures have been drafted by the Agency of Natural Resources (ANR). We'll make the brochure available on our website when completed. The two brochures will help inform consumers on what to do if their Septic system or Well has failed. Remember, as of July 1, all septic systems in Vermont fall under the jurisdiction of the Agency of Natural Resources. We recommend the issue be reviewed with your Legal Counsel. |
