Vermont Mortgage Bankers Association
Newsletter
Newsletter
Oct 2007
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| Diamond Sponsors First American Title Insurance Strategic Information Resources Vermont Attorneys Title Corporation Vermont Housing Finance Agency |
Back to School
Welcome Back!
Summer's over.
Time for school.
Your Education Committee has been busy,
developing a series of seminars for this Fall. They
decided to not run the School of Mortgage Banking
this year. Instead, the seminars that are planned
should appeal to a greater number of our members.
We need to understand what happened to our
industry, and where we are going.
We should focus on what products and programs
can best serve our customers at this time.
I hope you take advantage of the many opportunities
you'll find coming up.
Enjoy the education,
Diane
Welcome Back!
Summer's over.
Time for school.
Your Education Committee has been busy,
developing a series of seminars for this Fall. They
decided to not run the School of Mortgage Banking
this year. Instead, the seminars that are planned
should appeal to a greater number of our members.
We need to understand what happened to our
industry, and where we are going.
We should focus on what products and programs
can best serve our customers at this time.
I hope you take advantage of the many opportunities
you'll find coming up.
Enjoy the education,
Diane
Weekly Rate Survey
Ever notice the Average Mortgage Rate chart in the
newspaper? Would you like to be able to track
what the average rate is on a weekly basis?
All VMBA member lenders have the opportunity to
participate in our weekly Rate Survey. We survey
current rates each Thursday, for 15 and 30 year
fixed rate loans with 0 and 2 points.
An average of rates is calculated, and this average
rate for each product is submitted to the Burlington
Free Press, St. Albans Messenger and the Barre
Montpelier Times Argus. In addition to publishing
the average VT mortgage interest rates, the
newspapers publish a list of the lenders and
brokers who participated in the weekly survey, with
their phone numbers and website address.
You can now easily check the trend of average
rates in VT as this average rate is now being
posted on our website each Friday. You can see
the average VT Fixed rate for the past four weeks
by clicking on this link: Average VT Mortgage Rates
A link to the average rates is now posted on the
front page of our Website, www.VermontMBA.org
Ever notice the Average Mortgage Rate chart in the
newspaper? Would you like to be able to track
what the average rate is on a weekly basis?
All VMBA member lenders have the opportunity to
participate in our weekly Rate Survey. We survey
current rates each Thursday, for 15 and 30 year
fixed rate loans with 0 and 2 points.
An average of rates is calculated, and this average
rate for each product is submitted to the Burlington
Free Press, St. Albans Messenger and the Barre
Montpelier Times Argus. In addition to publishing
the average VT mortgage interest rates, the
newspapers publish a list of the lenders and
brokers who participated in the weekly survey, with
their phone numbers and website address.
You can now easily check the trend of average
rates in VT as this average rate is now being
posted on our website each Friday. You can see
the average VT Fixed rate for the past four weeks
by clicking on this link: Average VT Mortgage Rates
A link to the average rates is now posted on the
front page of our Website, www.VermontMBA.org
| Expand Your Horizons By Kathy Simanskas, VMBA President, (Excerpt from article for the NEMBC Program Guide) The VMBA takes education very seriously and we strive to provide interesting educational opportunities for our members. Our Education Committee has run a successful School of Mortgage Banking for several years. This year, we decided to offer numerous seminars with timely updates on products, reverse mortgages, and the growing area of fraud in the mortgage industry. Each year, the VMBA holds a legislative luncheon where we encourage members to build relationships with other industry professionals and legislators. In this manner, we can work together as allies to support the housing industry in our state. In early February, I attended the Vermont Association of Realtors Legislative Day at the Vermont Statehouse. After a breakfast reception, we were able to visit various Committee meetings to observe our legislators at work. We then spent an hour with the VMBA lobbyist, who shared guidelines and general tips on how to take a more active role in our government. The advice was extremely valuable. By getting to know your legislators and staying informed of current bills affecting real estate, housing and mortgage lending issues, each and every person can make a difference. I challenge you to get involved. I look forward to what lies ahead in our ever changing industry. We will need to stay on top of the inevitable changes that will most certainly come our way—changes such as a lack of real estate appreciation, greater use of technology, and potential downsizing, as well as any market reactions to ongoing subprime lending issues. Be flexible, learn something new, get involved in your local or state government, and expand your horizons at the NEMBC. You’ll be glad you did. |
A significant contingent of Vermont lenders traveled to Providence, RI for the New England Mortgage Bankers Conference (NEMBC). With a large selection of Seminars, the Marketplace, and networking events, the conference opportunities to learn the latest, and to meet face to face with key players and vendors were as large as in past conferences. We listened to Tom Candon report on what's happening in VT at the State Regulator's Panel, we checked in on Freddie and Fannie's update, listened to Sales Tips from top originators, and wandered the Marketplace meeting with the many Vendors. And of course we shared good times a lot of old friends and met some new ones. Betsy Wigg, Pat Weaver, Nikki Hayes, Kathy Simanskas & Diane enjoy the Glamour Girls show. |
| 2008 Legislative Session Chris Rice, VMBA Lobbyist met with president Kathy Simanskas, vice president, Jason Pidgeon and me to begin the discussion on what we should expect and what we need to focus on for the upcoming Legislative session. Of significant concern to the VMBA is the change in how the State distributes Property Tax Prebates through the local municipalities rather than directly to the homeowner. Unplanned closing expenses have created significant challenges to some of our borrowers. In addition, privacy issues - protecting income information - continues to be a major concern. Nikki Hayes, past president, has followed the issue closely, and represented VMBA on a task group discussion on Prebates with BISHCA. The Legislative Committee plans to have an active meeting schedule to work on this issue along with others. Additional committee members are always welcome. Please contact Diane or Kathy if you would like to join the committee. Overall, Chris felt we can expect issues that were of concern to the 2007 Legislature to continue to be a significant focus, including Energy conservation. Kathy and I will participate in an MBA State and Local Workshop on October 12 & 13th in Boston, including a session with the MBA on state and national Legislative issues. |
| Schedule of VMBA Seminars October 11 Economic Update Seminar What When Wrong & What's Next? Seminar Sold Out Products and Program Updates What You Need to Succeed in the Post-SISA World
Why use VA? Case Study, Test your knowledge with VA Bingo!
Update your knowledge - don't miss opportunities
Roberts Get a refresher on FHA. Review program updates. December 5 - Sales Seminar Sharpen your Sales Skills Prior to the Holiday Social 1:30 - 5:00 Essex Outlet Theater |
| Important! Feedback Needed AS NOTED IN THE ACCOMPANYING ARTICLE - WE WANT TO HELP CORRECT PREBATE ISSUES. We NEED to hear from EVERYONE if you have any closing, servicing, or customer problems that were caused by the change in how Prebates were handled this year. You may link to the Form Below to report issues. This will now be posted as a link on our Vermontmba.org website front page. PLEASE - WE NEED YOUR STORIES TO HELP EVERYONE. LEGISLATIVE ISSUES FEEDBACK |
| SAVE THE DATE! Holiday Social - December 5 Inn At Essex 5:30 - 8:00 |
