Vermont Mortgage Bankers Association
July 2007
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

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 ~
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.  

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
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

Dock-side registration available, space permitting.
Remember - the ship sails at 6:30 from the dock
near the Burlington Boathouse!  

    Don't miss the boat!
Event Survey

The VMBA survey
to help us plan
future events is
still available.

It takes less than
5 minutes!

Link to it here
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   
I’ve also included some additional information to help you and your borrowers understand credit scores.   
Check these out: as well as or

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,
or visit their website:

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
and Nikki Hayes at the Chittenden for
sharing this report.

Housing Appreciation data by state
The New England
Mortgage Banker's
Conference in
Providence Rhode
Island is September
19 – 21.   Check out
what's happening at

Four Vermont
volunteers will be
heading to Providence
to help with the
conference.  New this
year, we had a drawing
from the VT CMPs.  
Congratulations to
Carolann Spafford of
Summit Financial for
winning the all-
expense paid trip to the

Consumer Alert!

Maureen Devine, SIR recommends that Lenders
may want to pass along this FTC Consumer Alert
bulletin, available through the Link below.  

Consumers are provided information on why their
application for a mortgage may trigger a lot of "junk"
mail and phone calls.  

The websites and phone numbers to call to stop
prescreened offers of credit and phone calls are
provided in the 2 page document.

FYI, those websites are:

These are now posted on our Consumer Links
page, accessed from our Home Page.

FTC Consumer Alert

MBA State Specific Fact Sheets

The MBA has a great summary data page for each
state, with the homeownership rates for the state
vs. the U.S. overall.  Total originations, FHA, VA,
Rural Housing, and Prime vs. Subprime are listed.  

Below is the link to the VT stats.
Vermont Housing Facts
Leadership Forum
For the first time, the VMBA held a Leadership Forum to bring together a representative
group of Banks, Credit Unions, Brokers and Lenders to provide feedback to the Board on a
significant topic of concern to us all.  Thanks to those that were able to attend the meeting,
held at the NEFCU Williston office on very short notice.

The issue of for discussion was the new Wastewater regulations, and the potential impact
on our borrowers and on titles.

Final rules are still being worked on, and we will provide more information once they have
been finalized. This is an issue that all VT mortgage lenders should be aware of. We
recommend the issue be reviewed with your Legal Counsel.  Also thanks to
Andy Mikell of
Vermont Attorneys Title Corp
for all his work on this issue. It's clear that the work is not
over yet as we look to the new Legislative year to review our concerns.