Vermont Mortgage Bankers Association
August 2007
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Strategic Information

Vermont Attorneys Title

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
, 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 ~
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
are now available from the Consumer
Links page on the 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.
Event Survey

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

It takes less than
5 minutes!

Link to it here

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

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
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
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

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
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
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
.  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!

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.