Vermont Mortgage Bankers Association
Oct 2007
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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,
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
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,
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

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

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
, 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

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
Additional committee members are always
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
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
    Take one class or all three
  • November 8
VA Loans - Monique Beaudoin         
Why use VA? Case Study, Test your knowledge
with VA Bingo!

  • November 15
Conventional RD & VHFA Products
Update your knowledge - don't miss opportunities

  • November 29
FHA - Back to Basics - Marilyn Morin
Get a refresher on FHA.  Review program

December 5 - Sales Seminar
Sharpen your Sales Skills Prior to the Holiday Social
1:30 - 5:00  Essex Outlet Theater
Feedback Needed


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 website front page.


Holiday Social - December 5
Inn At Essex  5:30 - 8:00