Sept 2008
Vermont Mortgage Bankers Association Fall Newsletter
In This Issue
Fall Seminar Line-up
Important Member Changes
Member Discount Program
Network at Night
New Board Member
Summer Fun
New CMPs!
Newport, RI
Sept 24 - 26

Look at the number of
quality Seminars next week included in the price of Registration - it's worth the drive.  Check out the Wednesday only option to take lots of classes and enjoy the opening  Reception.

Being an Ethical Mortgage Professional

RESPA Do's and Don'ts

Loan Officers - Conducting a great interview!

Detecting Mortgage Fraud

State Regulators Panel - featuring Tom Candon

New Laws and Regulations-do you need to change the way you do business going forward?

Fannie/Freddie Update 

LoanOfficer Licensing in New England

HUD/FHA Update 

Affordable Housing Agencies in New England  

USDA Rural Housing overview

Closing General Economic Session


 Diamond Sponsors

Strategic Information Resources
Maureen Devine

Vermont Attorneys Title Insurance
Andy Mikell

Vermont Housing Finance Agency
Erin Perrin

Showcasing our Attorney
Insurance Members

ABX Title/Unsworth Barra & Jarrett

Bergeron, Paradis, Fitzpatrick &. Smith

David Carter, P.C.

Coombs, Davis & Hill, LLP

Law Offices of Fred V. Peet

Ward & Babb

Wick & Maddocks Law Offices

Wiener & Gale, P.C.

Johnson & Finnigin

Chicago Title Insurance Company

First American Title Insurance Co.

Lawyers Title Insurance Corporation

Stewart Title Guaranty Co.

Vermont Attorneys Title Corp.

Thanks to the



Title Insurance

Affiliate Members for your support.

Please Support those who Support us!

Join Our Mailing List
Changes and challenges continue in 2008.            Burlington BoatHouse
We've seen so many changes already in our Vermont market even though VT has been much less impacted than other regions.   Mortgage Market news is available from every source possible, and the MBA has done a good job monitoring issues from the national level. 

Below are links to articles posted on our VMBA News page that you may find helpful.  First is link to a good Resource Center for the Housing & Economic Recovery Act (HERA) and you'll find a good Timeline.  Also helpful is the two page Talking Points on GSEs that addresses the government's take over of Freddie and Fannie, and the latest National Delinquency Survey release, both from the MBA. 

Another issue you should be aware of if you aren't already - the SAFE Mortgage Licensing Act, one component of the HERA that establishes new requirements for the licensing or registration of residential mortgage loan originators.  To quote Tom Candon, Deputy Commissioner of Banking,"This new law will bring significant changes to mortgage licensing in our state."   The VMBA Legislative Committee will work with BISHCA, our Legislators and the MBA this session and we will offer education to you as the new rules are determined for Vermont. A background outline prepared by the MBA is linked to our website, and is available by clicking here:  SAFE Act

            Click here:
            Housing & Economic Recovery Act Resource Center
            MBA Talking Points on GSEs
            2008 2nd Qtr National Delinquency Survey

We can be proud that Vermont continues to experience one of the lowest delinquency and foreclosure rates in the country.  However the Vermont mortgage support community is taking a proactive stand to reach out to consumers who may be on the brink.  We know winter will come, and fuel prices could be the proverbial "straw" in a personal budget stretched to the max.  Chaired by Molly Dugan, Acting Commissioner of the VT Dept. of Housing and Community Affairs, a committee of representatives of the HomeOwnership Centers, VMBA, VBA, VT Dept of Banking (BISHCA), VHFA among others formed a Foreclosure Prevention committee.  A public service campaign designed by the Committee will launch this Fall.  It is intended to reach out to Vermonter's at risk of foreclosure, and provide direction for help through a central call line into BISHCA.

When you hear the campaign message, please listen.  If you receive posters to hang, please display them prominently.  If you want to help spread the message, please give me a call.

Also, please feel free to contact the office if you need assistance obtaining any information or MBA statistics.  I'm glad to try to help.

Executive Director
VMBA Seminar Line-Up

NEMBC September 24 - 26 - check out the 12 CLASSES in the left column! 
A Special Wednesday only option has been added to allow you to attend the classes and the opening Reception at Rosecliff, sponsored by MGIC.  It's worth the drive!

Analyzing Self-Employed Borrowers
- Beyond the Basics
Charles Kron, Training Specialist, Genworth Mortgage Insurance
Thursday, October 16 
8:00 Registration  8:30 - 12:00 Class

ECHO Lake Aquarium & Science Center
One College Street, Burlington

Appraisal Challenges in Today's Market*
Understanding the Rules, Roles & Responsibilities of the Lender, the Investor, and the Appraiser
Panel: George Sargeant, Appraiser, Brendan Browne, MGIC Underwriter, Dawn Loring, Northeast Home Loan SVP
Wednesday, November 5  
1:00 Registration    1:20 - 4:30  Class
Sheraton Burlington Conference Center
Emerald III Conference Center
(Network at Night following Seminar - see below)
*This program has been submitted to the VT Board of RE Appraisers for 3 hours of credit.

An in-depth, practical look at the mortgage market, borrower trends, attitudes and behaviors.
Steve Richman, National Spokesperson and Customer Sales Trainer
Genworth Mortgage Insurance
Thursday, December 4th
1:00 Registration  1:30 - 5:30 Class
Sheraton Burlington Conference Center
This seminar is prior to our Holiday Social - Please save the date and plan to join us for this popular program and our Social

Notice of Important Changes
2009 Dues Restructure
The Board of Governors approved a change in the structure of Dues for 2009 as well as a rate change for most members.  The Board believes that membership in the VMBA should be encouraged for all organizations, regardless of size.  Our dues structure did not differentiate between member firms of 2,000 employees and member firms with two employees.
Beginning in 2009, we will offer a Small Member and Small Affiliate dues category as outlined below.

2009 Member Dues
Regular Member Dues: $475 (increase of $75)
Small* Member Dues: $295  (decrease of $105)

Regular Affiliate Dues: $325 (increase of $75)
Small* Affiliate Dues: $250 (no change)

*A small member is defined as a company (parent, not branch size) with 3 or fewer employees and/or lender with < $25 million in origination volume.
The changes in our industry has impacted VMBA through a reduction in member firms.  Unfortunately, this will impact our bottom line, and we need to start the process of increasing our income from members fees to cover our expenses. 

Invoices for 2009 Dues will be mailed in December, with a due date in January.

2009 Sponsorship Program
We need your support!

The Annual Sponsor program will include many new benefits in 2009.  We've added complimentary admission to our popular Educational Seminars to the benefit list in addition to a Leadership Luncheon with the Board of Governors for a special opportunity to provide input on the programs and direction of the the VMBA.

We'll offer a new premier level of sponsorship, the Platinum Annual Sponsor.  The Platinum Sponsor is truly a one price package.  ALL Events, seminars, golf, and significant Marketing opportunities are included in the one price, payable in January or in quarterly installments. 
The cost of the Platinum Sponsorship is $2500, or $650 quarterly.  The estimated Value of the Platinum package is $5,000.00.

Great benefits have been added to the other Annual Sponsorship levels as well with admission to our Seminars included for all levels.  The Diamond, Gold and Silver Sponsor levels have more benefits in 2009, yet then remain at the same cost. 

Diamond sponsors pay $1,500 and receive over $3,000 in value including 2 tickets to all seminars, 2 free golfers and 2 free tickets to all social events along with significant marketing exposure.

Gold sponsors pay $1,000 and receive over $2,000 in value with 2 complimentary admissions to all 2009 seminars and 1 admission to all social events along with some great marketing exposure.

Silver sponsors pay $500 and receive $1,000 in value with 5 free seminars in 2009, invitation to a Leadership Lunch, and promotion of your company on our website and as a golf sponsor.

A complete outline of the 2009 Sponsorship program and list of benefits is posted on our website.

VMBA is asking for member support through the annual sponsorship program.  If you appreciate the training and networking provided by your association, please support the VMBA this year through an annual sponsor. 

Member Discount Program
Starting this Fall, VMBA will allow members to offer special discounts to other members.  For example, we'll have special discounted insurance rates available for VMBA members through one of our affiliate members.  We'll have a page on our website to list member discounts, and provide a link to the member's contact information or webpage. 

If you're interested in the opportunity to promote your business by providing a member discount, please contact me by the end of September.  Of course you can always join the program after it's been launched this Fall, so feel free to call the office at 866-680-8622 anytime, or send  an email if you have any questions.
Burlington BoatHouse
Network at Night 

Membership Mixer
Wednesday, November 5
4:30 - 6:00

Sheraton Burlington Conference Center
Emerald III Ballroom

Come join us for our first Network at Night - Membership Mixer in Chittenden county.  This Mixer is sponsored by your VMBA Membership Committee and follows our Appraisal Seminar at the Sheraton.

Admission is FREE to those who registered for the Seminar, or come to the Mixer for $10

Light Appetizers provided. 
Cash Bar

Hold the Date - Registrations to Open Soon.
Marilyn Morin Roberts
joins VMBA Board of Governors

The Board of Governors is pleased to welcome Marilyn Morin Roberts as a Board Member.  Marilyn has filled an open position on the Board. 

Marilyn has been in the real estate industry for 27 years and has been an active member of VMBA for years, both as a volunteer instructor and on the Legislative committee. 
VMBA Enjoyed a great Summer!

Our Summer Gala was as Picture Perfect as the photos on the website.

Burlington BoatHouseThanks to all who came and for the great support for the VMBA and our Red Sox raffle.  Our Red Sox Raffle Winner was Kelly Deforge!

Our 14th Annual Golf Open
on June 4th was another great day to be outside, and from the majority of survey comments from the participants, the new location was a success.  In case you didn't hear, our winners were:

1st Low Gross:  Peet Team: Severance,Maxon,Stark,Shortell
1st Low Net: LQ Team:Levite,Hahr,Antell,Laquerre
2nd Low Net: MF Team:Murphy,Reeni,Ed,Valleries,Bourne
3rd Low Net: Stewart Team:Tatro, Wiener,O'Brien,Lotto

Putting Contest Mark Severence
Wm's Longest Drive - Judy Phelon
Mn's Longest Drive - Henry Rackliff
Closest to Pin - Mark Antell

Check out the photo's on our website here.

New CMPs!
VMBA Certified Mortgage Professionals

Congratulations to the latest to earn the VMBA CMP designation.  We had quite a group join the ranks since our Annual Meeting in May:
Wendy Bombard
Tina   Boutin
Pamela Dundon
Heidi Hayward Urish
Laurie Hill
Henry  Rackliff
Gene Richards
Nancy Seidel
Buddy Singh
Barbara Yanke

Earn your CMP designation.   Click here to download the CMP Program Outline & Application.

VMBA is pleased to support our members through providing training close to home, at a reasonable price.  We work with our state Regulators and Legislators, and keep informed through our association with the MBA.

We need your support.  The fact is, even at the higher level, our Dues do not cover our overhead.   Please show your support by becoming an Annual Sponsor in 2009.
Diane Smith
Executive Director
Vermont Mortgage Bankers Association