February 23, 2009
Vermont Mortgage Bankers Association
In This Issue
Vermont H-171...SAFE Act Mandated Sweeping Reform
Economic and Housing Market Outlook...Webinar.
Legislative Luncheon Event
Letter to Congress
Annual Meeting
.VBA/VMBA Annual Mortgage Day

Platinum Sponsors

Strategic Information Resources
Maureen Devine

Vermont Housing Finance Agency
Erin Perrin

Diamond Sponsors

Chittenden Bank

Law Offices of Fred V. Peet

Vermont Attorneys Title Insurance

Showcasing our Mortgage
Insurance Members

Mortgage Insurance Company

Genworth Mortgage

Insurance Company

Republic Mortgage Insurance Company

Mortgage Guaranty Insurance Company

  USDA Rural Development

Thanks to our


Affiliate Members for your support.

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Significant Issues in VT and Nationally            Burlington BoatHouse
The significant changes impacting the mortgage industry have been continuous, and the MBA has  provided summaries to help sort out the key issues.

You will find articles posted on our VMBA News page as they come out that you may find helpful.  Please check frequently for the latest updates.  Below are some of the key postings.

Vermont Legislation of significance to our Mortgage Industry is posted as it is introduced on ourLegislation page.  More on H-171(SAFE Act Mandates) is outlined in the article below.

H-222, which includes significant changes affecting origination of Reverse Mortgage in Vermont (starts on page 69 of this 72 page Bill) is posted on the Legislation page.

Link here to the MBA summary of the Homeowner Affordability and Stability Act (HASA) that was signed into law Feb 18.

For a resource designed to help consumers understand whether HASA could help them MBA created a HASA Q&A for Borrowers.

A resource of MBA Issue Briefs covering a lot of topics is available here:  MBA Issue Briefs
Past information you may still need to refer to is retained on our site indefinitely.    These include:
            Housing & Economic Recovery Act Resource Center
            MBA Talking Points on GSEs
            2008 3rd Qtr National Delinquency Survey

If you are looking for information on any specific issue, please feel free to contact me.
Executive Director
Vermont H-171
SAFE Act Mandated Sweeping Reform
In order to meet deadlines mandated by the Federal SAFE Act, BISHCA moved quickly to reform the Vermont Licensed Lender Regulation to meet the requirements of the Federal SAFE Act.  As a refresher, the SAFE Act is just one of the many components of the massive 2008 Housing and Economic Reform Act (HERA).  You can find excellent summaries of HERA provided by the MBA posted on our website:  HERA (Scroll down to green text from 2008 Legislation).
VMBA met several times with BISHCA to discuss the process and plans for meeting the SAFE Act requirements.  We had the opportunity to review the 70 page bill, as did Meghan Sullivan, MBA Government Affairs resource for Vermont.  We can report that the Bill follows the mandates of the SAFE Act and is fully supported as drafted by the VMBA.  Passage of H-171 is essential to prevent HUD taking over responsibility for Vermont's Licensed Lenders.
This is sweeping reform which establishes many new standards for all who originate mortgage loans as Licensed Lenders or Brokers.  While this specifically impacts these two groups, the Bill and expected Regulation should be of great interest to all mortgage originators in the state.  The SAFE Act establishes national standards for mortgage licensing as well as requires that ALL who originate mortgage loans be REGISTERED in the National Mortgage Licensing System (NMLS). 
Background checks, fingerprinting, and the assignment of a unique identifying number for every originator will in short order become the requirement for everyone.
While the new standards for initial training and testing as well as annual Continuing Education are required by the SAFE Act for Licensed Lenders and Brokers, originators who work for Federally Regulated Depositories will need to meet standards established by their depository institution regulator.
The expectation certainly is that continuous quality education will be required for all who originate mortgages. 
We will monitor closely the progress of this critical bill, as well as work diligently to have our classes approved by the NMLS for Licensing and CE credit.
H-171 is posted on our Website, and you can check out the 70 page bill here:  H-171

VMBA Webinar

Economic and Housing Market Outlook
March 18      9:30 - 11:00

We are pleased to welcome back to VMBA Amy Crews Cutts, Deputy Chief Economist for Freddie Mac.  Amy received rave reviews when she presented for us two years ago.  Her knowledge of the market is matched by her ability to present detailed economic information in a way that relates to our mortgage origination business.
  Call and Link-in to hear the latest Economic and Housing Market Outlook.
Note - thanks to the support of Freddie Mac we are able to offer this webinar.  If you aren't familiar with the webinar format, it involves dialing into a conference call combined with using your desktop internet connection to log into the system.  You will be able to type in questions, see the slide presentation, and other features.  All the benefits of being live, without the time wasted in travel.  A Freddie tech facilitator will provide log-in instructions prior to the webinar for all who register.

Member Cost:  $20.00
NonMember:  $50.00


Legislative Luncheon Event
Thursday, March 26

Tentative Agenda
11:00 - 11:45  Committee Hearing
State House

12:00 - 1:30 Legislative Update Luncheon
Capitol Plaza

Thomas Candon, Deputy Commissioner of Banking, BISHCA
Chris Rice,   VMBA Lobbyist   with McLean, Meehan & Rice
Last year we heard from Chris Rice about how to provide effective input and we toured the State House.  This year it's time to make our voices heard.
Please join us for an important session as we participate in a Committee Hearing on the State of the Mortgage Industry in Vermont.  We plan to have a panel of VMBA Members provide an update to the committee on issues of importance to us.
If you are interested in presenting, please email me (diane@vermontmba.org) as soon as possible and we would love to include you on the agenda.
Otherwise, please come and support your industry and associates at this important event.  Following the committee hearing we will have lunch at the Capitol Plaza and receive a Legislative update from Chris Rice and Tom Candon.
Registrations Opening Soon
Voicing Our Opinion
Letter to Congress
Speaking of becoming more vocal - a number of you have voiced your frustration over the increased fees (LLPAs) and tightened Freddie/Fannie underwriting standards that have made it impossible for many good people to qualify for an affordable loan.
We heard you, and on behalf of the VMBA, a task group of myself, Mark Chaffee, Kathy Simanskas, and Marilyn Morin Roberts drafted a letter of concern to our congressmen, Senators Leahy and Sanders, and Representative Welch. 
The letter is posted on the Legislation page of our website, which you can link to here:  Letter of Concern to Congress

Burlington BoatHouse

Annual Meeting
Thursday, May 7, 2009
Hold the Date!

Sheraton Burlington Conference Center

5:00 - 6:00 Social Hour (cash bar)
6:00 - 7:00 Keynote Speaker - Dr. Steve Taubman
7:00 - 8:00  Dinner and Meeting

Note - this is a Keynote presentation unlike any
we've ever had before
Check out Dr. Steve's Keynote Program!
Dr. Steve Taubman is the president and founder of Inner Selling Institute (ISI), a company dedicated to helping sales professionals achieve results. Before becoming a keynote speaker, sales team trainer, and best selling author, Dr. Taubman was one of the most sought after hypnotists by college and corporate markets, performing throughout the United States and the Caribbean. His programs have received rave reviews and standing ovations for their humor, energy, and polish.
Dr. Steve has offered to provide this one hour program for us as part of our Annual Meeting program so he can promote his upcoming Sales Training seminar.  As a VMBA member you will receive a discounted price.
Please take a look at his Sales Training offer here: 

Increase Your Mind, Increase Your Sales

Notice there will be a vote of the Membership at the Annual Meeting to elect Board of Governors for the open positions in addition to a proposed Amendment to the Bylaws to provide Board member indemnification & to add our Canons of Ethics as a Preamble to our Bylaws.
Hold the Date - You won't want to miss this Dinner Meeting!
Save the Date!
VBA/VMBA Annual Mortgage Day
May 13

This popular seminar will once again be held at the Capitol Plaza in Montpelier.  A great program is being finalized at this time and promises to include a full morning of timely topics and great presenters.  More details will provided later.

Diane Smith
Executive Director
Vermont Mortgage Bankers Association