VMBA logo
April 2008
Vermont Mortgage Bankers Association Spring Newsletter
In This Issue
Compliance & Ethics Update Seminar.
VMBA Annual Meeting
Condominium Job Aid
Property Tax Adjustment Worksheet
VAR Clarifies P&S Condition
VMBA Golf Open June 4th.
New CMPs!
VBA/VMBA Joint Mortgage Day


May 14, 2008

Capitol Plaza Hotel & Conference Center

Montpelier, Vermont

Register Now
  Diamond Sponsors

Strategic Information Resources

Vermont Attorneys Title Insurance

Vermont Housing Finance Agency

Showcasing our Affiliate
PMI Members

Genworth Mortgage Insurance Company

Linda White


Mortgage Guaranty Insurance Corp.

Jon Korpela


Republic Mortgage Insurance Company

Tina Niles

Thanks to our VMBA PMI
Affiliate Members for your support.

Please Support those who Support us!

Join Our Mailing List
Happy Spring!

What a relief - winter appears to be behind us, and the warmth of Spring is upon us.  Our industry continues to face tremendous challenges, and we're here to provide support.  Please don't hesitate to pass along suggestions on issues we should review, seminar topics you'd like to see, or anything else we can do. 
Wishing you the best ~
Executive Director
Compliance & Ethics Update Seminar

Understanding the Rules, Regulations, and Ethics

Thursday, May 1
Sheraton, Burlington
Registrations are now open for our next seminar which will provide an update on a wide range of regulations. 

From the Vermont Department of Banking, Insurance, Securities & Health Care (BISHCA), we welcome a panel of Tom Candon, Deputy Commissioner of Banking, Sue Clark, Regulatory and Consumer Affairs Chief, and Steve Knudson, BISHCA Attorney.

We're fortunate to also welcome for the first time, David Hadlock, Hadlock Law Offices, P.C. Natick, MA.

The Panel will review key Regulations and Rules, including:
  • Guidance on Non-Traditional Mortgages
  • Statement on Subprime Lending
  • Broker Rules - new Broker Agreement
  • Federal Reserve changes to Reg Z
  • RESPA proposed changes
  • New Licensing Requirements
  • Ethical considerations
    • and Much, Much more.
Our industry is undergoing a tremendous amount of change, and this is a seminar everyone needs to attend.

Note - this Seminar meets the Ethics Education requirement of the VMBA Certified Mortgage Professional program.

Join us at the Sheraton Burlington Conference Center.  Registration and Continental Breakfast at 8:30.  Seminar 9:00 - 12:30. 
Important - Save the Date  VMBA logo
VMBA Annual Meeting
& Recognition Dinner
Wednesday, May 7th
Sheraton, Burlington

5:30 Social  

6:30  Governor Jim Douglas

6:45 Dinner 7:30 Annual Meeting & Recognitions

We're very pleased to announce that Governor Douglas is scheduled to address our group following dinner.  During these trying times for our industry, it's important to have an opportunity to hear directly from our Governor. 

Following dinner, we'll recognize our VMBA Certified Mortgage Professionals and elect our new Board of Governors.

Please watch your inbox for your invitation, coming soon.

We're please to present our nominees for the two open positions on the VMBA Board of Governors this year:  Kellie Stoll,  from Chittenden Bank and  Heidi Hayward Urish, of Spruce Mortgage.  Please see the entire slate of nominees, including those up for a term renewal here:  2008 Board of Governors Nominees
Important Follow-up from the VMBA Condo Seminar

Condominium Job Aid

Ben Niles, Freddie Mac Account Rep has provided a link to the draft job guide he provided during the seminar on March 20th.  The Condominium Reference is now finalized and the link is posted on the Vermontmba.org website, News & Links page. 

Ben also wanted to follow up on a few questions that came up during the seminar:
  1. Attached PUD's have the same Freddie Mac Warranties as Detatched PUDs.
  2. Substantially complete means the subject unit is 100% complete & the building it is located in is legal to occupy.
  3. Age restricted (55+) Condos are eligible for sale to Freddie Mac.
Link here for the final Condominium Job aid.

Property Tax Adjustment Worksheet
Available Online

You can find a link to a Property Tax Adjustment Worksheet from our News and Links page, and the Consumer Links page on the Vermontmba.org website.  This can help you and your borrowers estimate how much the Vermont property tax adjustment due on a property will be. With a copy of the current tax bill, and income information, you can obtain an estimate.

We're heading into the time when closings will be challenged by lack of information on how much Sellers are due for their Property Tax Adjustment, and Buyers being hit with large adjustments impacting their closing at the last minute.

If you have issues - we need to hear about them - PLEASE - report them to us so we have specific examples to provide to our Legislators.  The Legislative Feedback Link is always on the front page of our website, as well as on our Legislation page.  Click here for the Form.

VAR Clarifies P&S Condition
A revision to section 6 of the VAR P&S has sometimes resulted in challenges for Lender who has been asked to provide a copy of the mortgage loan commitment directly to the Realtor.  Section 6 states the Purchaser will provide the seller and real estate broker with written notice that the financing contingency has or has not been satisfied.  This is a requirement placed upon the Buyer to comply with. 

The Vermont Association of Realtors provided a letter to the VMBA in response to a letter from the Board of Governors, expressing that their training to their members emphasizes that this requirement is clearly a responsibility of the Purchaser, not a requirement of the Lender. 

The VAR welcomed our feedback, and expresed their assurance that they will continue to educate their members on the intention of the written notice, and the manner in which this can be satified without imposing upon the confidential relationship between the borrower and the lender.

If you have any questions on this issue, please feel free to contact the VMBA office.
14th Annual VMBA Golf Opengolf ball
Wednesday, June 4th

The date is set for the annual VMBA Golf Tournament at Rocky Ridge Golf Club.

This is our first time at Rocky Ridge, and we hope everyone will enjoy the new course.  Directions to Rocky Ridge are on their website - click here for directions.  Also new this year - the tournament will be an Afternoon event. 

Shotgun start is scheduled for 12:30.  We'll enjoy a Social Hour at 4:30, and BBQ dinner sponsored by Wells Fargo at 5:30. 

Golfers and Non-Golfers alike - come join us. 

Golf Sponsorship opportunities are still available, and we welcome your support.   Email us at Info@VermontMBA.org for more information.

Registrations will open soon - HOLD THE DATE!
New CMPs!
VMBA Certified Mortgage Professionals

Congratulations to the latest to earn the VMBA CMP designation, Shari DeLatte and Ginny Eames from Chittenden Bank, and Patrick (PJ) McHenry, CTX Mortgage. 

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

So much is going on, and we have a great slate of events coming up!  Take advantage of all your association has to offer.

Diane Smith
Executive Director
Vermont Mortgage Bankers Association