The FAMB Focus

Government Affairs Update by Thomas Morcom, FAMB GA Chair

Florida Association of Mortgage Brokers has partnered with the National Federation of Mortgage Professionals (NFMP) to expand participation in the Federal Legislative and Regulatory process
Federal Issues

Reminder - The new Truth in Lending requirements (MDIA) went into effect on July 30, 2009.

Reminder - The Red Flag Rule was delayed by the FTC until November 1, 2009.

Chairman Barney Frank Warns Cramdowns May Be Reconsidered

House Financial Services Chairman Barney Frank, D-Mass., expressed frustration that mortgage foreclosures have not yet diminished and that "drastic legislative measures" may be necessary such as mortgage cramdowns.

"Congress has provided every legislative tool recommended by people in the mortgage industry, and in the administration, that we were told would be helpful in facilitating the modifications we need to diminish the flood of foreclosures which has been so much a part of our national economic problem," Frank said.
He noted that declaring bankruptcy for personal residences (mortgage cramdowns) passed the House, but in the Senate the argument that it would be destructive and was unnecessary to achieve modifications succeeded. He said that if this last effort to produce significant modifications fails, the argument for reviving the bankruptcy option will be extremely strong, and I think there is a substantial chance that the outcome will be different.

National Federation of Mortgage Professionals Call to Action

Contact your US House of Representative member and ask them to co-sponsor HR 3044 to stop HVCC

As of May 1, 2009, the housing GSEs (Fannie Mae and Freddie Mac) no longer purchase loans from lenders "accepting appraisal reports completed by an appraiser selected, retained, or compensated in any manner by any third party." Lenders may only accept appraisal reports from a pre-approved list of appraisers or unregulated Appraisal Management Companies. This new requirement, called the Home Valuation Code of Conduct (HVCC), is bad for consumers and
must be stopped.

HVCC Results in Poor Quality Appraisals and Increases Costs for Consumers

HVCC Is Not an Effective Way to Prohibit Inflated Appraisals

State Issues

Reminder, Florida's individual mortgage license renewal is due in August 2009. All Mortgage Brokers must renew electronically through the REAL System.

JOIN FAMB TODAY AND AID IN THE FIGHT TO KEEP YOUR CREDIT REPORT CONFIDENTIAL!

Did you know... it is the policy of the state of Florida that all state, county, and municipal records are open for personal inspection and copying by any person?

Did you know... starting on October 1, 2010, all licensed mortgage brokers, in-house processors, in-house underwriters and wholesale account executives employed by a state-licensed mortgage lender must begin the process of obtaining the new Florida loan originator license?

Did you know... starting on October 1, 2010, as a requirement to obtain the new Florida loan originator license, your credit report must be pulled in order to determine financial character?

Did you know... your credit report will be considered a state record and available for public viewing unless a public records exemption bill is passed in the 2010 legislative session AND signed by Governor Charlie Crist into law?

Join Florida Association of Mortgage Brokers - If you are not a member of the Florida Association of Mortgage Brokers shouldn't you join and make sure FAMB continues to work for you in Tallahassee and Washington?

Contribute to the Florida Association of Mortgage Brokers PAC - If you are already a member of the Florida Association of Mortgage Brokers shouldn't you contribute to the association's PAC and make sure FAMB continues to work for you in Tallahassee and Washington?