Summer News
August 2015

Welcome to our Summer Newsletter!
In This Issue
Welcome New Board of Directors




Sandy Garcia

  American Bancshares Mortgage


Kevin W. Strickland

  SunTrust Mortgage Inc


Pat Gaver

  Capital City Bank


Matthew Goldman, CLO, CRO


Michael Azzarello, CMB


Jay Ralstin

  Waterstone Mortgage Corp. 


Sherry Wenrich 

  HomeBridge Financial Services, Inc. 


Brenda Thomas


Eric Prutsman

  Prutsman & Associates, P.A.


2015/2017 Directors


● Brett Bosarge


Randi Gocinski


● Cammie Aucoin

   Sierra Pacific

Michael Culbertson

  JP Morgan

Robert Villalon

   Mortgage Information Services, Inc.

Candice Racine

  Essent Guaranty, Inc.

Randy Galloway

  Mortgage Guaranty Insurance Corp.


Patti Spaniol 

  United Guaranty


Margie Fletcher (elected 2005)

Chuck Ivy (elected 2006)

Georges Lussier (elected 2010)



Local Chapter Presidents


Sherry Wenrich 

  HomeBridge Financial Services, Inc.  


Mary Lou Bear



Sherry Gallitz 

  First Federal Bank of Florida 


Doug Leever 


Nigel Fullick 

  Christensen Financial, Inc. 


Cathy Sherman 

  Capital City Bank


Francine Villa 

  American BancShares Mortgage


Board contact information available on our  

web site at 

Calling Future Leaders
The MBA of Florida is asking each Local Chapter to recommend two outstanding individuals to participate in our Future Leaders Program for 2015-2016. 
The MBAF's Future Leaders Program is dedicated to identifying and cultivating the next generation of industry leaders by delivering a comprehensive leadership training experience for selected participants through four events offered throughout the year. The four events include Legislative Day, Eastern Secondary Conference, Annual State Convention and completion of two MBA Education courses.
For more details, please visit the Future Leaders page on the MBAF Website or contact Mike Azzarello, CMB, Chair, Future Leaders Committee 
Michael Azzarello, CMB
Legislative Report
by Eric Prutsman, Esq. flag-stripes.jpg

The Summer of 2015 has been anything but quiet for the Florida Legislature. A June Special Session on the budget and Medicaid expansion consumed most of the time legislators set aside for family vacations and getting away. July brought news of another Special Session in August on congressional redistricting, and interim committee meetings start in September.


September committee meetings, although not unusual, are necessary this year as the 2016 Session starts in January instead of March. This is the first time the Legislature has moved the date to January in a non-reapportionment year, and they may decide to go to an early session every other year if this early session goes well.


Once committee meetings start in September we'll have a better idea of what the major themes will be for the 2016 Session. Early indications are that tax cuts, a comprehensive water policy, and Medicaid funding will be priorities for the Legislature. Other issues including property tax reform, homeowners insurance affordability issues, and foreclosure legislation proposals are sure to be on the agenda. We'll be meeting with legislators in August and September to update them on the MBAF and remind them that our members are a valuable resource to consult on legislative matters that touch our industry.
MBA's Mortgage Action Alliance: 
MAA Members Carry the Torch on State Advocacy
by Amy Swaney on behalf of MBA Washington
MAA is a crucial portion of the Mortgage Bankers Association's (MBA) advocacy efforts as it connects real estate finance professionals with their representatives in a collective voice. Our ability to unite and organize on both the state and local level is what makes the Mortgage Action Alliance such an effective tool for individual members of our industry and state MBAs as well.  


Our battles are far from over and active participation is needed from everyone, from chief executive officers to receptionists, to underwriters and originators. I encourage you to continue to engage with MAA on the federal and local level to help move the needle and amplify your voice with others in our industry.


Are you speaking up? Are you making your voice heard? Don't wait for someone else to advocate for you. Join the Mortgage Action Alliance today and unite with mortgage professionals all around the country.


Enrollment in MAA is easy ... simply fill out an online form at Your membership is always free and lasts for one calendar year. We need you. Your voice matters and it is critical that you use it. Together, we can make a difference on Capitol Hill and in state capitals across the country. The larger the group, the louder the voice ... add yours today.


Amy Swaney, CMB is governmental relations officer and branch manager with Scottsdale, Ariz.-based Citywide Home Loans. Amy is also chair of the Mortgage Action Alliance (MAA), a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association (MBA). Amy may be reached by phone at (480) 822-6262, ext. 2164, e-mail [email protected] or visit 

62nd Annual Convention-Marriott Delray Beach
Click-Here to view all 293 photos from the convention

This year's 62nd convention was another exceptional event. We have plenty of photos so click the link above to take a look. Thank you Matthew Goldman for your dedication to being our convention photographer. Great job!
First, congratulations to Michael Culbertson on being this year's winner of the Brown L Whatley award. Anyone can tell you Michael is very deserving of this award! Michael Azzarello, CMB was presented the Presidents Award this year. A very special thank you to Patti Spaniol for another fun convention networking game "CLUE", Mick Dolan cracked the case and the "unsuspecting" suspect was Chuck Ivy.

Thank you to our convention committee, speakers and sponsors. Without everyone's efforts our convention would not be the success that it is.

Further in this newsletter you will see the 2016 convention announcement. We are gearing up to unmask relevant industry information and provide you the most education we have done in years.  
President's Message
Sandy Garcia
Welcome to the Mortgage Bankers Association of Florida.
As the 2015-2016 MBAF President, I first want to give a special thank you to four of our Past-Presidents, Jay Ralstin, Michael Culbertson, Alex Castellanos and John Chludzenski. Their leadership, dedication and mentorship over the past few years to this association and myself has been so inspirational and kept us growing in some of the toughest times of our industry. I feel like the tough times are past us now and our industry is once again thriving.
That message was loud and clear during our 62nd Annual Convention this past June in Delray Beach. Bill Cosgrove, Chairman of the Mortgage Bankers Association, gave his thoughts on Re-igniting America's Economic Engine and said consumer confidence is coming back. Doug Smith spoke to us about Leading Forward while focusing less on obstacles and more on opportunities. Doug Duncan, Fannie Mae's Chief Economist, told us home sales and values are trending upward.
This is all exciting news. It's a great time to be in the mortgage banking industry! I hope you have all heard about MBA's Mortgage Bound. This leads me to some more exciting news. Did you know the mortgage banking industry employs more than 280,000 people in virtually every community in the country? By 2022, the mortgage banking industry is projected to create 77,200 new jobs. Did you know home sales have increased by 10% every year since 2011?
We have all heard the average age is 53 in our business. That's me!!
We all know the new buzz word is "millennials" used both as in first time home buyers and new prospects as it relates to industry professionals. I ask each of you, what are you doing to reach these millennials? I encourage you to mentor someone who shows an interest or reminds you of you at a young age. Find a way to work within the community and social media to reach those first time home buyers. Let your passion and pride shine through and inspire someone to join our industry and make that American Dream come true!
There is no question, in my opinion; we are going to be headed into another great era in the mortgage banking industry, especially in Florida. We need to belong and support the association that gives us all so much back. Membership is another great focus of mine this year. Through the education, legislative support and networking this association has to offer, we will continue to achieve success while growing and diversifying our membership.
My theme this year is Pride, Passion and Paying it Forward.
I am honored to be your President. As always, my door is open, phone is available, and email is waiting for your comments, suggestions, and feedback. Let me know how we are doing. I ask you to get involved whether it's serving on a committee, join the Mortgage Action Alliance , write your politicians, encourage a future leader or just attend a meeting. This is your association!!
Enjoy the rest of your summer.
Sandy Garcia
President, MBA of Florida 
Join a Committee - Click Here to Sign Up
Please review our committees (link above.) All committees meet via conference calls. Typically the convention, membership and the secondary conference are the busiest committees but not for the entire year as most committee work is usually about a six-month commitment. We are already beginning the organizational work for the secondary conference and membership. Please join us and make some friends and connections and at the same time working to move your association forward.
Local Chapter News
There are seven local chapters in Florida. Below are the links to each chapter's web site. With so much going within each chapter it pays to get involved in your local area.


Chapter Web Links below:


Gulf Coast MBA 

MBA of Central Florida 

MBA of Jacksonville 

MBA of Tallahassee 

MBA of Tampa Bay 

MBA of South Florida 

MBA of SW Florida 


Many of the chapters are in the planning stages for the upcoming year getting their education calendars ready for you. We have a master calendar online you can access to view all the activities in one spot. As the chapters complete their planning session more events will be posted.


 Online Calendar of Chapter Events    

MBA of South Florida Chapter News
South Florida Chapter elects Doug Leever of Tropical Financial Credit Union as the new Chapter President! He replaces Jorge Davila, who accepted a great employment opportunity in Texas. We thank Jorge for his time and dedication to the chapter and wish him well and success in his new position.
MBA of South Florida recognized by Make-A-Wish Southern Florida, at their June Luncheon, for their efforts with the Annual Golf Tournament that raised $5,800. We exceeded our goal of $5,000 which would allow us to adopt a wish. Because of the hard work and dedication of our members and our golf committee we were able to grant 13 year old Melanie, who is battling Leukemia, her wish to visit the Aulani Disney Resort in Hawaii.

As a new incoming President for the Mortgage Bankers Association of South Florida, really could not be more pleased with our Board of Directors and the success we have had in recent years.  Our former President, Robert Villalon was a tremendous role model for us all and hope to be able to exceed this year what has been started in the progress and setting up a good foundation within our South Florida Chapter.  Last year we saw very good improvement and growth in our Chapter for new memberships and had some very good success with our Luncheons and activities-including great speakers throughout the year, bowling event in December, Santa's visit at Jackson's Hospital (thanks Don Rosenthal....again!), and our signature event being the Golf Tournament in May to support Make-a-Wish Foundation!


As a Chapter of the MBA, we are committed to promoting sound and ethical business practices in the industry, be more of a powerful influence as a mortgage presence in South Florida and continue to educate our members in the most up to date practices and methods.     Let's work to continue to bring new potential members to our events as we look to meet and exceed our outstanding overall results from this past year.


Our first Board of Directors Meeting will be in early August to kick off the new year for our Chapter!


The Mortgage Industry will have some initial challenges with the upcoming changes to mortgage procedures on the new TILA-RESPA Integrated Disclosures rule, but we do start off the year with a Speaker to discuss getting your organization prepared and ready for the changes that are coming in October.  Please join us in September for our first luncheon on September 17th with Branden Strickland.
I think ourr Chapter for the MBA really does a great job at giving back to the community, is very active with bringing outstanding speakers and panel's to our Educational Luncheon's and look forward to a another successful year of GROWING CHAPTER!!

MBA of South Florida members attend the MBA of Florida Annual Convention. (not even all are shown)
MBA of South Florida claims the 2015 MBAF Chapter of the Year trophy for the largest MPAC donation

MBA of Tampa Bay
Francine Villa, President, MBA of Tampa Bay
The Tampa Bay chapter is planning for a great year with Fun and Refreshing changes! We have almost booked our entire year of Education and Speakers which has the membership excited and planning their months around our calendar. Right around the corner is our 31st Annual Children's Home Charity Auction November 5, 2015. If you find yourself in our Tampa Bay area we'd love to have you attend and enjoy the party. We would like to welcome our newest Committee Chairs and Members. They have decided that this is the time to become more involved and we are grateful! Nancy Alvallero is our Membership chair and Christian Rava is helping with MPAC. Tina Gordon is going to be part of our Children's Home Charity Auction and her and her company, BB&T, are our MPAC sponsor of the year. Beth Larson is our Education Chair and Ken Mondouri is a great additional to our Membership Committee. Looking forward to a great year!
Eastern Secondary Market Conference with Exhibits
February 23-26, 2016
Hyatt Regency Orlando

9801 International Dr. Orlando, FL 32819 407-284-1234 Reservations 1-888-421-1442

$239 Single/Double

$15 Resort Fee Includes:
1. Wifi access up to 6 devices -retail value is $9.95.
2. 2 I-Ride Trolley tickets daily to the international drive area - retail value is $5.00/ per person/day.
3. Local phone calls
4. Bike rentals - retail value of $5.00/ per hour.
5. Pool activities floatees, rafts, noodles, pool basketball, pool volleyball) offered in both pools
6. Fitness classes (Zumba, boot camp, spin classes, water aerobics) - retail value of $12.00/ per person/class.
7. Spa access with fitness center access -retail value of $30.00/ per person/day.
8. Fitness center without spa access - retail value of $9.95/ per person/day.
We know how busy you are at these conferences so we hope you are able to enjoy some fitness activities and fresh air when you get a break.

The conference committee is beginning their work for the speakers/sessions/exhibit times and the announcement on these details are coming soon. Mark your calendars now and plan to join us in making this a spectacular industry event for you! 

Speaker and session ideas can be emailed to [email protected] by 8/14/15 for committee review.

More information coming soon.
Please send your speaker and session ideas to [email protected] for committee consideration.

Membership Committee Update
Have you sent in your renewal?  If so, THANK YOU! If the fast pace of summer has kept you busy, we certainly understand and would appreciate your follow-up to send in your Membership Fees at your earliest convenience.
Our Membership continues to grow and with Sandy Garcia at the helm as president this year her focus will be on membership, benefits, value of the MBAF and more involvement with national MBA and their events.

We would like to remind you about an important benefit of being a Member....networking.  The MBA of Florida Conferences are well known for meeting contacts within all aspects of our industry.  If you are a lender and looking for an associate to support your company, please consider doing business with a Member of the MBA of Florida!  By doing business with a Member you are also supporting your Association. The first time out with our new option for companies to join ALL seven Local Chapters brought seven

We hope that you are excited about the growth and opportunity within your Association! Should you have any questions about your membership renewal or want to refer a potential new Member, please do not hesitate to reach out to the following:
Brenda Thomas, Executive Director
Phone:  (407) 855-6155
[email protected]
Dawn Henshaw, Committee Co-Chair
Phone: (803) 545-4712
[email protected] 

Matthew Goldman, CLO, CRO, Committee Co-Chair
Phone: (407) 494-5626

(If you are not on the list please contact us to pay your dues at [email protected])

Industry News
A Preview of New SF Handbook FAQs-Detailed Answers to Some of the Most Common Questions
For mortgagees and other stakeholders looking for detailed policy and underwriting questions, there's a new tool on this page just for you. On June 17, 2015, FHA posted a preview of its detailed answers to some of the most common questions it has received on policies in the published sections of the SF Handbook that become effective on September 14, 2015. Continue to access the FHA Resource Center for answers to questions on FHA policy currently in effect.
HUD SFH Handbook 4000.1
USDA property and income eligibility

Fannie Changes
**Effective August 15, 2015
Conversion of Principal Residence Requirements No Longer Apply
This policy, imposed during the height of the financial crisis, was intended to be temporary in nature. The purpose of this policy has been to ensure that borrowers have adequate capacity and financial reserves to successfully manage multiple properties. It requires manual application by lenders for loan casefiles submitted to Desktop Underwriter® (DU®). Because there are other policies now in place that adequately address credit history, rental income, and financial reserves, Fannie Mae is eliminating the requirements specifically associated with the conversion of a principal residence to a second home or investment property.
Lenders should follow the standard rental income and financial reserve requirements when the borrower converts his or her current principal residence to an investment property.
Stocks, Bonds, and Mutual Funds
Fannie Mae is updating the policies related to the use of vested stocks, bonds, and mutual funds (including retirement accounts) when they are used for down payment, closing costs, and reserves. Instead of requiring a standard reduction in value, the policies have been simplified as follows:
● One hundred percent (100%) of the value of the asset is allowed when determining available reserves.
If the lender documents that the value of the asset is at least 20% more than the funds needed for the borrower's down payment and closing costs, no documentation of liquidation is required. Otherwise, documentation of the borrower's actual receipt of funds realized from the sale or liquidation must be obtained.
Unreimbursed Employee Business Expenses ***EFFECTIVE IMMEDIATELY***
The following changes and clarifications have been made to the Selling Guide related to unreimbursed employee business expenses.
 For a borrower who is qualified using base pay, bonus, overtime, or commission income less than 25% of the borrower's annual employment income:
1. Unreimbursed employee business expenses are not required to be analyzed or deducted from the borrower's qualifying income, or added to monthly liabilities. This applies regardless of whether unreimbursed employee business expenses are identified on tax returns (IRS Form 2106) or tax transcripts received from the IRS.
2. Union dues and other voluntary deductions identified on the borrower's paystub do not need to be deducted from the borrower's income or treated as a liability.
3. The Guide now clearly states that tax returns are not required to document these sources of income.
 For borrowers earning commission income that is 25% or more of annual employment income, unreimbursed employee business expenses must be deducted from gross commission income regardless of the length of time that the borrower has filed that expense with the IRS.
The exception to this is if the expense is an actual automobile lease or loan payment. If borrowers report an automobile allowance as part of their monthly qualifying income, the lender must determine if the automobile expenses reported on IRS Form 2106 should be deducted from income or treated as a liability. The Selling Guide describes how the lender is to make this determination.
Tip Income
Fannie Mae allows tip income to be included in qualifying income if the lender can verify that the borrower has received the income for the last two years. Tip income can be verified using a Request for Verification of Employment (Form 1005 or Form 1005 (S), or recent paystubs and IRS W-2 forms.)
In some cases, the full amount of the tip income earned by the borrower may not be reported by the employer on the Form 1005, paystub and W-2 form. However, the borrower may report additional tip income to the IRS using Form 4137, Social Security and Medicare Tax on Unreported Tip Income, when filing his or her tax returns. Fannie Mae will allow this tip income to be used in qualifying if the lender obtains the most recent two years of federal income tax returns with Form 4137.

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Thank You 2015 Sponsors!
Our Success is Because of You

Since 1952, the Mortgage Bankers Association of Florida (MBAF) has integrated the state's diverse real estate finance industry into a unified service organization. The MBAF is committed to promoting sound and ethical business practices in the mortgage banking industry; providing a powerful and responsible presence in Florida's legislative arena; educating its members in the most up-to-date practices and methods, so members can grow and mature in their careers; serving as a forum for communication and social interaction among peers; and adapting to change in a mercurial business environment, in order to help mortgage bankers succeed in that environment.
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