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December, 2009

Season's Greetings!

As we enter the end of the year, many of us enter a time of reflection and planning. 2009 offered challenges and opportunities which most embraced and converted to a much better year than 2008. As always, mortgage brokers and mortgage bankers proved our ability to survive and overcome whatever challenges and barriers are presented: Our resilience in the face of HVCC, MIDA and constricting warehouse lines is amazing!

This resilience is being tested again from a variety of legislation and guidelines initiatives. We face potential changes to the generally accepted compensation method in our industry, often misconstrued as a proposal to once again attempt to eliminate YSP. This proposal is complicated, and if loan originators – ALL loan originators, not just company owners – do not comment, we will have missed our opportunity to maintain our compensation and pay-plans. Large numbers of similar comments will affect the final rules and guidelines. The key is the number of comments, the timing of the comments and the content of the comments. IAMP and NAMB have analyzed the proposals, and will have suggested comments published in the next couple of weeks. That will allow our members and industry partners only a 12-14 day window to get comments in by the deadline. Once the alert is posted, please go to our legislative website – accessed through iamp.biz and clicking the red button – to submit your comments. We have made it EASY to comment: No Excuses; those who do not avail themselves of the non-member system IAMP developed for legislative action are either indifferent to their career or just plain lazy. This site also contains information on a variety of legislative issues, and allows easy access to look up your elected state and federal officials and send them pre-written comments on the issues affecting your industry.

2010 opens with its own unique challenges and opportunities. Proposed changes in FHA approval of mortgage brokers/bankers are now under review and open for comment through the end of December. Review them, ask your wholesale lenders how they envision implementation and make your comments. The new Good Faith Estimate requires implementation on January 1, 2010. One of the most valuable membership events this year may be the Breakfast meeting on December 16, 2010 where we will dissect this document and discuss implementation “how-to”s. A representative from Caylx has been invited to speak on how to work with the document in the new version of Point. We are using this event as a membership drive – invite a non-member! For $25 it is a cheap quick study on the most profound documentation change in our industry in a decade!

In completing your business plans for 2010, be sure to review the NMLS requirements that affect each loan originator in the nation. IAMP has posted the requirements, deadlines and provided a link to the NMLS on our website to simplify the registration process for our members. In addition, our Mortgage Education Foundation can provide an exclusive process for state certification of continuing education hours that will allow IL Certified Loan Originators to use 20 hours of certified continuing education accrued since 2005 to qualify for exemption from the 20 hours of pre-licensing education needed to qualify for national certification. Check iamp.biz for details – complete the process by 12-20-2009 to qualify.

IAMP and NAMB membership has never been more important or valuable for independent mortgage brokers/bankers and the loan originators they employ! Our lobbying efforts at the state and national levels have positioned us as leaders in several critical housing issues. Our efforts were critical in obtaining not only the extension of the first-time homebuyer tax credit, but also the expansion of this credit to qualified move-up buyers. We were the first to engage the legal and political battle against the HVCC process, a movement that has gained national momentum with legislation that will sunset the guidelines obtaining bi-partisan support in both houses.

IAMP has exciting plans for 2010! With your help, the help of every member and interested industry partner, the Board wants to embark on a re-branding of our industry and services. We want to re-position mortgage brokers and small mortgage bankers as the essential small business, consumer-oriented conduit to mortgage financing. Our members continue to be the lowest cost, most qualified, strictest regulated and consumer oriented mortgage originators in the industry. The first step in this effort was the production of a You-Tube video produced the Board and our public relations firm. The format is a game show, “Who’s More Qualified?”; the point of the video is to document the higher qualifications required for mortgage originators employed by our members as opposed to those employed by big banks. It is funny, cost effective and has the elements required to get passed around. We will be sending it out to each of our members, and we ask that you distribute it to your database or customers, business partners, family and friends. This is will get our message out and set the stage for distribution of other videos. The hope is to build momentum to “go viral.”

Our Board efforts cannot succeed unless each of our members does their part. If you are not a member – join! IAMP is the voice and educator of the mortgage industry and mortgage consumers in IL. If you are a member, purchase a PAC pin! Our legislative success depends on our ability to support the campaigns of legislators that support our industry. Join our campaign to re-brand IAMP members as the premier mortgage originators, the choice of the enlightened and best-informed mortgage consumers, the most qualified mortgage professionals who adhere to the highest educational and ethical standards in the industry. IL consumers, and your customers, deserve nothing less.

Jeri Lynn Fox
President, Illinois Association of Mortgage Professionals