Arizona Association of Mortgage Professionals Effective July 1 Dan
Huss is the new president of AzAMP. He would like the feedback of mortgage professionals -- whether you're a member or not -- on how the association can be improved.
Please e-mail Danwith your input on what value you'd like to see provided by AzAMP. It's your chance to sound off and help impact the future of the association and the industry.
Arizona Association of Mortgage Professionals An important message from Jody Davis, AzAMP Legislative Affairs Chair All
Arizona Mortgage Professionals,
the ability to kill HR 4173.I urge you
to call, fax, and email your senators and congressmen urging them to vote NO on
HR4173. This is your last chance to protect your ability to earn a living.Many of the banks do not like the changes in
the bill either so we have some help...it is not just a broker issue.
take five minutes to do this.Our
industry needs you to contact members of congress.Do it today! They could vote on this as early
information and to send emails to your U.S. Senators and House of
Representatives CLICK HERE. It’s easy
and well worth five minutes of your time.
AzAMP's Vice President Paul Klimke was interviewed by KTAR this morning about the Arizona foreclosure situation. Here's a portion of the online article that followed the radio interview.
AZ foreclosure picture is murky by Bob McClay, Kevin Tripp, KTAR June 23rd, 2010
PHOENIX -- More people lost their homes as bank
repossessions nationwide hit a monthly record high in May, according to
Realty-Trac. But, those figures may not reflect what's happening in Arizona.
nationwide took back just under 94,000 properties in May, up 1 percent from
April and 44 percent more than in May of 2009.
Klimke of Amerifirst Financial said banks are now foreclosing on properties on
which they had been slow to act for whatever reason -- "They didn't have
the capacity to handle them or they are homes that could have very possibly
been delayed from foreclosure because they were in the loan modification
are different in Arizona,
our activity in May increased 1 percent over the activity in April, the actual
foreclosure activity in Arizonais down 5 percent from May of 2009."
that trend continues remains to be seen, he said.
of the foreclosures that were going to happen happened earlier in Arizona," said
Klimke. "So we may be on the tailend of that. On the other hand, it might
not have hit Arizona
yet. We don't know what the numbers are for June and July. It's entirely
possible that they will be up. We'll just have to wait and see."
said 55 percent of Arizonahomeowners are "under water," meaning they owe more on their mortgage
than what their home is worth.
answer this call to action, your livelihood depends on it. Take 5 minutes
to make the call or send the letter.
Jody Davis Legislative
Dear NAMB Member,
Yesterday, the Senate passed an amendment
offered by Senators Merkley (D-OR) and Klobuchar (D-MN) to S. 3217, the
"Restoring American Financial Stability Act of 2010," that would
prohibit the total amount of direct and indirect compensation paid to mortgage
originators from varying based on the terms of a loan, and place a cap on
income. The amendment, SA 3962, was issued after business hours on
Tuesday night, fully knowing that NAMB would call on grassroots support to
contact their Senators to oppose the amendment. Despite the NAMB
"Call to Action" issued, the amendment was voted on and passed early
NAMB's advocacy team is exploring all options to
fight the amendment. NAMB urges its members to still participate in the
"Call to Action;" your Senators must hear from their constituents
about how this amendment will not only hurt your customers, but hurt small
businesses in their state. Send the letter below to your Senator
your Senator’s contact information, click here.
I write to
you today as a small business mortgage professional, and member of the National
Association of Mortgage Brokers (NAMB), regarding an amendment (SA. 3962) introduced
by Senators Merkley (D-OR) and Klobuchar (D-MN) to S. 3217, the “Restoring
American Financial Stability Act of 2010” which was approved. I have
serious concerns with the amendment and fear it will harm small business and
consumers nationwide. For the reasons below, I strongly urge you to oppose
this, and any other amendment, that would treat origination channels
differently, picking winners and losers in the mortgage industry.
the amendment will severely limit a consumer’s choice of how best to pay for
their home by removing a choice of paying closing costs in the interest
rate. It will also restrict me from legitimately and legally compensating
my employees. Furthermore, the Federal Reserve Board issued proposed
amendments to Regulation Z to prohibit steering late last
year which was subject to notice and comments and addresses many of the issues
contained in this amendment but in a comprehensive manner. That rule is
in the final rulemaking stages. Congress should allow the Federal Reserve Board
to continue reviewing comments and developing a final rule that will deter
incentivized fees and steering consumers, while preserving mortgage
originators’ ability to receive compensation without creating an unlevel
playing field between competitors.
I have been
witness to great hardship as a small business because of the economic decline
and its effect on the industry. Small businesses, the cornerstone of
American economic prosperity, should not be penalized for helping
consumers. The amendment will not only put small business at a
disadvantage to larger lenders, but will inevitably force me to close my
doors. Less competition in the mortgage industry will drive up costs and
remove affordable options for consumers. In particular, low income,
minority and rural community borrowers will be hurt the most because this
amendment as it will remove competition from the marketplace.
I urge you to
ask that the amendment be removed from the bill or fixed so that consumers will
continue to have choices at the closing table and mortgage originator’s will
continue to serve consumers in their communities. Small business mortgage
professionals like me will be forced to close their doors should this amendment
be included in the financial regulatory reform bill.
for your time and consideration on this issue.
For those still completing SAFE Act pre-licensing professionals requirements (20 hours of education, tests, finger prints...) for the mortgage loan originator license, did you know there are also Arizona-specific requirements?
Since we're receiving calls from some people surprised to find out about these requirements, you can find them listed on this checklist.
Please note that these "jurisdiction-specific requirements" are due to the Arizona Department of Financial Institutions within 5 business days of the electronic submission of your application through NMLS.
Be sure to click on the link above and carefully read what's expected of you.
Arizona Association of Mortgage Professionals New Game. New Name.
The association is changing it's name! After today, it'll be known as the Arizona Association of Mortgage Professionals, or AzAMP for short.
Why the change? Here are several reasons:
The New Economic Reality Because of tougher underwriting, legislation that restricts business and an anticipated slow recovery of the real estate market, it's a whole new ball game when it comes to originating loans.
Today's mortgage professionals need to find new ways to provide value to a small borrower base in a sluggish economy. The days of order-taking are over. It's a new day that demands innovation, building long-term relationships, specializing in niche markets, diversifying services and looking at social media strategies to connect with consumers.
Nation-wide, Basic, Uniform Criteria for
Licensing Arizona, in complying with the Federal S.A.F.E. Act, now requires all loan
originators (LO) who work for mortgage brokers, mortgage bankers and
consumer lenders to have an Arizona LO license and to obtain a unique
identifier in the NMLS, the "common computer system/record keeper",
if you will, of all the states. Each state enacted laws using
the S.A.F.E. Act model, yet still maintained its own unique statutory climate,
some more onerus than others. There are stricter standards in
place for staying in the business and higher standards for new people entering
the industry. This obviously has had the effect of weeding out many of
those who gave this industry a bad name during the prosperous times.
The positive effect is that consumers will be dealing with more professional, experienced and better-screened mortgage loan originators. For those sticking it out, it means there'll be less competition in the market.
Broker Model in Transition Given all the changes hitting the industry, it's not an exaggeration to say that the broker model is undergoing significant change. With fewer "true brokers" in the market, and with many brokers going to work for banks, the new association name opens the door for more involvement and participation by a broader group of mortgage professionals. This is certainly reflected in the successful and recent collaboration between AzAMP and AMLA. Together, we have a stronger voice.
New game. New name. Be a part of the winning team!
AAMB has been receiving lots of calls recently from people wondering how much it'll cost to get licensed under the new SAFE Act requirements for Mortgage Loan Originators.
Here's an approximate break-down of what someone can expect to pay in total. Please be sure to conduct your own research as these amounts could change and certainly vary depending on your education choice.