Katrina has changed the outlook for the economy in the current quarter. Higher energy prices will lift the overall inflation higher and are likely to feed into core inflation somewhat, at least temporarily. The consensus forecast for economic growth of more than 4 percent prior to Katrina has now been lowered but is still higher than the 3.3 percent growth of the last quarter.

Higher energy prices are likely to slow consumption spending growth and manufacturing activity in the coming months. Reconstruction activity should largely offset those negative impacts later in the year and early next year, however.

Last week’s economic reports were generally weaker than expected, especially, with regards to the manufacturing sector. Factory orders declined sharply in July and manufacturing activity unexpectedly slowed in August. Although August non-farm payroll gain of 169,000 was below expectations, upward revisions of the previous two months put the three-month average gain at a strong pace of 195,000. 

The manufacturing sector continued to experience job losses in August, however, with a total job loss of 51,000 since the beginning of the year. Friday’s Boeing strike adds an additional downside risk to the manufacturing sector, if a quick resolution is not found. 

The renewed decline in long-term yields started around mid-August as oil prices began to rise sharply. On Wednesday, the yield on 10-year Treasuries flirted with 4.00 percent prompted by weaker-than-expected data and surges in gasoline prices.  The yield remained at 4.02 percent through Thursday. 

The generally upbeat employment report caused the yield to edge up on Friday to 4.05 percent, but it settled at 4.02 percent by mid Friday afternoon. The fed funds futures market also anticipates that the Fed will be less aggressive in its tightening this year. The futures market currently expects the rate to reach between 3.75 and 4.00 percent by year end, compared with the expected year-end rate of between 4.00 and 4.25 percent earlier in the week.

This week’s economic calendar is very light, with no major market-mover indicators.  The Fed will release the Beige Book—a general report on economic conditions of the Fed’s districts (Wednesday). Of interest is second quarter productivity and cost (Wednesday) as well as import prices (Friday). Economic data should take a back seat to ongoing impacts of Katrina on energy markets.

(Orawin Velz is director of economic forecasting in the Mortgage Bankers Association’s economics and research department. She provides commentary and analysis on key monthly economic indicators. She can be reached at ovelz@mortgagebankers.org.)
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Tulsa, Okla.-based Williams & Williams is the nation’s leading provider of auction marketing services for the real estate and financial industries. The company’s Real Estate Owned (REO) division sells pre- and post- foreclosure properties on behalf of mortgage investment and servicer clients in all 50 states, using current market value (CMV)-driven, ‘on-site’ auction processes.

Williams & Williams’ REO division was created in 2003 and rapidly grew, today selling hundreds of residential and commercial properties each month. In its first year, the REO division signed more than a dozen of the nation’s top 20 financial institutions. The company sales process offering is based upon a ‘dynamic pricing’ strategy which guarantees that both the highest and best market values are achieved for their customers within an average of 32 days on market.

As of the third quarter this year, Williams & Williams has also reached an average 26-day closing average. Additionally, the company delivers an average seller approval and monthly turn ratio of more than 92 percent, bringing its customers increased liquidity and ROI on all REO disposition needs, as well as increased market transparency and reporting.

Other Williams & Williams divisions include Open Lands Inc., a real estate investment firm specializing in nationwide rural property preservation which has directly invested more than $250 million in restricted development properties throughout North America; and Premiere Properties, the retail brokerage division for distinctive residential, farm, ranch and commercial properties on behalf of more than 5,000 individual sellers nationwide. For more information about the company and its products, visit the Web site at www.williamsauctions.com.

Key personnel include:

Dean Williams, CMB, CEO/president. Williams served as general counsel and COO from 1986-1990 and CEO from 1991-2000 before becoming President in 2001. He is an honors graduate of Western Illinois University (B.A., M.A.), Georgetown University (J.D.) and is a licensed real estate broker 38 states.  Williams has been awarded the Certified Mortgage Banker (CMB) designation from the Mortgage Bankers Association and was selected this year for its Future Leaders Program. He is a director for the Oklahoma Mortgage Bankers and member of the Tulsa County, Okla., and American Bar Associations.

Elsa Lewis, director of business development—corporate division. Prior to joining Williams, Lewis was director of business development for both Naperville, Ill.-based Worldzen Collection and Recovery LLC and First Credit Solutions/MidFirst Bank, a Tulsa, Okla.-based financial institution. A 27-year veteran of the real estate and financial industries, Lewis has assisted national lenders and servicers successfully analyze, acquire and liquidate mixed types of asset portfolios. She earned her bachelor of science degree in organization leadership and MBA from Edmond, Okla.-based Southern Nazarene University. 

Pam McKissick, COO.  Responsible for managing all company operations: Auction operations, asset management, marketing, finance, IT and legal. Prior to joining Williams & Williams, McKissick was president & COO of TV Guide Television Group, a major cable network with distribution throughout the U.S.  Previously, McKissick served as partner/executive producer in Los Angeles-based McKissick Gregory Productions, a production company specializing in Movies of the Week and theatricals. Additionally, McKissick held several positions for The Walt Disney Co. Her titles included vice president of Network Specials for the Disney Studios, and director of Creative Services for Walt Disney World/Epcot Center. McKissick is a graduate of New York-based American Academy of Dramatic Arts and earned her bachelor of arts degree Jacksonville University.

Q:  What trends are your company positioning for in the next few years?

WILLIAMS:  We see two, both related to Default Servicing.  First, a shift in responsibility from borrowers to lenders for achieving Voluntary Workouts (i.e. Short Sales) pre-foreclosure.  With potential increases in foreclosures as a result of loans from the 2001-2004 financings boom reaching prime default years and macro economic issues (i.e. equity via appreciation unable to keep pace with household debt), consumers and housing authorities may increases the loss and/or penalties to Lenders who fail to more creatively resolve default prior to foreclosure.  Early signals could include increased property abandonment, bankruptcies, lengthening post-foreclosure redemption periods, and other state/city regulated foreclosure delays and costs.  Second, a shift away from measuring Real Estate Owned (REO) disposition results on a gross price achieved within ‘reasonable’ turn rates (i.e. 150 day averages), to a more analytically transparent ROI based upon the net proceeds equivalent of competing disposition strategies and/or providers.
 
Q: Where do you see your company in five years?

WILLIAMS: Within the mortgage banking industry, we will be servicing two primary roles that will both substantially increase ROI for loan investors: increasing the volume of pre-foreclosure workouts (and by reference, radically decreasing the volume of foreclosures), and improving the financial performance of REO disposition.  We will have continued to lead on the emerging use of auction technology and processes for enhancing the liquidity of real estate in the U.S., with increasing opportunities for expanding these services abroad. 

Q: What is the single most important issue facing your company right now?

WILLIAMS: Long -mbedded U.S. traditions of offering real property only via an ‘asking price’ and MLS, have ensconced many sellers from competitive alternatives.  In offering a paradigm shifting service (immediate real estate liquidity for current market values), many servicers still struggle with whether to launch an internal data analysis of comparative results.  Some existing stakeholders are likewise threatened by the possibility of change relative to faster and less costly real estate transactions.
 
Q: Why did your company join the Mortgage Bankers Association?

WILLIAMS: It is, or should be, the leading voice relative to real estate finance in the United States.  And as this relates to private property ownership and the responsibilities and opportunities attendant thereto, the MBA is perhaps the perfect platform from which to discuss the most basic issues surrounding real property and the needs of buyers and sellers.

Q: What advantages does your company's MBA membership give you?

WILLIAMS: Access to educational materials and discussions; industry networking via professional conferences; and forums for debate and leadership, all surrounding real estate finance and property ownership.

(For more information about MBA Premier membership, contact Leah Logan at 202/557-2752 or llogan@mortgagebankers.org.)
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He joins John Connelly, a former chairman of the board of the Federal Home Loan Bank of Pittsburgh; John McKenney, senior vice president and chief credit officer with Alliance Bankshares Corp. of Virginia; and Richard Swanson, former CEO of HomeStreet Bank in Seattle.

Steve Williams has been named to succeed James Dalton as president of GMAC Commercial Mortgage Europe. Dalton announced plans to retire from the company, effective September 30. He will continue his role as director of GMACCM Europe’s affiliate, Dublin-based GMAC Commercial Mortgage Bank Europe Plc., a position he has held since 2001.

Williams, presently an executive vice president of for GMACCM Europe, joined the company in 2000. Based in Europe since 2001, Williams has also worked in the company’s home office in the U.S. In addition to overseeing the company’s lending and investment activities, Williams has been responsible for GMACCM Europe’s distressed debt acquisitions, joint ventures and special servicing operations throughout Europe, including emerging markets.

Williams’ experience prior to joining GMACCM includes establishing a platform in Asia for investing in non-performing loans and servicing NPL investments. He also managed five offices of a distressed debt investment company in the U.S. and worked for the Resolution Trust Corp.

GMAC Mortgage, Horsham, Pa., announced the appointment of several executives to new posts within the company’s senior management structure.The appointments include:

• Ralph Hall as the chief operating officer for business operations.  Hall will oversee GMAC Bank, business lending, capital markets and information technology functions. 

• Jim Hillsman as chief operating officer for consumer operations.  He will be responsible for leading the company’s consumer lending business (including the GMAC Mortgage and ditech.com brands) and national loan administration capabilities.  Hillsman will also be responsible for managing GMAC Mortgage’s servicing assets.

• Dave Bricker as chief financial officer.  Bricker will oversee the company’s finance organization, accounting, reporting and analysis, treasury and tax functions. 

• Jim Whitlinger as senior vice president and chief accounting officer. He will be responsible for all accounting functions for GMAC Mortgage, leading a team of more than 80 associates. 

• Scott Griffith as vice president and managing director of servicing valuation and analytics, leading 17 professionals in this department. 

Radian Asset Assurance Inc., New York, announced the appointment of Jack Praschnik as senior vice president and head of its global structured products group. Since 2003, Praschnik had been senior vice president and head of global strategies at Radian. He will continue to manage this function.

Praschnik’s previous experience includes more than 14 years developing and leading risk management and strategic planning groups, creating risk management policy and analyzing economic risk. He spent several years at MBIA Insurance Corp. as managing director, portfolio risk management where he was responsible for measuring and managing the risk of MBIA's insured portfolio. He began his career as an assistant professor of economics at the University of Western Ontario. 

Pro-Teck Services LTD, Waltham, Mass., announced the following internal promotions:

• Luc Levensohn has been promoted to vice president of operations. He joined Pro-Teck five years ago and most recently held the position of vice president of information technology. He will have responsibility for all operations including vendor management, account management and quality control.

• Chris Carey has been promoted to vice president of information technology.   He previously served as Pro-Teck's IT manager, where he led development of Pro-Teck's collateral valuation platform, ProValue. Chris will now have full responsibility for all IT development and systems and will join Pro-Teck's senior executive team.

Mike McCullough, director of HUD's Office of Multifamily Development, resigned to accept another position outside of the department. Joe Malloy, deputy director, is the acting office director.

RiskBusiness, London, appointed Duncan Wilson as executive director responsible for Europe. He was formerly global head of operational risk management at BNP Paribas. RiskBusiness also appointed Hansruedi Schütter as executive director for Asia and the Middle East.

Secured Funding, Costa Mesa, Calif., appointed Phil Dandridge as chief financial officer.  Dandridge is responsible for capital formation, budget and financial plans and managing the accounting division.

Dandridge, with more than 20 years of financial industry experience, spent the past seven years with Edison International, where he was the CFO of Edison Capital. Prior to Edison Capital he worked for more than 17 years with the McDonnell Douglas/Boeing organization in a number of positions. 

Mortgage Builder Software Inc., Southfield, Mich., announced the additions of Wendy Bennetts to the customer support team and Robert Balousek to Web development. 

Bennetts is responsible for training clients on the functionality of the Mortgage Builder system from implementation to daily operations.  She also works with programmers on enhancements and compliance changes, as well as customizing the software for specific client needs.  Prior to joining Mortgage Builder, Bennetts was an on-site representative for First American National Lender’s Advantage, where she acted as a liaison for specialized programs. 

Balousek is responsible for enhancing Mortgage Builder’s existing retail and wholesale Web site products that integrate into the Mortgage Builder system. He is also responsible for customizing these products to meet specific customer needs. 
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From the drop-down menus at the top of the page, select “housing,” “finished structure” and “apartment.” 

Click "continue."
 
Enter a brief, general description of the apartment unit the dates it is available the address the specific number of bedrooms and bathrooms in the unit and other considerations, such as whether it has an elevator, is handicapped accessible or allows pets.

NMHC noted that the information at SWERN.gov should supplement, not replace, other FEMA and local efforts. Anyone asked to submit this information to FEMA or local authorities should continue to submit the information there, Bibby said.
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Programs with an MIP of 45 basis points, reduced from FY2005 levels, include:

• All programs with Low Income Housing Tax Credit (LIHTC) equity
• Section 207/223(f)
• Section 223(a)(7)

Click here to view the entire text of the Federal Register notice or go to the Mortgage Bankers Association's Web site at www.mortgagebankers.org.
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Regulatory risks for the mortgage company are a significant and growing. In recognition of their increasingly important role, CampusMBA, the education arm of the Mortgage Bankers Association,  has developed the Advanced Regulatory Compliance Institute (http://www.campusmba.org/index.cfm?STRING=content.cfm?section=488) to foster the senior compliance officer's development. This two-day program, which takes place September 20-21 in Atlanta, is designed for the seasoned compliance professional.

The program will address important topics in compliance management and compliance performance and will allow peers to share information on what works. The program inlcudes a one-hour session that will cover other timely and relevant topics in compliance. The program will consist of four main topics, covered in three-hour sessions, designed to delve deeper into the important issues of the compliance professional.

The four main topics include:

• Fair Lending Performance: In September, the new and expanded HMDA data will be released. In this section, instructors will look at key issues surrounding the fair lending topic including HMDA data analysis, fair lending testing, and hot topics in fair lending.  

• Regulation Z 401: Like the name implies, this section will take a look at the more difficult questions in Regulation Z. Case studies and peer information sharing will facilitate the learning.  

• AML For Mortgage: Anti-money laundering is clearly a focus of regulators, the congress, and the media. Ensuring your program is on the leading edge of AML for monitoring and reporting is critical.  In this section, instructors will explore how Anti-money laundering applies to all aspects of mortgage banking.  

• Idea Exchange, Best Practices in Compliance Management: This facilitated session will seek to pull best practices from the compliance professionals present in the areas of compliance training, compliance monitoring, and compliance procedures.

Matt Schriner is the lead instructor for the program. Schriner is the managing director of risk management with Alex Sheshunoff Management Services L.P. He has 15 years experience in assessing and managing financial institutions’ risks as a banker, a regulator, and as a consultant. Compliance experts employed by the industry's leading mortgage lenders will also be present to assist in instruction.

Attendees of this event will learn new best practices for strong compliance performance, the most common violations cited by regulators, and the top 10 issues for class action litigation. In addition, attendees will leave with the knowledge needed to build their own quality compliance program.

This program is designed for compliance officers and managers, quality control specialists, consultants, internal auditors, attorneys, operations managers and regulators. Attendees must have five years experience as a compliance professional, or have previously attended CampusMBA's Regulatory Compliance Institute.

Attendees of this event will earn four points toward CampusMBA's Certified Mortgage Banker (http://www.campusmba.org/index.cfm?STRING=cmb_content.cfm&promo_code=IC00007) and Certified Mortgage Technologist (http://www.campusmba.org/index.cfm?STRING=content.cfm?section=142) designations.

Registration for MBA Members is $995, $1,800 for Nonmembers. The registration fee includes all training materials, seminar tuition, refreshment breaks, and lunch on Days 1 and 2. The course number is E2501845. To register, go to http://store.mortgagebankers.org/ProductDetail.aspx?product_code=E2501845%2fREGIS; go to the registration form at http://www.campusmba.org/pdf/regform_classroom_2003.pdf; or call (800) 348-8653. For more information, email CampusMBA at campusmbaeducation@mortgagebankers.org.
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Congress

MBA Encourages Members to Offer Relief from Hurricane Katrina
President Bush declared parts of Louisiana, Mississippi, Alabama and Florida federal disaster areas due to Hurricane Katrina.  In response to the devastating effects of the hurricane, the Mortgage Bankers Association urges its member mortgage companies to offer mortgage relief to borrowers who have lost their homes, suffered damage to their properties or incurred a loss of employment due to damage to their workplaces. 

Fannie Mae, Freddie Mac, FHA, Ginnie Mae and the Veterans Administration allow for disaster relief that includes temporary suspension or reduction of mortgage payments, or, in certain cases, modification of the terms of the existing mortgage. MBA asks that lenders and servicers consider implementing these options for affected borrowers, if this has not already been done.

During these trying times, individual homeowners may feel overwhelmed by the issues they must address, the emotional toll of losing their homes, and the financial hardship the events have imposed.  Therefore, MBA encourages its members to reach out to potentially affected customers to inform them of the relief options available to them and to assist them where possible.

Attached are announcements provided by Freddie Mac, Fannie Mae, FHA, Ginnie Mae and the VA concerning their disaster relief and/or claim payment policies. Additionally, the Office of Thrift Supervision, the Federal Deposit Insurance Corp. and other federal banking agencies have issued guidance urging that their member banks do what they can to assist in the process.

For more information, please contact Vicki Vidal at (202) 557-2861 (vvidal@mortgagebankers.org).

FHFB Issues Anti-Predatory Lending Guidance
Late last week, the Federal Housing Finance Board's Office of Supervision distributed an advisory bulletin to guide the 12 Federal Home Loan Banks (FHLBs) in developing anti-predatory lending policies for their mortgage and advance programs. 

The chairman of the FHFB, Ronald Rosenfeld, had been asked by Sen. Paul Sarbanes, D-Md., to look into anti-predatory lending policies when Rosenfeld testified before the Senate Banking Committee earlier this year.

Earlier this year, MBA staff met with Rosenfeld and with Office of Supervision Director Steve Cross to discuss anti-predatory lending guidance and to support the objective while emphasizing that measures based on FHLB receipt of member representations and warranties would be effective while not hampering the programs. MBA also expressed the view that individual Banks should be allowed to develop policies tailored to the membership needs of each individual Bank.

The Advisory Bulletin directs each Bank by December 31, to review its current policy in the context of the OCC, OTS and other existing policies, and to augment its mortgage and advance program requirements where necessary.  Four areas were specifically highlighted for consideration:  1) HOEPA mortgages, 2) prepaid single-premium insurance, 3) prepayment penalties, and 4) mandatory arbitration. 

For more information, please contact Kathy Gibbons at (202) 557-2870 (kgibbons@mortgagebankers.org).

MORPAC at MBA's 92nd Annual Convention & Expo
MBA's 92nd Annual Convention & Expo will take place in Orlando from October 22-26.  MORPAC, MBA's political action committee, has three exciting events planned: a golf tournament, a luncheon honoring Chairman-Elect Regina Lowrie, CMB, and a reception.

MORPAC Golf Tournament
Ameriquest is sponsoring this year's MORPAC Golf Tournament, which will kick off with a shotgun start at 8:00 a.m. on Saturday, October 22, at the Grand Cypress Golf Course in Orlando. Check in for the tournament will be at 7:15 a.m. 

The award winning, Jack Nicklaus-designed Grand Cypress Golf Club offers players at all skill levels a truly grand playing experience.  Please note that this event is not a scramble; participants will be grouped according to handicap. 

Please register for this event by October 14.  To register, complete the attached form (please include your handicap) and fax back to MBA at (202) 721-0251, attention Mary Goldsmith.

MORPAC Luncheon
In addition to the golf tournament on October 22, Ameriquest is also sponsoring the MORPAC Luncheon honoring incoming MBA Chairman Regina Lowrie, CMB on Tuesday, October 25 at 12:30 p.m.  In appreciation of Lowrie's dedication and future leadership as the first woman to chair MBA, we hope that women members of MBA will join us in honoring her at this special MORPAC luncheon at the Walt Disney World Dolphin Hotel. 

Please register for this event by October 14. To register, please complete the attached form and fax back to MBA at (202) 721-0251, attention Mary Goldsmith.

MORPAC Annual Convention & Expo Reception
Finally, on Sunday, October 23, MORPAC will host its annual reception from 5:00-6:00 p.m. During the reception, representatives from the small, medium and large member companies that ran the most successful MORPAC company campaigns as of October 1 will be presented with a football signed by former NFL player Steve Young. The reception will take place at the Walt Disney World Dolphin Hotel in the Australia 3 room on the lobby level.

For more information about MORPAC, please contact Julie Eddy at (202) 557-2808 (jeddy@mortgagebankers.org).

MBA to Host Legal Issues and Regulatory Compliance Conference
On September 7-9, MBA will host its annual Legal Issues and Regulatory Compliance conference in Washington, D.C.  The conference will cover a wide range of topics, including Fair Credit Reporting Act (FCRA), fair lending, Home Mortgage Disclosure Act (HMDA), Home Ownership and Equity Protection Act (HOEPA), licensing, mortgage fraud protection, predatory lending protection, privacy, Real Estate Settlement Procedures Act (RESPA) and Truth-In-Lending Act(TILA)

For more information, or to register for the conference, visit the Conference Web site, http://events.mortgagebankers.org/regcomp2005/default.html.
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Upcoming Report/Events:

Sept. 7-9: MBA Regulatory Compliance Conference, Washington, D.C.
Sept. 7: MBA Weekly Application Survey
Sept. 7: Productivity and Costs, Bureau of Labor Statistics
Sept. 7: Beige Book, Federal Reserve
Sept. 8: Wholesale Trade, Commerce Department
Sept. 8: Consumer Credit, Federal Reserve
Sept. 9: Imports/Exports, Commerce Department
Sept. 11-13: MBA Document Custody Conference, Miami Beach, Fla.
Sept. 13: Trade Balance, Commerce Department
Sept. 13: Monthly Treasury Statement
Sept. 14: MBA Weekly Application Survey
Sept. 14: Advance Retail Sales, Commerce Department
Sept. 14: Industrial Production and Capacity Utilization, Commerce Department
Sept. 15: Business Inventories, Commerce Department
Sept. 15: Consumer Price Index, Labor Department
Sept. 18-23:  Campus MBA School of Mortgage Banking Course II, San Diego
Sept. 19-20: MBA Quality Assurance Conference, Chicago
Sept. 19: NAHB/Wells Fargo Housing Market Index, National Association of Home Builders
Sept. 20: New Residential Construction, Commerce Department
Sept. 20-21:  CampusMBA: Handling Fraud Files, San Diego – NEW
Sept. 20-21: CampusMBA: Advanced Regulatory Compliance, Atlanta
Sept. 20: Federal Open Market Committee
Sept. 21: MBA Weekly Application Survey
Sept. 21: MBA MAP Issues Roundtable, Washington, D.C.
Sept. 22: Composite Indexes, The Conference Board
Sept. 26: Existing Home Sales, National Association of Realtors
Sept. 27: Revised Building Permits, Commerce Department
Sept. 27: New Residential Sales, Commerce Department/HUD
Sept. 27: Consumer Confidence, The Conference Board
Sept. 28: MBA Weekly Application Survey
Sept. 28: Advance Durable Goods, Commerce Deparment
Sept. 29: Gross Domestic Product, Bureau of Economic Analysis
Oct. 6-7:  CampusMBA: The Next Step in Combating Mortgage Fraud, San Antonio, Texas
Oct. 6-7:  CampusMBA: Best Practices – Loan Administration Workshop, San Antonio, Texas
Oct. 21-22: MBA State & Local Workshop, Orlando
Oct. 23-26: MBA Annual Convention & Expo, orlando
Nov. 1: Federal Open Market Committee
Nov. 1-2:  CampusMBA: Real Estate Appraisal for Mortgage Lenders Workshop, Chicago
Nov. 3-4: CampusMBA SPeRS and MISMO Workshop, Washington, D.C.
Nov. 6-11: CampusMBA School of Mortgage Banking Course I, Tampa, Fla.
Nov. 7-9: MBA Accounting, Tax & Financial Analysis Conference, Boca Raton, Fla.
Nov. 8-9:  CampusMBA: The Executive Institute: Market Analysis Workshop, Washington, DC
Nov. 8-11: CampusMBA Regulatory Compliance Institute, Denver
Nov. 10-11: MBA Residential Underwriting Conference, Coronado, Calif.
Nov. 24: Thanksgiving Holiday
Nov. 30 MBA Legal Issues in Mortgage Technology Conference, San Diego
Dec. 4-9:  CampusMBA School of Mortgage Banking Course II, Las Vegas
Dec. 7-9: CampusMBA eMortgage Workshop, Las Vegas
Dec. 7-9:  CampusMBA Underwriting University, Miami
Dec. 13: Federal Open Market Committee
Dec. 25: Christmas Holiday (official)
Dec. 26: Christmas Holiday (observed)

2006
Jan. 1: New Years Holiday (official)
Jan. 2: New Years Holiday (observed)
Jan. 8-13: CampusMBA School of Mortgage Banking I, Dallas
Jan. 22-27: CampusMBA School of Mortgage Banking III, San Francisco
Jan. 29-Feb. 3: CampusMBA School of Mortgage Banking II, Phoenix
Feb: 5-8: MBA Commercial Real Estate Finance/Multifamily Housing Convention & Expo, Orlando
Feb. 7-8: CampusMBA Executive Institute--Valuation Issues Workshop, Miami
Feb: 14-17: Servicing Management Workshop, Phoenix
Feb: 14-17: MBA National Mortgage Servicing Conference & Expo, Phoenix
March 21-22: MBA National Policy Conference, Washington, D.C.
March 29-April 1:  MBA National Technology in Mortgage Banking Conference, San Diego
April 30-May 5: CampusMBA School of Mortgage Banking Course II, Long Beach, Calif.
May 7-10:  MBA National Secondary Market Conference, Chicago
May 16-19:  MBA Commercial Asset Administration Conference, New Orleans
June 11-14: MBA Presidents Conference, Half Moon Bay, Calif.
June 20-21: CampusMBA Executive Institute--Mortgage Business Professional Issues, TBD
Sept. 17-19: MBA Document Custody Conference, Seattle
Sept. 26-27: MBA Quality Assurance Conference, Coronado, Calif.

Information about MBA Events can be found at the MBA Web site, www.mortgagebankers.org; and at the CampusMBA Web site, www.campusmba.org.
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