The House hearing, chaired by Rep. Robert Ney, R-Ohio, is designed to spotlight critical housing needs in the aftermath of Hurricane Katrina. According to HUD and the Rural Housing Service, 1.2 million people who receive some form of assistance for housing have been affected by Hurricane Katrina, including 40,000 people in New Orleans. The Mortgage Bankers Association estimates that nearly 360,000 residential mortgages on housing throughout the affected region could be at risk.

Testifying on behalf of MBA at today’s hearing is J.K. Huey, senior vice president with IndyMac Bank, Pasadena, Calif., and Chairperson of MBA’s Residential Loan Administration Steering Committee. Huey’s testimony is expected to outline the mortgage industry’s response to Katrina in the affected areas and to make recommendations for expediting assistance, including lifting of federal restrictions on housing programs that could limit the industry’s ability to assist.

“In the aftermath of Hurricane Katrina, federal, state and local governments now face the task of coordinating the relocation of thousands of individuals and families whose lives have been uprooted and homes have been lost,” Ney said. “While the recovery effort continues, we must begin to examine the range of short-and long-term housing issues that will need to be addressed in the weeks and months ahead.”

MBA has conducted the National Delinquency Survey, the most comprehensive mortgage delinquency survey in the country, on a quarterly basis since 1953. The survey covers more than 39 million loans on one-to-four-unit residential properties, representing more than 80 percent of all first-lien residential mortgage loans outstanding in the U.S.

The NDS provides delinquency and foreclosure rates at the national, regional and state levels. Rates are reported by length of delinquency (30 days, 60 days, 90 days or more), type of loan (prime, nonprime, FHA and VA), and for fixed-rate and adjustable-rate mortgages.

Doug Duncan, MBA's chief economist and senior vice president, will provide analysis on the data. A news conference will take place at 1:30 p.m. EDT; MBA NewsLink will provide complete coverage.

Also scheduled to testify at today’s House subcommittee hearing:

•  Henry Alvarez III, president and CEO of the San Antonio Housing Authority, on behalf of the National Association of Housing and Redevelopment Officials;

•  Sharon Daly, senior policy advisor with Catholic Charities USA;

•  Kay Miller, president of The Miller Group, Shreveport, La., testifying on behalf of the Council for Affordable and Rural Housing;

•  Nan Roman, president, National Alliance to End Homelessness;

•  David Roberson, president and CEO of Cavalier Homes Inc., Addison, Ala., testifying on behalf of the Manufactured Housing Institute and Manufactured Housing Association for Regulatory Reform;

•  Barbara Thompson, executive director of the National Council of State Housing Agencies;

•  David Wilson, president of the National Association of Home Builders;

•  Clanton Beamon, executive director of Delta Housing Development Corp., Indianola, Miss., testifying on behalf of the National Rural Housing Coalition;

•  Jeff Brodsky, president of the National Multi Housing Council and National Leased Housing Association;

•  Ellen Lee, deputy executive assistant for neighborhood development with the City of New Orleans, testifying on behalf of the National Community Development Association;

•  Judith Kennedy, president and CEO of the National Association of Affordable Housing Lenders; and

•  Michelle Norris, senior vice president with the American Association of Homes and Services for the Aging.

MBA and its members urge consumers to call their servicer to confirm the length of the grace period and to discuss additional or long-term solutions. MBA is working with federal, state and local organizations to get this information out on Web sites and distributed to shelters. MBA is also posting information on charity and other private sector Web sites as it sends out public service announcements in newspapers across the country.

Mortgage bankers  will assist borrowers in making contact with their hazard and flood insurance companies. Given the expected length of time it may take for those hardest hit by the hurricane to recover, MBA said mortgage bankers will re-evaluate their policies periodically to determine their appropriateness.

Most lenders have toll-free phone numbers for consumers to call. A list of top mortgage servicers that are servicing loans in the affected areas is attached and can be also found on MBA’s Web site at www.mortgagebankers.org and www.homeloanlearningcenter.com.
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The sharp decline in auto sales was off an incentive-boosted surge in July, however. Excluding autos, sales increased by 1.0 percent. Year-over-year sales growth remained strong at 7.9 percent, albeit moderating from the strongest year-over-year increase in eleven years of 10.4 percent in July.

Except for the weak sales at department and apparel stores, other retailers including catalog and e-commerce retailers, furniture and building material stores posted strong growth in sales. Despite rising gasoline prices, consumer spending remained healthy in August. However, this report contains no information on consumers’ response to Hurricane Katrina, which caused a spike in gasoline prices to more than $3.00 as well as job losses from displaced workers in the region.

In another report, industrial production—output at factories, mines and utilities—increased by 0.1 percent in August. Much of the weakness was related to Hurricane Katrina, which disrupted oil and gas extraction, chemicals manufacturing and petroleum refining on the Gulf Coast at the end of the month. The Federal Reserve estimated that without the storm, industrial production growth would have been 0.4 percent.

Katrina’s impact on industrial production will be larger in the coming months. Higher energy prices should also weigh on industrial production in the near term. By the end of the year and early next year, however, industrial production should get a boost from rebuilding efforts. The rebuilding of damaged homes is expected to boosted production of durable goods, such as appliances, autos and heating equipment, keeping manufacturing output growth healthy going forward.

Long-term yields declined in the morning but rebounded in the afternoon, as the federal funds futures market continued to indicate that the Federal Open Market Committee will raise the funds rate at its meeting next Tuesday. The yield on 10-year Treasury notes rose by two basis points from Tuesday close to 4.16 percent by mid Wednesday afternoon.

(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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The study suggests that to boost Hispanic homeownership rates, mortgage loan interest rates must remain at low levels; Hispanics must continue to make substantial gains in population, education, income; and the housing industry, in turn, must accurately measure the credit worthiness and the capacity of Hispanics to save, the study said.

"The results of this study are important because it provides a comprehensive view on everything being done that touches upon Latino homeownership, and presents it as a one-stop shop of findings and recommendations," said Esther Aguilera, CHCI president and CEO.

The study focused on 63 Congressional Districts across the U.S. and Puerto Rico. Crediting the housing industry in assisting more Latinos become homeowners through new flexible mortgage loan products, and information on financial homeownership assistance from local and state governments for eligible low- and moderate-income individuals and families. The study also indicated that the mortgage industry's response of hiring an increasing number of bilingual and culturally-sensitive housing professionals who can gain the trust of thousands of prospective new Latino homebuyers, has helped increase Hispanic homeownership.

An effort to expand Hispanic homeownership opportunities by assisting military service members enter the mortgage finance industry was created by The United States Department of Defense Reserve Forces Policy Board, the Mortgage Bankers Association, National Association of Hispanic Real Estate Professionals, National Puerto Rican Coalition, Univision and Freddie Mac, along with Branch Banking & Trust (BB&T), CitiMortgage, GMAC Mortgage and U.S. Bank Home Mortgage. The program, WELCOME HOME provides a tuition-free Internet based training program designed by MBA to prepare past and present Spanish-speaking members of the armed forces for post-service careers in all phases of the residential and commercial lending industry.

The study forecasts that 60 percent of Latinos will own their homes by the year 2010. The study also stated that Hispanics represent an increasing portion of the age group where most home sales occur between 26 to 46 years of age. There have also been income gains increasing 80 percent from 1980 to 2000 with annual incomes over $40,000.

However, the study said that the findings indicate that despite these good-faith efforts by the mortgage industry, the lack of special attention or "hand-holding" reinforce Hispanics' fear and mistrust of mainstream institutions due to predatory lending practices, pressures to purchase, complex home buying procedures and lack of flexible and quality loan products.

Because of its rapid growth, the U.S. Hispanic community is expected to become a key factor in household growth over the next decade. The result will be that more Latinos will become first-time homebuyers than any other ethnic group. 

MBA also launched a consumer Web site for U.S. Spanish speakers, www.Centrohipotecas.com, that provides information to help consumers understand all aspects of home buying and homeownership. The Web site will provide Hispanic consumers with information on the mortgage process; statistics on specific neighborhoods; an explanation of credit scores and how to improve them; finding a lender; and laws that protect consumer rights.

"Still at stake is the industry's ability to fully tap its most emerging consumer market and Hispanics' ability to realize the American dream of owning a home," said Ron Jauregui, a HOGAR fellow.

The study confirms prior findings that show that helping Hispanics understand the process may be what it takes to get more Latinos into homes, said the Congressional Hispanic Caucus Institute. "Many loan officers cannot take the time needed to serve their Latino customers and hold their hand through the process," said Alejandro Becerra, HOGAR Fellow. "This is because Latinos tend to apply for smaller loan amounts, take longer to process, and their loans are harder to close, on average."

The study recommends that because immigrants are expected to make-up a substantial percentage of the 14 to 16 million minority households by 2010, that there needs to be increased introduction of more flexible underwriting and credit scoring standards.

According to Becerra, "increasing a secondary market that will purchase mortgage loans sold to immigrants with an Individual Tax Identification Number is recommended to help the industry tap the significant 'new arrival' community."
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RREEF acquired the property from Post Properties for $132.5 million. The loan, secured by Post Village Apartments, was funded through assumption of three existing tax-exempt bonds totaling $47.5 million and issuance of a new $38 million taxable loan, structured as a Fannie Mae ARM. Bulls Capital Partners underwrote, closed and funded the transaction in 45 days.

Hank Harris, managing director of SunTrust Capital Markets, originated the loan. Herman Bulls, president and CEO of Bulls Capital Partners, said Bulls Capital assessed RREEF’s financing needs, evaluated numerous structuring alternatives and provided a financing solution through a "very demanding underwriting and closing schedule." Paul Berry of CB Richard Ellis represented RREEF in the transaction. 

Post Village Apartments, which will be renamed The Village of Lake Park, is in Cobb’s Cumberland/Galleria submarket. RREEF said the property will undergo a restoration. Post Properties built Post Village Apartments in five phases, from 1983 to 1988.  Post Village Apartments provides a mix of studio and one to three bedroom units, with an average size of 906 square feet.  Unit amenities include storage areas, fireplaces, patios or balconies and ceiling fans.

Property features include a leasing center, seven swimming pools, 11 tennis courts, car wash services, a dry cleaning drop off, on-site and a cardiovascular fitness center open to all residents. 

A separate fitness center encompasses 11,000 square feet and includes an indoor track, fitness equipment and aerobics room. Residents also have access to a 25 acre nature reserve and a 2.5 mile jogging trail.
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This designation, introduced in July 2004, is awarded to SOMB graduates. Since 1948, the SOMB has become the cornerstone of education in the mortgage banking industry. To earn the AMP designation, candidates must successfully complete SOMB Courses I, II and III.

"I am proud to congratulate each new AMP for their hard work and dedication to excellence," said MBA Chairman Michael Petrie, CMB, AMP, who was awarded the very first AMP designation for his graduation from the SOMB in 1989. "These professionals are the leaders in their field and set the standard for the industry."

More than 447 individuals have received the AMP designation. To learn more about the Accredited Mortgage Professional designation, visit www.campusmba.org or call (800) 348-8653.

The January 2005 class of AMP designees includes the following 15 professionals:

• Tish Burrell, AMP, Freddie Mac, McLean, Va.;
• Christi Fath, AMP, Freddie Mac;
• Michelle Hernandez, AMP, Freddie Mac;
• Charles Johanek, AMP, Freddie Mac;
• Cynthia, Lee, AMP, Freddie Mac;
• Jason MacGloan, AMP, Freddie Mac;
• Albert Maghamez, AMP, Freddie Mac;
• Ave Montague, AMP, Freddie Mac;
• Rebecca Myers, AMP, CitiMortgage Inc., Saint Charles, Mo.;
• Corey Newman, AMP, Freddie Mac;
• Ava Ottley-Rountree, AMP, Freddie Mac;
• Wanda Sanchez, AMP, HF Mortgage Bankers, San Juan, Puerto Rico;
• Blair Severe, AMP, Freddie Mac;
• Kelli Wagenhoffer, AMP, Freddie Mac; and
• Mark Zorger, AMP, Freddie Mac.

The April class of AMP designees includes the following 45 professionals:

• Timothy Almquist, AMP, Countrywide Financial Corp., Plano, Texas;
• Ann Ashburn, AMP, AmeriDream Inc., Gaithersburg, Md.;
• Sylvia Bakrevski, AMP, Countrywide Financial Corp., Calabasas, Calif.;
• Renee Bangerter, AMP, Countrywide Correspondent Lending, San Clemente, Calif.;
• Wendy Beach, AMP, ABN AMRO Mortgage Group, Ann Arbor, Mich.;
• Earl Brown, AMP, American Mortgage Planners, Laguna Niguel, Calif.;
• Sam Chazanow, CMB, AMP, Sussex Bank, Warwick, N.Y.;
• Angela Coleman, AMP, Green Park Financial, Laurel, Md.;
• Craig Eckes, AMP, RBS Greenwich Capital, New York;
• Adam Engelman, AMP, Chase Home Finance, Woodcliff Lake, N.J.;
• John Farrell, AMP, Colonial National Mortgage, Fort Worth, Texas;
• Gregory Fisher, AMP, GMAC Residential Funding, Costa Mesa, Calif.;
• Adriana Galeano-Tippner, AMP, Cigna Investments Inc., Hartford, Conn.;
• Naomi Gardner, AMP, GMAC Residential Funding, Walnut Creek, Calif.;
• Justin Gaul, AMP, GMAC Residential Funding, Bethesda, Md.;
• Patrick Glemser, AMP, GMAC Mortgage Corp., Horsham, Pa.;
• James Hagan, AMP, Fieldstone Mortgage Co., Irvine, Calif.;
• Cathy Hayes, AMP, Chase Home Finance, Columbus, Ohio;
• Jay Hernandez, AMP, First Collateral Services Inc., Concord, Calif.;
• Joseph Jarin, AMP, First Collateral Services Inc., Concord, Calif.;
• Catherine Jay, AMP, Access Mortgage Corp., Fort Walton Beach, Fla.;
• Jeff Lochmandy, AMP, NetBank Inc., Atlanta;
• Eduardo Lombardi, AMP, Centara Real Estate Services Inc, San Diego;
• Cheryl McKinney, AMP, Wells Fargo Home Mortgage, Springfield, Ill.;
• Guillermo Melgoza, AMP, First Collateral Services Inc., Concord, Calif.;
• Ken Nash, CMB, AMP, Triad Guaranty Insurance Corp., Winston Salem, N.C.;
• Robert Newman, AMP, AmeriDream Inc., Gaithersburg, Md.;
• Kumiko Nguyen, AMP, First Collateral Services Inc., Concord, Calif.;
• James Picard, AMP, GMAC Mortgage Corp., Anchorage, Alaska;
• John Reed, CMB, AMP, JC Reed & Co. Inc., Franklin, Tenn.;
• Chip Register, CMT, AMP, Netbank Inc., Columbia, S.C.;
• David Ristau, AMP, Office of the Comptroller of the Currency, Woodbury, Minn.;
• Sela Rogers, AMP, Ditech.com, Costa Mesa, Calif.;
• John Rush, AMP, United Mortgage & Loan Investment Corp, Charlotte, N.C.;
• Sue Sawicki, AMP, Chase Home Finance, Columbus, Ohio;
• Eric Schambow, CMB, AMP, Federal Home Loan Bank of Chicago;
• Matthew Sheedy, AMP, Prudential Insurance Company of America, Newark, N.J.;
• Julie Singalevitch, AMP, The First National Bank of Shelby, Kings Mountain, N.C.;
• Soco Swanson, AMP, Alpine Bank Of Illinois, Belvidere, Ill.;
• Robert Taylor, AMP, Greater Nevada Mortgage Services, Carson City, Nev.;
• Rommy Ulloa, AMP, Chase Home Finance, Columbus, Ohio;
• Wesley Waddle, AMP, Chase Home Finance, Marlton, N.J.;
• Jane White, CMB, AMP, GMAC Residential Funding, Minneapolis;
• Robert, Wilderotter, CRO, AMP, Real Estate Mortgage Network Inc, River Edge, N.J.; and
• Robert Woodall, CMT, AMP, Opteum Financial Services LLC, Duluth, Ga.

The August 2005 class of AMP designees includes the following 54 professionals:

• Michelle Apple, AMP, AIG United Guaranty, Greensboro, N.C.;
• Mike Arrigo, AMP, First American Real Estate Information Services Inc., Santa Ana, Calif.;
• Mark Berishaj, AMP, Prime Financial Group Inc., Bingham Farms, Mich.;
• Nitin Bhatt, AMP, Grant Thornton, Los Angeles;
• Michael Bonner, AMP, GMAC Commercial Holding Corp., Waterloo, Iowa;
• Virginia Brower, AMP, Wells Fargo Home Mortgage, Fort Mill, S.C.;
• Rose Burton, AMP, SunTrust Bank, Richmond, Va.;
• Jian Chen, AMP, Fannie Mae, Washington, D.C.;
• Alan Craib, AMP, GMAC Mortgage Corp., Costa Mesa, Calif.;
• Timothy Curtis, AMP, CitiMortgage Inc., Des Moines, Iowa;
• Sherron Davis-Minnick, AMP, First Collateral Services Inc., Concord, Calif.;
• Angela Dodson, AMP, Wells Fargo Home Mortgage, Springfield, Ill.;
• Charles Fagan, AMP, Grant Thornton, Irvine, Calif.;
• Sonya Faivre, AMP, Washington Mutual, Houston;
• Rian Furey, AMP, LendingTree Inc., Irvine, Calif.;
• Anne Giorno, AMP, Allstate Investments LLC, Northbrook, Ill.;
• Christopher Gleiter, AMP, First American Corp., Santa Ana, Calif.;
• Virgil Griffin, AMP, Freddie Mac, McLean, Va.;
• Jill Hamilton, AMP, New South Federal Savings Bank, Birmingham, Ala.;
• Melanie Jackson, AMP, Netbank Inc., Lexington, S.C.;
• R. Patterson Jackson, AMP, IndyMac Bank, Pasadena, Calif.;
• Allen Jones, AMP, Bank of America, Arlington, Va.;
• David Jones, AMP, GMAC Mortgage Corp., Costa Mesa, Calif.;
• David Konrad, AMP, Charter One Bank, Cleveland, Ohio;
• Joy Krause, AMP, First Collateral Services Inc., Concord, Calif.;
• James Krueger, AMP, Genworth Financial Inc., Raleigh, N.C.;
• Rajan Kumaralingam, AMP, Wells Fargo Home Mortgage, Frederick, Md.;
• Elizabeth Lee, AMP, First Savings Mortgage Corp., McLean, Va.;
• Preston Lee, AMP, Freddie Mac, McLean, Va.;
• Gordon Lin, AMP, Chevy Chase Bank FSB, Bethesda, Md.;
• Ann Magelinski, AMP, GM Capital Management LLC, Lake Worth, Fla.;
• Don Mann, AMP, Mann Financial Inc., Kalispell, Mont.;
• Jarred Marlin, AMP, Redwood Trust Inc., Mill Valley, Calif.;
• Kevin McKinney, AMP, First Collateral Services Inc., Concord, Calif.;
• Jonathan Miller, AMP, Paragon Lending Solutions Inc., Aurora, Colo.;
• Michael Molesky, AMP, Freddie Mac, McLean, Va.;
• Julieta Munoz, AMP, First Collateral Services Inc., Concord, Calif.;
• Stephen Nally, AMP, Freddie Mac, McLean, Va.;
• Michael Potts, AMP, National City Mortgage Co., Miamisburg, Ohio;
• Vicky Pruitt, AMP, AMCORE Mortgage, Rockford, Ill.;
• Charles Rainey, AMP, Federal Home Loan Bank of Indianapolis;
• Melanie Reid, AMP, SunTrust Mortgage Inc., Richmond, Va.;
• Laura Roberts, AMP, South Pacific Financial Corp., Rancho Cucamonga, Calif.;
• James Rogers, AMP, New South Federal Savings Bank, Birmingham, Ala.;
• Janice Shumaker, AMP, Community Bank of Mississippi, Jackson, Miss.;
• Mark Silva, ARO, AMP, Saxon Mortgage Inc., Glen Allen, Va.;
• Robert Simmons, AMP, First Collateral Services Inc., Concord, Calif.;
• Rick Strouse, AMP, First Magnus Financial Corp., Peoria, Ariz.;
• Cherise Teeson, AMP, New England Federal Credit Union, Williston, Vt.;
• Stanley Tucker, AMP, SunTrust Mortgage Inc., Richmond, Va.;
• Drew Van Meeteren, CMT, AMP, IndyMac Bank, Scottsdale, Ariz.;
• Felix Veski, AMP, First American Title Insurance Co., Santa Ana, Calif.;
• Sandi Wills, AMP, HomeStreet Bank, Seattle; and
• James Wolcott, AMP, First American Corp., Santa Ana, Calif.
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Hear from a diverse group of leaders who understand the intricacies of the real estate finance industry.  These sessions focus on government housing programs, diversity, emerging markets, and key legislative and regulatory issues.
  
Monday, October 24, 2:00 p.m.-3:15 p.m.
What's Going on with the Government Housing Programs?
Hear from and ask questions of program leaders as they work to create more affordable housing opportunities for all Americans while protecting consumers from mortgage fraud and abuse.
 
Mortgage Fraud Against Lenders: The Growing Threat to Lenders and Homeowners
The real estate finance industry has proven to be a backbone of the U.S. economy and homeownership is one of the keys to wealth for American families. Yet the fraudulent acts of a few can threaten the stability of the system for all. Mortgage fraud against lenders can be financially devastating to lenders and to consumers-putting the American dream of homeownership at risk.  This roundtable discussion focuses on the status of mortgage fraud and where the industry and government need to go next in combating this threat.
 
3:30 p.m.-4:45 p.m.
Why Diversity Matters: Important Business Rules and Reasons
Educating managers and staff on working effectively in a diverse environment helps everyone prevent discrimination and promote inclusiveness. There is evidence that managing a diverse work force well can contribute to increased staff retention and productivity. Join us for this roundtable discussion as we examine the issues surrounding diversity and share ideas that work.
 
Tuesday, October 25, 2:45 p.m.-4:00 p.m.
Customer Retention in a Shrinking Marketplace
As the refinancing tide has ebbed lenders have begun the search for new ways to increase production volumes and retain customers. Some of today's successful lenders are focused on effectively reducing portfolio runoff while others are adding multiple channels to capture greater market share. If lenders wish to hold on to profits generated through a healthy portfolio, figuring out ways to retain those borrowers should be a core initiative.

Emerging Markets Lending: Best Practices and Challenges
As population demographics change, the understanding of emerging markets plays a more vital role in the mortgage industry. Join our panel to learn about developing and executing effective strategies. Better understand challenges and best practices for reaching this increasingly important segment of our population.

Legislative and Regulatory Update
This panel session addresses the latest developments facing the industry on Capitol Hill and in the Bush Administration such as oversight reform of the Government Sponsored Enterprises, revitalization of the Federal Housing Administration, greater consumer protections to combat predatory lending, simplifying the mortgage process through RESPA reform, and other pressing legislative and regulatory issues.
 
11:00 a.m.-12:15 p.m.
Differentiating your "On-Brand" Experience for Improved Margin and Market Share
The greatest profitability in any industry comes from differentiation of services from those of your competitors. A buyer advocacy marketing and fulfillment program can bring greater market share, better consumer branding and higher quality margins. Panelists discuss innovative solutions for balancing the need for safety and soundness of valuation systems and at the same time addressing the profit and expansion of the mortgage lending business.

Register Today to hear about the latest Business Strategies
Join the largest gathering of residential real estate finance professionals at MBA's 92nd Annual Convention & Expo 2005.  The convention offers you strategies so you can adapt and adjust your business to thrive in a constantly changing marketplace.  While providing opportunities to network with your peers, the convention also offers the opportunity to gather valuable information on innovative business practices, learn about winning products and services, get updates on the latest technology, and to meet and exchange ideas with industry leaders.

For more information, visit the Convention Web Site at http://events.mortgagebankers.org/92nd_Annual/default.html.
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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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Thomas Evans

Evans: It is a surge of money, the likes I have never seen, that is going to have a real impact on the media business. Traditional money [is] leaving television, magazines and newspapers and heading to the Internet. And not dabbling in $2 to $3 million dollars. It is more like companies going from $10 million on the Internet to $100 million on the Internet year over year. I think it is having an impact on the newspaper and magazine business, a little bit of impact on the television business, but it is clearly having an impact on the Internet business. Those companies that have inventory, those companies that have natural traffic are going to do very well because they are attracting more advertising dollars and now there is a lot of competition from those advertisers for that inventory on Websites.

MBA NewsLink: Even the radio business, for that matter?

Evans:  I think so, for a couple of reasons: First of all, it has less waste than traditional media. The Internet also has the ability to clearly measure return on investment. I am not sure that any advertiser knows when there is a commercial during a football game and how many people jump out of their chair, run to their phone, call the 800 number and say, ‘Give me that red Buick that I just saw advertised on T.V.’

It can surely track the response and the sell-through rate of Internet advertisers. It is a much more measurable, it is a much more accountable, and it is a much more one-on-one relationship than the traditional media. I think advertisers have seen that it works, it is efficient and that is why I think you have seen the movement in dollars.

MBA NewsLink: Can new products generate leads for mortgage bankers?

Evans: We have on Bankrate, because of the method for aggregating and segregating information on the site, over 300 different products in 575 different markets. A consumer who comes onto Bankrate can literally find out the best rate the lender offers and we have a cost-per-click model to pay just for the clicks driving the consumers to their Web sites to make an application to get a loan. We are launching that product on October 1.

It really allows the consumer to self select the product he or she is looking for in the market. Of the 25 to 35 lenders listed on the site offering that product, lenders give the name of the company, rate, the APR and it will be affordable for most lenders because they will only pay for those leads that are being generated. They will pay for those consumers that click on their hyperlink.

MBA NewsLink: This is not something you have been doing?

Evans: The old model had all those lenders listed but they all paid the same flat fee on a ‘per month, per market’ basis. We think we made it a little more equitable in that they will only be paying for the consumers interested in clicking on their links rather than having everybody pay the same amount. We are making the value relationship more equitable.

[The Internet] is a dramatically different environment. The consumer really prefers to get the information, in many cases, immediate, current, actionable and from the source. If they want to print it out and read it on the train, they can do it as well but they do not have to…the self-selecting nature of the consumer in that [process] makes it more efficient for the generation of leads. That is one of the reasons so much money is being spent on the Internet looking for consumers who want to finance the purchase for a home

MBA NewsLink: The Mortgage Bankers Association would like to see more consumers receive financing first before going to a real estate agent or Realtor, rather than the other way around. That way, a borrower knows how much they have to spend. This 'self-selecting' process might help perpetuate that.

Evans: Sure. Relationships are changing and buying habits are changing right now….the consumer is much more empowered now. The always-on nature of the Internet makes a huge difference in this…It is a changing environment with a much more educated consumer.
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