Despite the large job losses caused by Katrina, the labor market in the rest of the economy remained buoyant, with September payroll employment declining by only 35,000. Furthermore, the labor market prior to Katrina was considerably stronger than previously reported, as job gains for July and August were revised up by a total of 77,000. Through August of this year, the economy added an average of more than 200,000 jobs per month. 

It’s possible that the September data did not fully capture the impact of Katrina because of the difficulties in conducting the survey. It’s also possible that some employees are still on payrolls and thus are counted as employed even if they are not actually working.

The more serious threat in the aftermath of Katrina than weaker economic growth is an uptick in inflation. The Institute for Supply Management (ISM) national manufacturing survey confirmed the results of the regional Federal Reserve Banks’ manufacturing surveys that the prices manufacturers paid for the raw materials surged in September as a result of the energy price spikes and disruptions in the supply-chain of petroleum based-products. 

Remarks by Federal Reserve officials over the last week bolstered speculations that the Fed will continue to tighten monetary policy this year without pausing. The fed funds futures market fully expects the Federal Open Market Committee (FOMC) to raise the fed funds rate to 4.00 percent when it meets on November 1st. It also places the odds of another increase to 4.25 percent in December at more than 80 percent. 

Dallas Fed President Richard Fisher argued that policymakers must prevent an “inflation virus” from disrupting the economy, as the current inflation rate is near the upper end of the Fed’s “tolerance zone.” St. Louis Fed President William Poole commented that market expectations of two more increases in the fed funds rate this year are “reasonable.” Finally, Philadelphia Fed President Anthony Santomero said the Fed has to continue “shifting” monetary policy from a currently accommodative stance to a more neutral one.

With increased inflationary pressure and hawkish statements from Fed officials, long-term yields continued their uptrend early in the week. The yield on 10-year Treasuries increased to 4.39 percent on Monday following the ISM report—five basis points higher than the previous Friday’s rate. The yield remained elevated through Thursday but settled at 4.35 percent on Friday, averaging 4.37 percent for the week—the fifth consecutive week of higher yields.

The economic calendar will heat up by the end of this week with more inflation news including import prices (Thursday) and the consumer price index (Friday) for September. The minutes of the FOMC in September should also grab the financial markets’ attention. The September retail sales (Friday) will provide information on consumers’ response to Hurricane Katrina and the resulting increase in gasoline prices to more than $3 per gallon.

(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 Cambridge Consumer Credit Index found that 19 percent of Americans said they are using less credit, while 50 percent said they are using the same amount of credit as they did a year ago.

"Higher prices for energy and other consumer items brought on by the aftermath of Hurricane Katrina are causing a large amount of Americans to use more credit than they did a year ago, because they just don't have enough income to pay these higher costs. Lower-income Americans are feeling the pinch most, since they have little discretionary income to start with," said Jordan Goodman , a Cambridge financial analyst.

The overall Cambridge Consumer Credit Index fell by three points in October to 62. Use of credit rose slightly in the past month, but consumers expect to use less credit in the coming month and six months. The "Reality Gap "--the difference between the amounts of debt consumers said they would pay off in the next month versus the amount of debt they actually paid off a month later--fell by 2 points from September to 21 percentage points. A month ago, 80 percent of Americans planned to pay off debt, while a month later only 59 percent actually did so.

Improved consumer expectations lifted the overall RBC Consumer Attitudes and Spending by Household Index  to 66.8, compared to 61.5 in the previous month. The Index had been on a yearlong slide from a high of 104.8 in August of 2004. The RBC Expectations Index stands at 0.9, compared to last month's figure of negative 13.5. This increase in expectations contributed to an overall improvement in consumer confidence, which had been trending downward since August of this year.

"The end of the American consumer seems to have been greatly exaggerated," said Vince Boberski, chief economist for RBC Dain Rauscher. "Images from the Gulf hurricanes still linger, and filling up your tank still takes a bite out of the pocketbook. But some moderation in oil prices and continued solid underlying conditions in the labor market have begun to point toward a brighter holiday season than many would have predicted just one month ago."

However, Boberski said that winter spending could be constrained after homeowners see their first heating bills, which will reflect the elevated prices for natural gas and home heating oil. Respondents made clear that the economy is by no means out of the woods. The RBC Current Conditions Index, for example, saw a slight decrease, falling to 90.7 compared to 92.0 from the previous month. Similarly, the RBC Investment Index declined to 78.0 from 80.7. Only 23 percent rated their personal finances as strong, compared to 28 percent the previous month.

RBC's CASH Index is the result of a telephone survey of 1,000 individuals from October 3 to 5, by survey-based research company Ipsos Public Affairs, Washington, D.C.

The Cambridge Consumer Credit Index is the result of a monthly telephone poll of 800-plus adults conducted by ICR/International Communications Research, Media, Pa.
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Shelly Metz-Galloway, vice president of emerging markets at Wells Fargo Home Mortgage, Des Moines, Iowa, said the company’s mission is to make diversity a competitive advantage and part of a strategic imperative. She said statistics show that in the next 20 years, two-thirds of all growth in the mortgage industry will happen among minorities, immigrants and first-time homebuyers.

“That is a very strong business imperative right there,” Metz-Galloway said.

The Mortgage Bankers Association continues to increase diversity in mortgage lending through its Path to Diversity program and Campus MBA. Larry Gilmore, CMB, chair of MBA’s Diversity Task Force and vice president of government, housing and industry relations at Option One Mortgage Corp., Irvine, Calif., said the task force’s goal from last December is to produce 3,000 graduates from diversity programs in the education department by September 2007.

MBA’s programs include the Welcome Home initiative; Mortgage Career Paths; Creating New Customers; and Path to Diversity.

Gilmore said the three-pronged strategy of the task force is communication and awareness, recruitment and retention and development.

Path to Diversity has provided 141 scholarships for more than $350,000 through the program, leading to 25 Accredited Mortgage Professional (AMP) designations and one Certified Mortgage Banker (CMB)designation. “Another key is adding presence to an organization and driving to communicate the competitive advantage of a diverse workforce within the organization,” Gilmore said. “That is one of the key challenges that I have experienced. Communicating and educating people within the organization around that support and how it can help the bottom line.”

Andrea Harris, president of the North Carolina Institute for Minority Economic Development, said social networks were most important to bankers who came to work for her. “Selling, without value and relationships, creates a cultural dilemma for people in many communities,” she said.

Metz-Galloway provided examples of an inclusive environment, such as fulfillment of personal ambitions and an opportunity to contribute to a company’s success. “Having recognized that, we need to optimize that enhancement capability,” Metz-Galloway said. “Negative press and litigation absolutely impact the bottom line. Diversity and inclusion equal the strategic imperative.”

Harris said that there are great opportunities for diverse employees in mortgage lending but the capacity for decision-making on mortgage products is not always available. “It is not the dollar but it is the environment and the motivation to do good,” she said.

Wells Fargo’s strategic diversity management (SDM) approach is not about recruiting or numbers, Metz-Galloway noted. “It is about retention, referrals and creating diversity from a management perspective,” she said.
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Mike Hart and Tony Kolomayets, both senior directors at Tremont’s Chicago office, represented Tremont in this transaction.

“We had a very sophisticated borrower with a powerful project,” Hart said. “Our objective was to make sure we canvassed the entire capital market spectrum to provide the right structure for this deal. In the end we were pleased that the construction/mezz loan put in place provided optimal capital for our client."

More than 80 percent of the 384 units at The VUE at Lake Eola were sold before construction started. The VUE is scheduled for completion in early 2007.

The VUE is a luxury property with a number of amenities that include a “pet walk” on the seventh level and an “amenity deck” next to the tennis courts. The building has biometric fingerprint scans at all points of “resident-only” entries.
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This year’s program incorporates both commercial/multifamily and residential sectors in the real estate finance industry. Sessions are designated by sector, while other sessions are appropriate for both. This conference provides up-to-date information on critical accounting, tax and other financial developments affecting large and small mortgage banking companies.

Go to http://events.mortgagebankers.org/accounting2005/agenda to view the program agenda.

Accounting and tax experts who serve in the real estate finance industry, as well as seasoned financial analysts, deliver presentations that contain current information relevant to help you work more effectively and understand the latest industry developments. Topics covered include: regulatory trends; economic and mortgage market environment; SEC Regulation AB; and accounting for loan transfers and securitizations.

We still have speaking opportunities available for the following sessions:

The Hierarchy of GAAP
• Pronouncements that constitute GAAP today and their position in the hierarchy;
• The new FASB standard on the GAAP hierarchy;
• SEC releases, including staff speeches, that are related to GAAP; and
• Software and other tools available for researching GAAP.

Accounting for Loan Transfers and Securitizations
• Determining when a transfer of a loan is a sale for accounting purposes;
• Implications of the FASB project on "Qualifying Special Purpose Entities and Isolation of Transferred Assets" on reporting loan transfers;
• When a legal "true sale" opinion is necessary in a loan transfer; and
• When a securitization vehicle is a QSPE and why it matters.

If interested please contact Rebecca Vandall by Wednesday, October 12 at (202) 557-2748 or rvandall@mortgagebankers.org.

Who should attend:

• Chief Financial Officers
• Financial Officers
• Comptrollers
• Internal Auditors
• Independent Accountants
• Accounting Policy Managers

This year’s location is at the beautiful Boca Raton Resort & Spa (Web site: www.bocaresort.com). MBA discount room rates for the conference are $199 single/double with a $9 resort fee apply until the hotel cut-off date of Monday, October 17; early registration discount is valid through Monday, October 24.

Sponsorship opportunities are still available; call (202) 557-2790 or e-mail mbrady@mortgagebankers.org.

For additional information, visit http://events.mortgagebankers.org/accounting2005/default.html, or call (800) 793-6222, 9:00 a.m.-5:00 p.m. Monday-Friday EDT.
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TRIA Update
Mortgage Bankers Association

In addition, members of the Senate Republican leadership report that they are close to a deal with the Democratic leadership regarding the timing and parameters of floor debate on a TRIA bill.  The Majority Whip, Sen. Mitch McConnell, R-Ky., reportedly is confident that the Senate will complete work on TRIA legislation prior to Thanksgiving. 

Of course, nothing in politics is certain, but this is the most progress we've seen on TRIA in months. In the coming weeks, MBA staff, along with some of our commercial members, will be meeting with House majority and minority leadership to remind them of the importance and urgency of renewing TRIA and to ask them to schedule floor time for TRIA in the House as well. 

For more information, please contact Josh Denney at (202) 557-2816 (jdenney@mortgagebankers.org).

GSE Update
House Financial Services Committee Chairman Mike Oxley, R-Ohio, reportedly has reached an agreement with the Republican Study Committee that will allow H.R. 1461, the GSE oversight reform bill, to come to the House floor this fall. Reports indicate that the agreement involves alterations to the affordable housing fund language resulting in the fund expiring after five years, with 3.5 percent of the companies' annual profits going to the fund for the first two years, and 5 percent for the next three years.

As always, MBA will keep members apprised of any developments as they occur.

For more information, please contact Erick Gustafson at (202) 5557-2913 (egustafson@mortgagebankers.org).

VA Hybrid ARM Legislation Passes Senate
On September 29, the Senate passed S. 1235, "The Veterans Benefits Improvement Act of 2005." The bill contains an MBA-supported provision that authorizes the VA Secretary to determine the annual interest rate cap adjustment for VA hybrid ARM products. 

Currently the VA Secretary has the authority to establish initial and lifetime interest rate caps on VA hybrid ARMs, but the annual cap is limited to 1 percent, with the result that VA and FHA hybrid ARMs must be securitized in separate Ginnie Mae pools, putting the VA product at a disadvantage to FHA hybrid ARMs.  The bill has been sent to the House of Representatives, where it is currently under consideration by the House VA Committee.

For more information, please contact Burton Wood at (202) 557-2806 (bwood@mortgagebankers.org) or Tim Doyle at (202) 557-2860 (tdoyle@mortgagebankers.org). 

House Passes Three Katrina-Related Bills
The House passed three MBA-backed bills on October 6 pertaining to housing victims of recent hurricanes.

H.R. 3894 , the Hurricane Katrina Emergency Housing Act, was approved by a vote of 418-0 and grants the HUD Secretary temporary waiver authority of certain eligibility requirements under the Section 8 voucher program,  authorizes the HUD Secretary to directly administer vouchers if a Public Housing Authority is unable to do so; directs the Departments of Defense, HUD, Veterans Affairs and the GSEs to compile an inventory of facilities in the affected areas that can be used for temporary and permanent housing; and requires the Government Accountability Office to report to Congress on the state of emergency housing disaster plans.

H.R. 3895 , the Rural Housing Hurricane Relief Act, was approved by a vote of 335-81.  The bill gives the Rural Housing Services (RHS) the ability to convert voucher funds attached to rural housing projects that are no longer habitable because of the hurricanes into temporary housing assistance; expand the flexibility of the RHS by temporarily eliminating the limitations on the number of housing vouchers it can issue; and amend the single family housing guaranteed loan program by expanding refinancing to include loans for housing repairs and rehabilitation.

Finally, H.R. 3896  was approved by a vote of 415-0.  The Hurricane Katrina Emergency Relief CDBG Flexibility Act would temporarily remove the public services cap on Community Development Block Grant (CDBG) funds and temporarily wave, for one year, the  public hearing requirement so that communities affected by Hurricanes Katrina and Rita can expedite the disbursement of CDBG funds.

These bills will now go to the Senate for consideration. Congress will consider additional bills on the hurricanes in the coming weeks, and MBA is working with Committee staff to ensure that our remaining views and suggestions are incorporated into them.

For more information, please contact Erick Gustafson at (202) 557-2913 (egustafson@mortgagebankers.org). 

MBA Submits Testimony to Senate Finance Committee on Future of Gulf Coast
On October 6, the Senate Finance Committee held a hearing on using tax policy to help rebuild businesses and communities in the areas battered by recent hurricanes. MBA submitted a statement  for the record of the hearing, urging the Committee to consider a number of tax policy responses in order to infuse capital into the affected areas and encourage rebuilding of homes and communities.

MBA asked the Committee to include the Real Estate Mortgage Investment Conduit (REMIC) Modernization Act (S. 580 and H.R. 1010) in any tax-related hurricane relief. MBA also noted that the Low Income Housing Tax Credit program could be an effective rebuilding resource and a means of providing new housing for those relocating after the storms.

In addition, MBA suggested that the Mortgage Revenue Bond allocation in the affected areas should be increased for the next three years to facilitate rebuilding efforts and noted changes that could be made to current rules regarding depreciation, including allowing a five-year depreciation for leasehold improvements and permitting property owners to depreciate their buildings based on true economic life, rather than the currently authorized 39-year depreciation schedule.

Finally, MBA encouraged Congress to provide for a permanent extension of the Brownfields provisions in current law.

For more information, please contact Josh Denney at (202) 557-2816 (jdenney@mortgagebankers.org).

Data Security Legislation Introduced in House
On October 6, H.R. 3374 , the Financial Data Protection Act of 2005, was introduced by House Financial Services Committee members Steven LaTourette, R-Ohio, Darlene Hooley, D-Ore., Michael Castle, R-Del., Deborah Pryce, R-Ohio, and Dennis Moore, D-Kan. The bill would provide for the protection of sensitive consumer data by mandating a strong uniform standard that requires businesses to protect any sensitive consumer financial account or identity information they may possess.

The bill would also require businesses to provide notifications to consumers if a security breach occurs and is determined that it will likely result in misuse of the sensitive information.  Upon notification of a breach, businesses would also be required to provide consumers with a free six-month nationwide credit monitoring service so that they will be informed if attempts are made to open a new line of credit in their name.

For more information, contact Rachel Voss at (202) 557-2865 (rvoss@mortgagebankers.org).

Justice Department Makes Announcements Regarding Bankruptcy Reform
This week, the Department of Justice made two announcements regarding bankruptcy and areas affected by Hurricanes in the Gulf Coast region. The first announcement  establishes a temporary waiver of requirements for credit counseling for bankruptcy filers in Louisiana and Mississippi; under the Bankruptcy Abuse Prevention Act of 2005, debtors who file bankruptcy after October 17 must obtain credit counseling. This announcement waives that requirement for individuals in hurricane-affected areas.

The second announcement establishes enforcement guidelines for bankruptcy debtors that take into account the hardships experienced by victims of the recent hurricanes. The enforcement guidelines cover document requirements, means tests, attendance at creditors' meetings, and small business Chapter 11 bankruptcies. 

MBA Discusses Mortgage Fraud with Democratic Attorneys General
The Democratic Attorneys General Association invited MBA to make a presentation on "Combating Mortgage Fraud:  Protecting Lenders & Borrowers" at its recent fall conference held in Santa Fe, N.M. 

MBA Director of Government Affairs Tim Doyle made the presentation on mortgage fraud, which was well received by the Attorneys General who attended the meeting.  The Association is very interested in having further discussions with the industry on how to work with industry to address this growing problem.  In addition to mortgage fraud, other topics discussed at the meeting included identity theft and Hurricane Katrina. 

Attorneys General from North Carolina, Arizona, Mississippi, Wisconsin, Rhode Island, New Mexico and Oregon were present along with several candidates who are seeking the Democratic Party nomination for Attorney General in their respective states, including Virginia, Nevada, Michigan, Ohio and California.  

For further information, please contact Paul Richman at (202) 557-2899 (prichman@mortgagebankers.org) or Tim Doyle at (202) 557-2860 (tdoyle@mortgagebankers.org). 

Louisiana Considering Draft Forbearance Payment Legislation
Earlier this week, MBA hosted a conference call to discuss strategy regarding forbearance payment legislation under consideration in Louisiana.  Though it is still in draft form, Louisiana legislators are contemplating introducing this language during an extraordinary session that is expected to occur later this month.  In order for the Louisiana Legislature to reconvene, Gov. Kathleen Blanco (D) must officially call for an extraordinary session.
 
This legislation modifies payments and terms on residential loans following a natural disaster, specifically allowing borrowers to refrain from making any payments for 12 months.  In informal conversations about the potential legislation, MBA is expressing the widespread concern of lenders about the length of the forbearance and its potential impact on the secondary market.   

Once MBA obtains more information from the Louisiana Mortgage Lenders Association, with whom MBA has been working on this issue, MBA plans to host another call to discuss strategy.

For more information, please contact Beth Percynski at (202) 557-2866 (bpercynski@mortgagebankers.org)

Court Finds California's Affiliate Sharing Law Preempted
On October 4, the United States District Court for the Eastern District of California held that the Fair Credit Reporting Act (FCRA) preempts California's affiliate sharing law, commonly referred to as SB1.  The Ninth Circuit remanded the case, ABA v. Lockyer, to the District Court to determine the extent to which SB1's affiliate information sharing provisions apply despite FCRA preemption. 

The court held that "no portion of SB1's affiliate sharing provision survives" FCRA preemption.  SB1 prohibited financial institutions from sharing nonpublic customer information with affiliates unless the customer was given an opt out notice. 

For more information, please contact Mary Jo Sullivan at (202) 557-2859 (msullivan@mortgagebankers.org).

MBA to Host Fly-in on Private Label Mortgage-Backed Securities Issues
On October 11, MBA will host a fly-in meeting in Chicago on the Securities and Exchange Commission's (SEC) Regulation AB. MBA anticipates representatives of at least two Big Four accounting firms and approximately ten or more member companies involved in the private label MBS business to attend. MBA will have staff participation from experts in servicing, accounting, secondary markets, economics and technology to cover the diverse considerations applicable to the complex regulation.

For more information, please contact Kathy Gibbons at (202) 557-2870 (kgibbons@mortgagebankers.org). 
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Over the past several years, MBA has held the Residential Town Hall meeting. The purpose of the event has been to encourage dialogue between MBA members and the leadership of MBA in an open forum. This year, several improvements have been made to this event to help it achieve its goal of providing a vital feedback loop for members to their leaders.

This year, the event has been renamed the Residential Member-Only Forum, and non-members, as well as media, will not be permitted to participate.

In addition, the format of the event will change. Instead of having a panel of MBA leaders make presentations, only a very brief presentation from MBA leadership will take place, followed by a discussion period for the rest of the hour-long session. To make this happen, panelists will ask the audience a series of questions top elicity member feedback, such as fraud schemes; RESPA reform; HMDA data; GSE reform; Sarbanes-Oxley compliance; data security; FHA revitialization; predatory lending legislation and fraud against mortgage lenders.

Please plan to attend the event and encourage others in your firm attending the Convention to do so as well. And be prepared to participate in the dialogue.

For more information, visit the Annual Convention Web site, http://events.mortgagebankers.org/92nd_annual/sessions/default.aspx#INFO.
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Oct. 10: Columbus Day holiday
Oct. 12: MBA Weekly Application Survey
Oct. 13: Trade Balance, Commerce Department
Oct. 13: Import/Exports, Commerce Department
Oct. 13: Treasury Department Monthly Statement
Oct. 14: Real Earnings, Labor Department
Oct. 14: Consumer Price Index, Labor Department
Oct. 14: Advance Retail Sales, Commerce Department
Oct. 14: Industrial Production and Capacity Utilization, Commerce Department
Oct. 14: Business Inventories, Commerce Department
Oct. 18: Producer Price Index, Labor Department
Oct. 18: Housing Market Index, National Association of Home Builders
Oct. 19: MBA Weekly Application Survey
Oct. 19: New Residential Construction, Commerce Department
Oct. 19: Beige Book, Federal Reserve Board
Oct. 20: Composite Indexes, The Conference Board
Oct. 21-22: MBA State & Local Workshop, Orlando
Oct. 23-26: MBA Annual Convention & Expo, Orlando
Oct. 24: Housing Vacancies and Home Ownership, Commerce Department
Oct. 25: Existing Home Sales, National Association of Realtors
Oct. 25: Consumer Confidence, The Conference Board
Oct. 26: MBA Weekly Application Survey
Oct. 27: Revised Building Permits, Commerce Department
Oct. 27: Advance Durable Goods, Bureau of the Census
Oct. 27: New Residential Sales, Commerce Department/HUD
Oct. 28: Gross Domestic Product, Labor Department
Oct. 28: Employment Cost Index (3rd Quarter), Labor Department
Oct. 31: Personal Income, Labor Department
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
Jan. 31: Federal Open Market Committee
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 3: MBA Legal Issues/Regulatory Compliance Conference, Palm Desert, Calif.
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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