Excluding the gain in government payrolls, employment in the private sector dropped 101,000—the third consecutive monthly decline. Construction payrolls saw another sizable loss, with builders shedding 39,000 jobs in both residential and nonresidential sectors. Since the peak in September 2005, the construction industry has lost 331,000 jobs.

The mortgage industry eliminated 3,900 jobs in January, a drop of 3.0 percent from December. (The Bureau of Labor Statistics releases some detailed categories of employment with a one-month lag.) Since its peak in October 2006, industry employment has declined about 26 percent. One silver lining is that job losses in the mortgage industry have moderated significantly since the August financial turmoil.

Combining with the dismal employment report, other reports last week pointed to negative economic growth in the current quarter. Both manufacturing and nonmanufacturing surveys from the Institute for Supply Management (ISM) indicated reduced manufacturing and service activities in February. Factory orders fell in January, confirming the results from the ISM manufacturing survey. Nonresidential construction spending dropped in January for the first time since September 2006. Anecdotal evidence from the Federal Reserve’s Beige Book also suggests weaker nonresidential real estate markets across the country compared to the end of last year.

Finally, housing and mortgage market data contained no surprises. The Pending Home Sales Index’s trend over the past several months indicated that existing home sales should hover at the current low level in the coming months. Mortgage credit quality deteriorated during the final quarter of 2007, with adjustable-rate mortgage loans (ARMs) representing a disproportionate share of the foreclosure starts.

Interest Rates
Long-term yields were volatile last week. On Wednesday, yields increased following an ISM nonmanufacturing report, showing better than expected improvement in the service industries. On Thursday, stock markets declined in response to the news of rising mortgage delinquency and foreclosure rates. The Treasury market rallied as a result of a flight to quality. On Friday, stocks plunged further and the flight to quality intensified in response to the biggest job loss since March 2003. The 10-year Treasuries stayed around 3.54 percent by mid-Friday afternoon, about the same as the rate on the previous Friday.

Housing and Mortgage Indicators:
Total construction spending dropped 1.7 percent in January, the largest decline since December 1996. Private construction spending declined 2.2 percent, as a result of declines in both private residential and nonresidential construction spending. Private residential construction spending decreased 3.0 percent in January and 19.7 percent from a year ago. Private nonresidential construction spending decreased 1.2 percent, the first drop since September 1996. Over the past year, private nonresidential construction spending was 17.3 percent higher than a year ago. Public construction fell 0.2 percent, the second consecutive monthly decline.

The Mortgage Bankers Association’s National Delinquency Survey reported that foreclosures and delinquency rates increased in the fourth quarter of 2007. The total delinquency rate increased 23 basis points from the third quarter to 5.82 percent, the highest level since 1985. While the delinquency rate increased for the third consecutive quarter, the increase in the fourth quarter was smaller than increases in either of the previous two quarters.

The share of homes entering the foreclosure process (foreclosure starts) rose from 0.78 percent in the third quarter to 0.83 percent—a record high. The increase in foreclosure starts was concentrated in adjustable-rate mortgage loans (ARMs). While subprime ARMs represent 7 percent of the loans outstanding, they represent 42 percent of foreclosure starts during the fourth quarter. Prime ARMs, which account for 15 percent of the loans outstanding, represent 20 percent of foreclosures starts.

California and Florida continue to represent a disproportionate share of the foreclosure starts in the country. Those two states represent 21 percent of all loans outstanding, but accounted for 30 percent of foreclosure starts.

The National Association of Realtors’ (NAR) Pending Home Sales Index was unchanged at 85.9, following two consecutive monthly declines. From last January, the index was down 19.6 percent. Regionally, pending home sales increased in two regions, jumping 13.0 percent in the West and edging up 0.6 percent in the Midwest. They dropped 4.1 percent in the Northeast and 6.1 percent in the South.

The index is based on signed contracts for existing single-family homes, condos and co-ops. It is a leading indicator of NAR’s existing home sales, which are based on closings, as the signed contract for the purchase of a home generally precedes its closing by one to two months. Last month, NAR reported that January’s pace of total existing home sales was the weakest in its nine-year history of the combined data of single-family detached homes and condos. Since pending home sales have not increased in the past four months, existing home sales should stabilize at the current slow sales pace in the coming months. 

The Mortgage Bankers Association Weekly Survey of Mortgage Applications for the week ending February 29 showed that mortgage demand increased for the first time in four weeks as mortgage rates declined for the first time in six weeks. The Market Index was up 2.9 percent to 684.9. The Purchase Index climbed 1.4 percent, while the Refi Index rose 4.5 percent.

The 30-year fixed mortgage rate dropped 29 basis points to 5.98 percent. The one-year adjustable rate edged down one basis point to 5.83 percent.

The ARM share of mortgage applications of the number of loans increased 2.3 percentage points to 17.3 percent. The share of the dollar volume of new applications jumped 3.4 percentage points to 30.2 percent. 

Economic Indicators:
The Institute for Supply Management (ISM) manufacturing survey showed that the nation’s manufacturing industry contracted in February following a temporary improvement in January. The manufacturing index fell to 48.3 in February from 50.7 in January. A reading of 50 or above indicates an expansion in the manufacturing sector. The index is at the lowest reading since April 2003 and the second reading below 50 in the past three months. The report confirmed results from regional manufacturing surveys for the month, showing declining manufacturing activity.

The ISM manufacturing index is based on a survey of purchasing executives at roughly 300 industrial companies. It includes nine different sub-indices: new orders, production, employment, supplier deliveries, inventories, prices, new export orders, imports and backlog of orders.

New orders—a forward-looking component of the index—edged down to 49.1. This is the third consecutive monthly decline and the third straight reading below 50. Production—another forward-looking component—fell to 50.7 from 55.2. The employment index fell 1.1 points to 46, its lowest level since June 2003 and the fourth consecutive reading below 50.

Nonfarm productivity, a measure of output per hour, increased 1.9 percent (annualized rate) in the fourth quarter, upwardly revised from an initial report of 1.8 percent. The upward revision was due entirely to a decline in hours worked of 1.6 percent, the biggest drop since the first quarter of 2003. 

The productivity report showed that unit labor costs—a gauge of inflationary pressures from compensation—rose 2.6 percent in the fourth quarter, revised up from 2.1 percent. However, unit labor costs in the third quarter were revised downward to 3.4 percent from 4.0 percent. That downward revision helped keep the year-over-year gain in unit labor costs in the fourth quarter to only 0.9 percent, the smallest since the second quarter of 2004.

The report includes revisions to productivity growth back to the first quarter of 2006. For all of 2007, productivity growth was revised upward to 1.8 percent from 1.6 percent, accelerating from 1.0 percent in 2006.  

Factory orders fell 2.5 percent in January, following a 2.0 percent increase in December. Durable goods orders dropped 5.1 percent, a small upward revision from the initially reported decline of 5.3 percent released last week. Nondurable goods orders edged up 0.3 percent. 

The ISM Nonmanufacturing survey showed that activity in the service industries improved. The nonmanufacturing index rose to 49.3 in February from 44.6 in January. This is the second consecutive month that the index showed a reading below 50, indicating a contracting service sector. The pace of decline moderated, however, as the index recovered slightly more than half of the drop in January. Last month’s ISM nonmanufacturing survey sparked recession concerns when the index plunged 8.6 points in January to a reading below 50 for the first time since March 2003.

Payroll employment declined 63,000 in February. Job losses for January were revised higher to 22,000 from 17,000 and December gains were revised down to 41,000 from 170,000. As a result, average monthly gain the fourth quarter was 80,000. Government payrolls increased 31,000 during the month, indicating a decline of 13,000 private payrolls, the first drop in private industry payrolls since July 2003.

The unemployment rate, calculated from a separate household survey, fell to 4.8 percent as the decline in the labor force offset the increase in the number of unemployed workers.

Service-producing industries provided little offset to large losses in goods-producing industries. Retail employment dropped 34,000, and the January gain was revised away. Financial industry payrolls fell 12,000. Temporary help declined by 28,000, the largest decline since 2003. Leisure/hospitality industries added 21,000 jobs, while education and healthcare added 30,000 jobs.

Aggregate weekly hours fell 0.1 percent, following a decline of 0.4 percent in January. Hourly earnings edged up 0.3 percent.

Next Week:

• Monday: January wholesales inventories;

• Tuesday: January trade deficit;

• Thursday: February retail sales; February import prices; and January business inventories; and

• Friday: February Consumer Price Index and the preliminary estimate of the University of Michigan’s Survey of Consumer Sentiment for March.

(Orawin Velz is senior director of economic forecasting with the Mortgage Bankers Association. She can be reached at ovelz@mortgagebankers.org.)
(Back To Top)

“The technology ultimately aims to help lenders keep borrowers in their homes,” said Nick Woodcock, COO of XSell. “It provides borrowers with options for making modifications or refinances either through lenders’ websites or over the phone, however borrowers contact their lenders. The primary initiative is to keep borrowers in the homes."

Woodcock said the technology parallels efforts of the HOPE NOW Alliance, of which the Mortgage Bankers Association is a member. "What we are trying to do is provide technology in foreclosure prevention to have a positive result," he said. "We wanted to see how we could use analytics and optimization by pulling data from multiple sources to create advice/suggestions on loss mitigation.”

XSell provides analysis and presentment technology that allows lenders to alert borrowers through multiple delivery channels—online and phone—about loan modification options they might be eligible for. The alerts are not only targeted toward borrowers in trouble but also pro-actively toward borrowers in good standing—making use of cross-sell opportunities.

“The core of the data is the servicing data,” Woodcock said. “We’ve built series of data out of multiple systems that include investor guidelines and document tracking. We’re not a data warehouse, but we pull relevant pieces of data for modifications. The process starts when the borrower contacts the lender. When contact is made, XSell provides notification either online or through the call center or IVR that a modification is available. Customers then have the option of modifying or refinancing.”

The service interfaces with lender web sites; the company helps design and deploy interfaces.

“As borrowers interact with the lenders’ web sites, we will be able to control and provide information that might be of use and interest,” Woodcock said. “Similarly, CSRs or collectors will also have electronic alerts that pop up on their desktops when working with borrowers."

Through phone or online, Woodcock said consistency across channels is necessary. “If the CSR skillfully makes recommendations and provides offers, it should work,” he said. “For example, if a borrower is offered a home equity loan over the telephone and refuses it, then the web site should not offer this product to the borrower in the future either. It’s as important to know what not to offer as it is to know what to offer. What XSell provides is the opportunity for lenders to make relevant offers across all channels that are based on a real-time dataset—a richer data set that personalizes the offers .”

The company plans to license the software but currently the industry is more comfortable using the service on a SaaS basis, Woodcock said. “What drives us from a client point of view is the lack of IT resources within companies. People are looking for immediate solutions, payback and development. SaaS really helps in this case. Security and reliability are important and once you build the service to the standards the companies expect, they can get a much quicker return on investment,” he said.

“Our goal is to help the lender interact with the borrower—what we are doing is saying once you’ve realized that you need to offer modifications or reach out to borrowers for whatever reason, we can give you a guided and consistent way to make that transaction happen,” Woodcock said. “Lenders may necessarily not have the ability to provide that capability on a self service basis or might not have the talent in house.”

The company has partnered with SigniaDocs Inc., Houston, to streamline the process in the case of a modification or refinance—to provide electronic transactions and self service. The partnership enables borrowers to have access to documents and eSigning capabilities.

“[We are] a company that enhances the interaction between an organization and their customers.” Woodcock said. “It takes a customer-centric view starting with the knowledge of the customer from multiple perspective data from multiple systems and helps decide what the most effective interaction with the customer is. After deciding what the interaction will be, the offers have to be personalized and optimized across multiple channels. This is followed by tracking and monitoring that interaction.”
(Back To Top)

Medianet’s encrypted IP enterprise communication platform delivers online communications including meetings with multi-party voice, video, secure desktop and file sharing, text chat, white boarding, URL co-browsing and web conferencing. Its ‘push-to-chat’ feature allows institutions to have collaborative online sessions with customers or prospects from anywhere via the internet, including the financial institution’s website. The company’s products are SSL-encrypted.

MRG Offers Close Construction/Permanent Loan Closing Documentation
MRG Document Technologies, Dallas, a provider of compliance and documentation services for the financial industry, developed a one-time close construction/permanent closing documentation for both conventional and FHA residential loans. This one-time close documentation is available for both traditional construction as well as manufactured housing construction for all 50 states.

MRG's in-house compliance attorneys developed the document packages with the consultation of local attorneys for each specific state jurisdiction. As a result, each one-time close document set is in compliance with federal and state lending requirements.

SearchMyLoan.com Partners with Citizens Home Loan
SearchMyLoan.com, Port Washington, N.Y., a provider of loan search and pricing services for the mortgage industry, partnered with Charlotte, N.C.-based Citizens Home Loan, a lender that offers loan products including jumbo, Alt-A, prime and nontraditional.
 
Through the partnership, CHL’s loans could be identified and selected by originators through SML’s search and pricing platform. Using the SML platform increases efficiency in the origination process and enables loan officers to offer a wider variety of loans to borrowers.

eLynx Releases New SwiftPublish Document Capture Application
eLynx, Cincinnati, a provider of electronic document communications network for the financial services industry, released its SwiftPublish document capture application. Part of the SwiftView Tools suite of products, SwiftPublish standardizes document capturing, viewing, printing and converting. The application could serve as a front-end to the eLynx expedite document distribution platform.

SwiftPublish is a server-based application that creates print-ready PCL or archive-ready TIFF or PDF files from native files produced by any Windows application. The application can be implemented as a stand-alone enterprise application or integrated into third-party setups.

CRMnow, NYLX Integrate CRM
CRMnow, Aliso Viejo, Calif., a provider of foundational CRM for lenders, integrated its Mortgage iQ platform with Mt. Arlington, N.J.-based NYLX’s product eligibility and loan pricing service. The combined system provides originators with a CRM system built specifically for the mortgage industry, allowing originators to select and price products within the Mortgage iQ CRM framework.

Mortgage iQ provides lead management, sales force and marketing automation including credit analysis, loan scenario and debt consolidation analysis, loan application and good faith estimate input. It also provides loan pipeline tracking and automated condition triggers as well as integration with back-end lending systems.

Semphonic Releases Toolkit for Omniture SiteCatalyst
Semphonic, Novato, Calif., a web analytics consultancy released its Implementation Toolkit for Orem, Utah-based Omniture’s SiteCatalyst. The Toolkit is a reference that gives guidance and best practices for making decisions on how to build SiteCatalyst tag in an effort to ensure complete and accurate web site data collection.

Written for web analytics practitioners, web managers and web developers, the Toolkit includes an implementation guide, 20-point quality assurance checklist, implementation project plan template and a functional specification template.

INTEGRA Integrates with Interthinx
Interthinx Inc., Agoura Hills, Calif., a provider of risk mitigation, mortgage fraud prevention and regulatory compliance tools for the mortgage industry, integrated its loan-level fraud detection system and automated regulatory compliance product with INTEGRA Software Systems, Franklin, Tenn.

INTEGRA will integrate Interthinx’s FraudGUARD and PredProtect for its Destiny loan origination system and its EPIC LOS. Loans originated through Destiny and EPIC platforms can be submitted to FraudGUARD for risk and fraud assessment and to PredProtect for predatory lending and other regulatory compliance validations.

F&M Bank Selects Mortgage Builder Software’s Loan Origination System
Clarksville, Tenn.-based F&M Bank selected Southfield, Mich.-based Mortgage Builder Software Inc.’s Mortgage Builder loan origination system.

Mortgage Builder is a mortgage product serving lending institutions such as mortgage bankers, credit unions and banks. The system’s functionality includes pre-qualification tools, processing, underwriting, closing, post-closing, final document tracking, secondary marketing, warehousing, delivery, interim servicing and construction loan tracking for both wholesale and retail production.

Simplifile, Logan Systems Form eRecording Alliance
Provo, Utah-based Simplifile LC and Greensboro, N.C.-based Logan Systems Inc. formed an alliance to integrate and market Simplifile’s eRecording and Logan System’s County Records Management Systems.

The alliance calls for the two companies to integrate their respective eRecording and document imaging and archiving systems, allowing documents electronically filed by Simplifile “submitter” customers such as title companies, law offices and banks to be received, reviewed, recorded and returned to those same submitters by counties using the CRMS.

GenEquity Mortgage selects Guardian Mortgage Services
GenEquity Mortgage Inc., Dallas, selected Guardian Mortgage Services, Lakewood, Colo., to provide closing, loan funding, line management and post-closing services to support its existing business and its new national retail operation.

GMS is a provider of back-office outsourced closing services for lenders. GenEquity is a mortgage services company providing mortgage services to the corporate clients of its parent company, Paragon Global Resources, Rancho Santa Margarita, Calif.

PriceMyLoan Integrates Desktop Underwriter and Desktop Originator
Automated underwriting technology vendor PriceMyLoan, Costa Mesa, Calif., directly integrated with Fannie Mae's Desktop Originator and Desktop Underwriter.

The integration gives PML users the ability to access both DO and DU, automatically populate loan case file information for submission to DO and DU, order new credit reports or reissue existing credit reports and populate loan data, credit report data and DO or DU findings in PML.
(Back To Top)

JP Morgan Securities said small and mid-sized banks in the United States are similarly at risk of deterioration in commercial real estate, with exposure to potential weakness in commercial property values. Commercial properties account for nearly 35 percent of loans at small banks, above 24 percent from mid-cap banks and higher than the 10 percent composition of home building loans at the same small banks.

Some analysts on Wall Street expect the current “deleverging” of financial institutions to continue through this year and well into 2009, based on a lack of “mark-to-market” valuation—decreasing the ability of mergers and acquisitions, increasing prices of commodities and uncertainty in the current election year.

JP Morgan said it viewed declines in commercial real estate property values as an earnings risk for small banks, but it did not view these pressures as a threat to the “structural integrity of the space.”

John Pancari, analyst of small cap banks in the U.S. equity research division at J.P. Morgan Securities, said small community banks with less than $1 billion in assets have become more territorial in their competition with larger banks, particularly on loan terms. However, they have not become more sophisticated in credit underwriting or monitoring.

“Publicly traded small-cap banks that…are a little bit larger are inherently subject to a higher level of scrutiny and likely to prove more resilient than community banks in absorbing these types of losses,” Pancari said.

JP Morgan said pressure faced by small banks will reflect the markets they operate in. Rampant speculation led to bloated real estate values in Florida, southern California, Phoenix and Las Vegas. Michigan and Ohio’s economic concerns fall into a category of less growth and exuberance in the real estate markets.

More rational real estate development and stable economic growth, however, could prove to have greater resiliency in Texas, the Northeast and northern California.

“Investors in the small-cap banks have a choice of success in navigating such real estate pitfalls as these banks often operate in only one state or even select counties,” Pancari said. “This has actually allowed the banks themselves to better focus and more understand the markets in which they are operating.”

Clain Brandt, principal of BIHT Ltd., Portland, Ore., said banks and portfolio lenders will need to raise liquidity to maintain business. Portfolio lenders are approaching “equity deployment companies,” such as Starwood Capital, Greenwich, Conn., and McLean, Va.-based JER Partners—which closed on a $230 million U.S. debt fund with California Public Employees' Retirement System (CALPERS) that could go as high as $1 billion.

“In-as-much as the liquidity these portfolio lenders are able to raise will determine their ability to make loans, they will be greatly impacted by the equity deployment companies,” Brandt said. “By the EDCs determining which of the portfolio lenders they want to do business with [the portfolio lenders’ portfolios they elect to acquire] and portfolio lenders learning the cost-of-doing-business [how much the portfolios lenders elect to discount their portfolio sales], both the amount of lending and the cost of borrowing will be set.”

Pancari noted that small banks are demanding more “skin in the game,” particularly from commercial borrowers, more now than in the late 1980s and early 1990s by savings and loans. He said the commercial financing space has more risk diversification based on growth in the commercial mortgage-backed securities markets and the insurance companies and pension funds in the space.

As large financial institutions ratchet down credit availability and “turn off the spigot nationally,” it could help alleviate competitive pressures locally for small banks in more resilient markets, such as Texas.

Three of six Texas banks covered by JP Morgan were rated “favorably” because of their resiliency in credit and earnings trends to national downturns. “Similarly, we are cautious on earnings trends in banks with tarnished underwriting track records and those in markets severely impacted by real estate pressures,” Pancari said.
(Back To Top)

• Servicers on the front line of defense of loan performance;
• Navigating through turmoil and uncertainty ; and
• A cross-section of servicers' view of the current state of the market.

This After Work Seminar is eligible for 1.5 CPE credits.

For additional information and registration details, contact CMSA at (212) 589-0956 or register@cmbs.org.
(Back To Top)

Cleve Brown of Cohen Financial’s Denver office secured $22.3 million in refinancing for Southbridge Plaza, a 175,000 square-foot shopping in Littleton, Colo. Southbridge Plaza is anchored by a new 70,000 square-foot Safeway Life Style store, catering to time-stressed customers and organic food shoppers, a Safeway Fuel Center and a Marshalls.

The lender, MONY Life Insurance Co., New York, provided the $22.3 million loan with a 10-year term, 60 percent loan-to-value (LTV) priced on the 10-year U.S. Treasury.

“We secured a great deal of interest from lenders due to Safeway’s proposed store redevelopment, the fuel center and new space development suitable for restaurant and retail build out,” Brown said. “The terms of the loan offered our client funds necessary to proceed with the redevelopment of the entire center into its current configuration.”

Paul Schroeder, managing director of Cohen Financial’s San Francisco office, secured $12 million in refinancing for the Santa Teresa Village Shopping Center. The 130,000 square-foot property is on the edge of IBM’s Almaden Research Center in the foothills above Silicon Valley. The property is fully occupied and anchored by a Nob Hill Foods store.

The borrower, a 30-year client of Cohen Financial’s, is a partnership with Barry Swenson Builders and the lender, Delaware Investors, provided a 50 percent LTV, 10-year term loan priced on the 10-year U.S. Treasury.

“We chose to work with Delaware Investors because we were able to structure a loan that allows our client to maximize cash flow throughout the term of the loan,” Schroeder said. “The location and the possibility that Nob Hill Foods may expand was very attractive to the lender.”

Schroeder and Michael Mason, senior analyst in Cohen Financial’s San Francisco office, secured $12.5 million non-recourse, 50 percent LTV 10-year term loan with pricing based on a 30-year amortization schedule for Brightwaters at Redhawk Apartments. An undisclosed regional bank funded the loan.

The 224-unit property in Tigard, Ore., totals more than 210,000 square feet and contains two and one-bedroom apartments. The borrower is Pringle Construction Co., a Bay Area-based commercial real estate developer.

The loan terms allow the borrower to renovate the apartments as they become vacant, according to Schroeder. “We took advantage of a special program offered by the lender to reduce the overall interest rate and save our client substantial money over the term of the loan,” he said.

Peter Norrie, a director in Cohen Financial’s Portland office, secured $14.2 million non-recourse, 75 percent LTV with a six-year term and pricing based on a 6 percent interest rate and a 30-year amortization schedule for Churchill Downs Apartments in Pullman, Wash.

The borrower, Corporate Pointe Developers, a Pullman-based commercial real estate developer, closed last month on the 203-unit student apartment property next to Washington State University. The property totals more than 175,000 square feet and is nearly fully leased. Churchill Downs contains three-bedroom townhouses and three, two and one-bedroom units located on Brandi Way.

“This was a challenging deal,” Norrie said. “We placed this loan with an agency lender that was able to close within 60 days and deliver full loan dollars during a period when both spreads and treasury rates were rising, and the property had not fully stabilized at the time we closed.”
(Back To Top)

The mortgage industry is currently experiencing significant changes in the marketplace that are affecting how business will be conducted in the future. To keep up, you must attend MBA's Reverse Mortgage Lending Conference 2008 for the most up-to-date information.

The conference provides a unique forum for real estate finance professionals to participate in discussions about originator and equity investor interests in reverse mortgage sectors. The program provides up-to-date information regarding technology being developed to help reverse mortgage lenders operate more efficiently.

Get the latest developments on:

• Ginne Mae's new HECM securitization program;
• Improvements to the reverse mortgage product by HUD, Fannie Mae and Ginnie Mae;
• New variations of reverse mortgages designed to fill gaps in the market;
• Analytics and factors that drive loan pricing; 
• Updates that affect reverse mortgage originations, underwriting, loan servicing, closing, compliance and backroom operations; and
• Reverse mortgage marketing and consumer outreach.

Who Should Attend:

• Production executives
• Loan officers
• Servicing executives
• Wholesale lenders
• Correspondent lenders
• Retail lenders
• Mortgage brokers
• Underwriters
• Mortgage insurers
• FHA approved lenders
• Technology vendors 
• Quality assurance professionals
• Appraisers
• HECM counselors
• Secondary market executives
• Mortgage marketing managers

Early registration deadline is March 27. For more information, visit the conference web site, http://events.mortgagebankers.org/rml2008/default.html.
(Back To Top)

The conference will include panels specifically dealing with custody and warehousing; eMortgages and their effects on the industry; the GSEs; Ginnie Mae; and private-label investors and servicing. Your proposal can include other emerging topics in the issuer or custodian areas. You can volunteer to present or suggest a topic. If you would like to suggest a topic, please give thought to individuals with the appropriate level of expertise that you believe would make effective presenters.

To submit a suggestion, please provide the following information:

1. Presentation title
2. Brief description of the topic, including whether you see it as a full panel or an individual presentation
3. Approximate duration of presentation
4. Recommended speaker(s) (self or other); include as much detailed information about each individual as possible, i.e., full name, title, company, address, phone, fax and email address.

The deadline for submissions is Thursday, March 13. To submit online, download the form at http://204.255.124.37/cfp/survey.aspx?M2802038.

For more information or if you have questions, contact Deanna Johnston at (202) 557-2877 or djohnston@mortgagebankers.org.
(Back To Top)

CampusMBA FHA Central, the complete FHA and VA training solution for the real estate finance industry, can help your business get up to speed on FHA and VA loans and enable you to start capturing more of this growing market share.

FHA Central is convenient for you and your business. Popular one-day classroom-based courses are offered throughout the year at different locations across the United States. LIVE Online Workshops and Guided Web-based Courses leverage the value of interactive instructor-led learning at the comfort of your desk (or even on the road). FHA Central also offers publications and print-based courses that can be studied and completed at your own pace.

Visit the CampusMBA FHA Central web site to learn more: http://www.campusmba.org/AllLearningProducts/FHACentral.htm?WT.mc_id=FHANL022708.

For your staff: Most FHA Central programs can be offered at your location or online for your employees at your convenience. Visit the CampusMBA web site, www.campusmba.org, or call (800) 348-8653 for more information about bringing FHA Central to your staff.

DE (Direct Endorsement): Several FHA Central programs including FHA Fundamentals Workshop; FHA Underwriting & Operations Workshop; and the FHA Fundamentals Guided Web-based Course, provide complete information on all origination, processing and underwriting requirements unique to FHA loans. Lenders across the country use these courses as part of a certification program for their processors and underwriters who are looking to become DE (Direct Endorsement) Underwriters.

Upcoming FHA Central events include:

FHA Central Classroom-based Courses
FHA Fundamentals Workshop:

• March 12 in Phoenix (special member pricing available) http://www.campusmba.org/products/default.aspx?product_code=E2801618B/REGIS&wt.mc_id=FHANL022808;

• April 10 in Chicago http://www.campusmba.org/products/default.aspx?product_code=E2801618C/REGIS&wt.mc_id=FHANL022808;

• May 1 in Miramar, Fla. http://www.campusmba.org/products/default.aspx?product_code=E2801618D/REGIS&wt.mc_id=FHANL022808, and

• July 16 in San Diego http://www.campusmba.org/products/default.aspx?product_code=E2801618E/REGIS&wt.mc_id=FHANL022808.

FHA Underwriting & Operations Workshop:

• March 13 in Phoenix (special member pricing available) http://www.campusmba.org/products/default.aspx?product_code=E2801620B/REGIS&wt.mc_id=FHANL022808;

• April 11 in Chicago http://www.campusmba.org/products/default.aspx?product_code=E2801620C/REGIS&wt.mc_id=FHANL022808; 

• May 2 in Miramar, Fla. http://www.campusmba.org/products/default.aspx?product_code=E2801620D/REGIS&wt.mc_id=FHANL022808; and

• July 17 in San Diego http://www.campusmba.org/products/default.aspx?product_code=E2801620E/REGIS&wt.mc_id=FHANL022808.

Special Bundled Pricing: Attend both FHA Fundamentals and FHA Underwriting & Operations Workshops in the same location and save on registration fees.

FHA Central LIVE Online Workshops
•  Senior FHA Bimonthly LIVE Online Conference, March 27. For more information, visit http://www.campusmba.org/products/default.aspx?product_code=E2801716K/REGIS&wt.mc_id=FHANL022808.

• The Basics of FHA, March 19, 2:00-3:30 p.m. ET. This is Part 1 of the FHA LIVE Online Series. For more information visit http://www.campusmba.org/products/default.aspx?product_code=E2801716L/REGIS&wt.mc_id=FHANL022808.

• The Top 10 Advantages of Selling FHA Products, March 20, 2:00-3:30 p.m. ET. This is Part 2 of the FHA LIVE Online Series. For more information, visit http://www.campusmba.org/products/default.aspx?product_code=E2801716M/REGIS&wt.mc_id=FHANL022808.

• How to Become FHA-Approved, March 21, 2:00-3:30 p.m. ET. This is Part 3 of the FHA LIVE Online Series. For more information, visit http://www.campusmba.org/products/default.aspx?product_code=E2801716N/REGIS&wt.mc_id=FHANL022808.

Take all three LIVE Online Workshops in the FHA Series, or simply those that fit your need.

FHA Central Guided Web-based Courses
FHA Fundamentals

• June http://www.campusmba.org/products/default.aspx?product_code=DL2-009807-WC-W&wt.mc_id=FHANL022808; or

•  October http://www.campusmba.org/products/default.aspx?product_code=DL2-009808-WC-W&wt.mc_id=FHANL022808.

VA Fundamentals
• September http://www.campusmba.org/products/default.aspx?product_code=DL2-009905-WC-W&wt.mc_id=FHANL022808.

Related MBA Conferences:
• MBA's Government Housing and Loan Production Conference, June 12-13 in Washington, D.C. For more information, visit http://store.mortgagebankers.org/ProductDetail.aspx?product_code=M2802066/REGIS&wt.mc_id=FHANL022808.

To learn about FHA Central, including upcoming events, programming and custom solutions, visit CampusMBA FHA Central, call (800) 348-8653 or email campusmbaeducation@mortgagebankers.org.
(Back To Top)

Significant progress

The Senate and House are moving toward agreement on an FHA modernization bill, which we expect them to complete in the near future. MBA Chairman Kieran Quinn, CMB, delivered testimony to the Senate Banking Committee on reforming the regulation of the GSEs. Senate Banking Committee Chairman Christopher Dodd, D-Conn., and Ranking Member Richard Shelby, R-Ala., began moving this legislation toward passage.

While we were making progress on these important fronts, we were reminded that many homeowners continue to need help and many of them are getting it. On March 6, MBA released its National Delinquency Survey for the 4th quarter 2007.

Records levels of delinquency and foreclosures continue to be reached though the data suggest that we may be seeing some stabilization in the key upper Midwest region. In addition, HOPE NOW revealed last week that more than one million homeowners were helped from July 2007 through January via modifications, workouts or other ways. We all still have a great deal of work to do, but we continue to make progress.

MBA Chairman Testifies Before Senate Banking Committee on GSE Reform
On March 6, MBA Chairman Kieran Quinn, CMB, testified before the Senate Banking Committee at a hearing on reforming the regulation of the government-sponsored enterprises (GSEs).

Consistent with MBA's position on GSE regulatory reform, Quinn offered four suggestions to enhance the structure and powers of the GSEs' and Federal Home Loan Banks' supervisors:

• The GSEs and the FHLBanks should be supervised by a single, independent regulator;
• The regulator should have a full range of powers comparable to other financial institution regulators to address mission and safety and soundness issues;
• The statute should include thresholds for authorized activities and safety and soundness requirements; and
• The GSEs should be required to meet affordable housing goals that are reasonable and do not distort the market, while encouraging lending in underserved markets.

Quinn also lauded recent actions by the Office of Federal Housing Enterprise Oversight (OFHEO), HUD and the GSEs to respond to disruptions in the housing finance marketplace. Comprehensive GSE regulatory reform would help restore investor confidence and stabilize the market.

For more information, please contact Mike Carrier at (202) 557-2870 (mcarrier@mortgagebankers.org).

New FHA, GSE Loan Limits
On March 6, HUD released the new temporarily increased Federal Housing Administration (FHA) and GSE loan limits, a component of the Economic Stimulus Act of 2008, which will remain in effect until December 31. The limits are determined by the county in which the property is located, except for properties located in metropolitan statistical areas (MSAs) where the limit is set at that of the county with the highest limit within the MSA. For more information on the increased loan limits please see HUD's Mortgagee Letter.

In conjunction with HUD's announcement, Fannie Mae issued circulars describing its terms and conditions for purchasing "jumbo-conforming" mortgages. Of particular note, Fannie Mae will only accept jumbo-conforming loans that: originated March 1-December 21; have maximum CLTVs of 90 percent for fixed-rate and 80 percent for ARMs; whose borrowers cannot have a late payment within the past 12 months; and of which all loans must be manually underwritten until the guidelines are incorporated into Fannie Mae's underwriting guidelines, which is targeted to be late summer. 

Additionally, Fannie Mae will not purchase FHA, MyCommunity, Streamline, certain types of cashouts and manufactured home mortgages. These loans will also be subject to Fannie Mae's Adverse Markets Delivery Charge and other loan level pricing adjustments.

Ginnie Mae also released its procedures for handling the new higher balance loans. On or after April 1, Ginnie Mae will create a new, multiple-issuer pool type under its II Mortgage-Backed-Securities Program. This new pool type will become eligible for FHA insurance through December 31. Eligible loan packages may only be transmitted electronically through web-based GinnieNET.

In related news, OFHEO Director James Lockhart III sent a letter to MBA Chairman Kieran Quinn, CMB, on March 6, expressing accord with MBA over the significance of expeditious implementation of the higher loan limits that were mandated by the stimulus package. Additionally, Lockhart recognized the critical need for enacting comprehensive GSE reform, and graciously thanked MBA for continued support and advocacy of this legislation.

For more information, please contact Corey Carlisle at (202) 557-2860 (ccarlisle@mortgagebankers.org) or Mike Carrier at (202) 557-2870 (mcarrier@mortgagebankers.org).

MBA Opposes Bankruptcy Reform Legislation to Senate Judiciary Committee
On March 5, MBA Senior Vice President of Government Affairs Steve O'Connor sent a letter to Senate Judiciary Committee Chairman Patrick Leahy, D-Vt., and Ranking Member Arlen Specter, R-Pa., expressing opposition to S. 2136 and S. 2133, bankruptcy reform legislation.

MBA continues to believe that consequences of bankruptcy reform legislation would include: an interest rate increase of at least 1.5 percentage points; increased obstacles to mortgages for borrowers, particularly those borrowers residing in areas prone to natural disasters; as well as a substantial surge in Chapter 13 filings. MBA continues to hold the position that reopening the bankruptcy code would only exacerbate the credit crisis, in turn increasing the cost for borrowers and ultimately hurting consumers.

In related news, MBA, as part of a united industry coalition, sent a letter to the members of the Senate Judiciary Committee reiterating strong opposition to the aforementioned bills. The letter goes on to praise the passage of bills designed to help the housing market, which measures include: increasing GSE and FHA loan limits; making mortgage debt forgiveness tax-free; and making mortgage insurance premiums tax-deductible.

For more information, please contact Steve O'Connor at (202) 557-2867 (soconnor@mortgagebankers.org).

GSEs Strike Appraisal Requirement Deal with Cuomo, OFHEO
On March 3, Fannie Mae and Freddie Mac reached a settlement with New York Attorney General Andrew Cuomo and OFHEO to establish new appraisal requirements for mortgages the GSEs purchase. This settlement will likely have a significant impact on MBA members, as it imposes several operational and reporting requirements on those doing business with the GSEs.

Under the agreement, the GSEs agreed to adopt a Home Valuation Protection Code that establishes requirements governing appraisal selection, solicitation, compensation, conflicts of interest and corporate independence. Requirements that will be in effect on January 1, 2009 specify that lenders not rely on appraisals provided by brokers, either for purchase transaction or refinancing; and that lenders and brokers not rely on in-house appraisers.

For more information, please contact Corey Carlisle at (202) 557-2860 (ccarlisle@mortgagebankers.org) or Mike Carrier at (202) 557-2870 (mcarrier@mortgagebankers.org).

HOPE NOW Reports One Million Workouts Since July 2007
According to the most recent HOPE NOW Alliance study released on March 3, 1.035 million homeowners have receive loan workouts since July 2007, thus enabling at-risk borrowers to stay in their homes. The study found that loan modifications made up nearly 50 percent of subprime loan workouts in January, compared to 35 percent in the fourth quarter of 2007. Additionally, loan modifications have increased 16 percent in January from December. MBA is a founding member of the HOPE NOW Alliance.

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

Frank to Introduce Legislation to Refinance Troubled Subprime Mortgages
On March 5, House Financial Services Committee Chairman Barney Frank, D-Mass., announced plans to release a draft bill this week that would allow at-risk subprime loans on the brink of foreclosure to be refinanced with the federal government's help.

Frank stated that his preliminary plan aims to target 2.2 million mortgages made to nonprime borrowers and 600,000 mortgages made to those individuals without adequate verification of income. This policy intention comes on the heels of Federal Reserve Chairman Ben Bernanke's suggestion last week that the Bush Administration should put more pressure on lenders to voluntarily refashion and reduce principals of at-risk loans. MBA will examine Frank's and other proposals as details become available.

For more information, please contact Francis Creighton at (202) 557-2736 (fcreighton@mortgagebankers.org).

MBA to Testify At IRS REMIC Hearing 
On March 6, the Internal Revenue Service published in the Federal Register notice of a public hearing on proposed regulations that would expand the list of permitted loan modifications to include certain modifications of commercial mortgages held by a real estate mortgage investment conduit (REMIC). MBA will testify at the April 4 hearing.

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

Court Rejects HUD Ban on Seller-Funded Downpayment Assistance
Last week, the U.S. District Court for the Eastern District of California ruled against HUD's ban on seller-funded downpayment assistance on loans guaranteed by FHA, arguing that HUD failed to adequately explain its policy change.

A final rule by HUD banning the practice was published in the Federal Register on October 1, 2007. Three non-profits that provide seller funded down-payment assistance filed separate lawsuits to block its implementation. The court's ruling signifies that HUD be obligated to reopen the rulemaking process on this issue, or choose to await further direction from Congress.

For more information, please contact Corey Carlisle at (202) 557-2860 (ccarlisle@mortgagebankers.org).

N.Y. Governor Unveils Bill to Further Expand Anti-Predatory Lending Laws
On March 4, New York Gov. Elliot Spitzer (D) unveiled plans to introduce far-reaching legislation intended to address the current mortgage crisis. The bill will provide additional protections and foreclosure prevention opportunities for homeowners at risk of losing their homes, including: a 60-day pre-foreclosure commencement notice; a required settlement conference; and an affirmative assertion of ownership to proceed to foreclosure. 

MBA has expressed concerns to Spitzer over the proposal and will continue to work with him and state legislators, while awaiting specific bill language.

For more information, please contact Paul Richman at (202) 557-2899 (prichman@mortgagebankers.org).

MBA National Policy Conference Apr. 16-17
MBA urges Association members to participate in the 2008 National Policy Conference on April 16-17, to speak to members of Congress about issues that directly affect your business.

As our industry faces challenges, it is vital that you engage with policymakers to ensure that your voice is heard. Only your personal commitment and involvement will help to make a difference. There has never been a more important time for industry leaders to participate in the Association's annual opportunity to personally carry our message to Capitol Hill.

To register for the National Policy Conference, you may call MBA's Meetings Department at (800) 793-6222 or visit the National Policy Conference web site at http://events.mortgagebankers.org/npc2008/default.html.

For more information, please contact Adam Fromm at (202) 557-2858 (afromm@mortgagebankers.org).
(Back To Top)

Following the Nonprime conference, MBA’s National Fraud Issues Conference takes place Mar. 13-14, also at The Palmer House Hilton. At that conference, MBA and the Mortgage Asset Research Institute LLC will jointly release MARI's 10th Periodic Mortgage Fraud Case Report.

This report has been prepared for the members of MBA and examines the current composition of residential mortgage fraud and misrepresentation in the United States. Preliminary indications are that this year's report continues that trend; the report will also explore the impact of mortgage fraud on the current mortgage market environment and provide some insight from other respected industry sources.

MBA Chairman-Elect David Kittle, CMB, and Merle Sharick, CMB, vice president and manager ChoicePoint Mortgage’s Real Estate Services Business Development unit, will present the findings in a media conference call on Thursday, Mar. 13 at noon ET (11:00 a.m. CT). MBA NewsLink will provide coverage.

Congress engages in one more week of business before its spring break. HUD Secretary Alphonso Jackson testifies before both the House and Senate this week to discuss the Bush Administration’s proposed FY 2009 budget and other issues. He appears on Tuesday, Mar. 11 before the House Financial Services Committee; that hearing begins at 10:00 a.m. ET in room 2128 of the Rayburn House Office Building. Committee chairman Barney Frank, D-Mass., indicated that Jackson can expect questions about other issues, such as oversight of emergency spending.

On Thursday, Mar. 12, Jackson appears before the Senate Banking Committee. That hearing begins at 10:00 a.m. ET in room 538 of the Dirksen Senate Office Building.

Also scheduled to testify at that hearing are Michael Kelly, executive director of the District of Columbia Housing Authority; Hector Pinero Sr., vice president of Related Management Co., representing the National Multi Housing Council and the National Leased Housing Association; Diane Randall, director of the Partnership for Strong Communities; Edgar Olsen, professor of the Department of Economics at the University of Virginia; and Barbara Sard, director of housing policy with the Center on Budget and Policy Priorities. 

The Senate Banking Committee also holds a hearing this week on The Condition of our Nation’s Infrastructure and Proposals for Needed Improvements. That hearing takes place Tuesday, Mar. 11 at 10:30 a.m. ET in 538 Dirksen. 

The House Financial Services Committee holds a rescheduled hearing on Municipal Bond Turmoil: Impact on Cities, Towns and States. At issue is the availability and cost of credit for state and local government as well as non-profit hospitals and universities, and the corresponding impact to the economy if states and local jurisdictions have to eliminate or scale back on needed projects and services.

The hearing takes place Wednesday, Mar. 12 at 10:00 a.m. ET in 2128 Rayburn.

The presidential primaries continue, with the Democratic candidates—Sens. Hillary Clinton, D-N.Y., and Barack Obama, D-Ill.—facing another key primary in Mississippi on Tuesday, Mar. 11. The Republican nominee, Sen. John McCain, R-Ariz., clinched that party’s nomination last week.

The House Judiciary Committee Antitrust Task Force holds a hearing on Net Neutrality and Free Speech on the Internet. The hearing takes place Tuesday, Mar. 11 at 2:00 p.m. ET in 2141 Rayburn.

The Senate Finance Committee holds a hearing on Alternatives to the Current Federal Estate Tax System. The hearing takes place Wednesday, Mar. 12 at 10:00 a.m. ET in 215 Dirksen.

Washington think tank The Brookings Institution holds a Policy Discussion on Addressing the Foreclosure Crisis on Friday, Mar. 14 at its headquarters in D.C. Scheduled participants include former Treasury secretaries Robert Rubin and Lawrence Summers; University of Michigan Law School professor Michael Barr; Brookings Institution senior fellow Douglas Elmendorf and Neighborworks America CEO Kenneth Wade. The discussion takes place from 11:00 a.m.-1:00 p.m. ET; MBA NewsLink will provide coverage.

MBA's National Technology in Mortgage Banking Conference and Expo kicks off in Dallas on Sunday, Mar. 16 and runs through next Wednesday, Mar. 19. MBA NewsLink and MBA Tech NewsLink staff will be in Dallas to provide onsite coverage.

All House and Senate hearings can be accessed live over the Internet at www.house.gov; www.senate.gov; and www.capitolhearings.org.

Upcoming Reports/Events:

Mar. 10-12: MBA National Nonprime Mortgage Networking Conference, Chicago
Mar.10: Wholesale Trade, Bureau of the Census 
Mar. 11: Trade Balance, Bureau of Economic Analysis 
Mar. 11: Regional and State Employment/Unemployment, Bureau of Labor Statistics
Mar. 11-14: MIPIM, Cannes, France
Mar. 12: MBA Weekly Application Survey
Mar. 12: CampusMBA FHA Fundamentals, Phoenix
Mar 12: Treasury Dept. Monthly Statement
Mar. 13-14: MBA National Fraud Issues Conference, Chicago
Mar. 13: FHA Underwriting& Operations Workshop, Phoenix
Mar. 13: Advance Retail Sales, Bureau of the Census
Mar. 13: Imports/Exports, Bureau of Labor Statistics 
Mar. 13: Business Inventories, Bureau of the Census 
Mar. 14: Consumer Price index, Bureau of Labor Statistics 
Mar. 14: Real Earnings, Bureau of Labor Statistics 
Mar. 15: Cleveland Fed Median CPI 
Mar. 16: CampusMBA Information Assurance—5 Steps to Security, Grapevine, Texas
Mar. 16-19: MBA National Technology in Mortgage Banking Conference & Expo, Dallas
Mar. 17-20: CampusMBA School of Mortgage Banking I, Baltimore
Mar. 17: Empire State Manufacturing Survey
Mar. 17: U.S. International Transactions (4Q), Bureau of Economic Analysis
Mar. 17: Industrial Production/Capacity Utilization, Federal Reserve
Mar. 17: Chicago Fed Midwest Manufacuting Index 
Mar. 17: Housing Market Index, National Association of Home Builders
Mar. 18: Federal Open Market Committee
Mar. 18: New Residential Construction, Bureau of the Census/HUD 
Mar. 18: Producer Price Index, Bureau of Labor Statistics 
Mar. 19: CampusMBA The Basics of FHA LIVE Online Workshop
Mar. 19: MBA Weekly Application Survey
Mar. 19: Metropolitan Area Employment/Unemployment, Bureau of Labor Statistics 
Mar. 20: CampusMBA The Top 10 Advantages of Selling FHA Products LIVE Online Workshop
Mar. 20-21: CampusMBA Introduction to Commercial Real Estate Finance, Baltimore
Mar. 20: Philadelphia Fed Survey 
Mar. 21: CampusMBA How to Become FHA-Approved LIVE Online Workshop
Mar. 23: CampusMBA FHA Central Bimonthly LIVE Online Workshop
Mar. 24: Existing Home Sales, National Association of Realtors 
Mar. 24: Chicago Fed National Activity Index 
Mar. 25: S&P/Case-Shiller Home Price Indices 
Mar. 25: Consumer Confidence, The Conference Board
Mar. 25: Richmond Fed Survey 
Mar. 26: MBA Weekly Application Survey
Mar. 26: Revised Building Permits, Bureau of the Census
Mar. 26: State Quarterly Personal Income 2004q1-2007q4, Bureau of Economic Analysis 
Mar. 26: State Annual Personal Income, 2007, Bureau of Economic Analysis (P) 
Mar. 26: Advance Durable Goods, Bureau of the Census 
Mar. 26: New Residential Sales, Bureau of the Census/HUD 
Mar. 26: State and Local Building Permits 2004Q-2007Q4, Bureau of the Census 
Mar. 27: Gross Domestic Product, Bureau of Labor Statistics
Mar. 27: Corporate Profits, Bureau of Economic Analysis 
Mar. 27: Help Wanted Index, The Conference Board 
Mar. 27: Kansas City Fed Manufacturing Survey 
Mar. 28: Personal Income, Bureau of Economic Analysis 
Mar. 28: Regional/State Employment/Unemployment, Bureau of Labor Statistics  
Mar. 31: Chicago Purchasing Managers Index 
April 7-9: CampusMBA School of Mortgage Servicing, Washington, D.C.
April 10: CampusMBA FHA Fundamentals Workshop, Chicago
April 11: CampusMBA FHA Underwriting & Operations Workshop, Chicago
April 14-17: CampusMBA School of Mortgage Banking I, Dallas
April 14-17: CampusMBA School of Mortgage Banking II, Dallas
April 28-May 1: MBA Legal Issues/Regulatory Compliance Conference, Carlsbad, Calif.
April 29-30: Federal Open Market Committee
May 1: CampusMBA FHA Fundamentals Workshop, Miramar, Fla.
May 2: CampusMBA FHA Underwriting & Operations Workshop, Miramar, Fla.
May 4-7: MBA National Secondary Market Conference & Expo, Boston
May 13-16: MBA Commercial/Multifamily Servicing and Technology Conference, Chicago
May 19-22: CampusMBA School of Mortgage Banking Course III, Chicago
June 24-25: Federal Open Market Committee
June 8-11: MBA Presidents Conference, Charleston, S.C.
June 9-12: CampusMBA School of Mortgage Banking Course II, Philadelphia
July 16: CampusMBA FHA Fundamentals Workshop, San Diego
July 17: CampusMBA FHA Underwriting & Operations Workshop, San Diego
Aug. 5: Federal Open Market Committee
Aug. 11-15: CampusMBA School of Mortgage Banking Course III, Washington, D.C.
Sept. 14-16: MBA Regulatory Compliance Conference, Washington, D.C.
Sept. 16: Federal Open Market Committee
Sept. 21-23: MBA Document Custody Conference, Charlotte, N.C.
Oct. 19-22: MBA 95th Annual Convention & Expo, San Francisco
Oct. 28-29: Federal Open Market Committee
Dec. 16: Federal Open Market Committee
Jan. 27-28, 2009: Federal Open Market Committee 

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