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Upcoming Events!

MBA of the Bluegrass

General Membership Meeting for July

TBD

Keep watching for e-mails

REAL Estate United Summer Social

August

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Page 2

Sometimes it’s good when the weather

forecasters are wrong! They had said

Tuesday, June 10th, would see an 80%

chance of rain. Fortunately, the 80%

wait-ed until about 5:15 p.m. when the heavens

burst forth! Before then the golfers and

sponsors who participated in the annual

golf scramble had a beautiful day for

net-working and enjoying some time on the

Connemara Golf Course. A total of 21

teams participated and they consisted of

mortgage agencies, title companies,

insur-ance agencies, realty companies, and

friends of friends.

There are so many people to thank for making this golf outing successful. Kudos go

to Mellissa Buckley, Jason Heflin, Nicole Gardner, Gretchen Shuck, and Don White

and his wonderful co-workers, Lori Sharp and Dawn Severt. Below are the

spon-sors for this event:

Bluegrass Land Title

Old Republic Title

Charles Ward, Dinsmore & Shohl, LLP

ProjexPlus+ LLC

Dan Miller, Webb, Hoskins, Brown & Thompson P.S.C.

Radian Guaranty

Don White—Title Sponsor

Robin Bedford

First American Title

Appraisals

First Security Bank

Shuck Appraisals

Gardner Law Office

United Guaranty

Jett Title

Wells Fargo

Mainous and Grant

MGIC

Recap: MBA of the Bluegrass Annual Golf Scramble

Sponsored by

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Looking for Members!

Do you know a bank, an attorney, a title company, an insurance company, or

mortgage lender who should be a member of the MBA of the Bluegrass??? Please

be inviting!

Contact any of the board members listed on the website.

Page 5

2014 MBA of the Bluegrass Inc. Board Officers

President—Jason Heflin, Rector-Hayden Mortgage, (859) 621-6592,

ja-son.e.heflin@rector-haydenmortgage.com

President Elect—Mellissa Buckley, First American Title, (859) 361-6706,

mebuck-ley@firstam.com

Secretary—Brian Gardner, (859) 253-0734, bgardner@gardnerlawky.com

Treasurer

Leslie Pearson, Benchmark, (859) 797-4124,

leslie.pearson@benchmark.us

Past President—Gesela Brown, Fifth Third, (859) 421-3406, gesela.brown@53.com

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Title: FHA Guidance Bans 'Deceptive Marketing,

Advertis-ing' in HECM Program

Source: Mike Sorohan, MBA NewsLink®

Date: June 20, 2014

The Federal Housing Administration yesterday published a Mortgagee Letter outlining guidance that prohibits “misleading or deceptive” advertising and marketing for lenders participating in its Home Equity Conversion Mortgage program.

The guidance in Mortgagee Letter 2014-10 (http://portal.hud.gov/hudportal/documents/huddoc?id=14-10ml.pdf) is in-tended to protect HECM borrowers from misleading advertising and presentations that appear to limit their options rather than informing them of the full range of available HECM offerings.

“Senior borrowers deserve freedom of choice when considering whether a reverse mortgage is appropriate for them,” said FHA Commissioner Carol Galante. “This guidance is intended to make sure lenders know we’re keeping a watchful eye on their marketing and advertising practices that might steer borrowers toward reverse mortgage options that limit their availa-ble choices.”

The Mortgage Letter requires FHA-approved lenders to explain in “clear, consistent language” all requirements and features of the HECM program and may not mislead or otherwise cause a senior borrower to believe that the HECM product contains any features or limitations that are inconsistent with FHA’s requirements.

“Lenders are prohibited from using any misleading or misrepresentative advertising or marketing materials in connection with the HECM program or from making any statement or representation that could mislead a mortgagor as to his or her rights under a HECM,” the letter said. “In addition, mortgagees may not state or imply that as a result of their approval to participate in FHA programs that any of their products have been endorsed by FHA or HUD. All advertisements or marketing materials used in connection with the HECM program must include a prominently displayed disclaimer that clearly informs the public that such materials are not from HUD or FHA and the document was not approved by the Department or Govern-ment Agency.”

For example, the mortgagee must explain:

• FHA insures fixed interest rate mortgages, as well as annual and monthly adjustable interest rate mortgages;

• The borrower has the ability to change the method of payment under the reverse mortgage ARM products at any time pro-vided funds are available;

• Fixed interest rate mortgages are limited to the Single Disbursement Lump Sum payment option where there is a one-time draw at loan closing and no future draws post loan closing;

• Adjustable interest rate mortgages provide for five, flexible payment options, and allow future draws;

• The amount of funds available to the mortgagor is currently determined by the age of the youngest mortgagor, and • Disbursement of mortgage proceeds during the first 12-month disbursement period is subject to an initial disbursement limit as determined by requirements set by the Secretary.

FHA said failure to follow HUD/FHA requirements as outlined in theMortgagee Letter could result in sanctions, including "civil money penalties or administrative action against any person, party, company, firm, partnership or business, including non-FHA-approved institutions and individuals."

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The next two pages have the committees for 2014. If you want to plug in and do more for

the MBA of the Bluegrass please contact one of the board officers.

Legislative

—Is responsible for reporting to the Board of Directors and the membership any

current activity on local, state, or national legislative issues.

Committee Chair—Wayne Thompson, (859) 514-5472, wthompson@waldenmg.com

Ethics

—Responsible for inquiries or accusations against members and reporting to the Board

of Directors their findings and recommendations.

Committee Chair— Roberta Wilson, (859) 221-1403, rdwilson@bbandt.com

Finance

—Shall prepare a budget of the estimated income and expenses of the organization

for the year.

Committee Chair—Leslie Pearson, (859) 797-4124, leslie.pearson@benchmark.us

Membership

—In charge of recruitment and retention. They will devote their attention to the

proper welcoming of new members and guests and to strive to encourage friendships among

members.

Committee Chair

—Open

Affiliate Relations

—This committee is responsible for promoting and recruiting affiliate

members to the organization. This involves planning and conducting special events for our

affiliates.

Committee Chair—Patti Houchens, (859) 749-0801, phouchins@bbandt.com

2014 Committees

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2014 Committees Continued:

Program

—This committee is responsible for organizing meetings, identifying location,

sched-uling speakers, and securing sponsorships for the events. Additionally this committee is

re-sponsible for arranging any special events like the golf outing and Christmas party.

Committee Chair—Mellissa Buckley, (859) 361-6706, mebuckley@firstam.com

Education

—Plans topics, arranges dates/times, and secures speakers for Educational

Roundtables to educate the membership.

Committee Chair—Sherri Wagerman, (502) 930-2697, sherri_wagerman@mgic.com

Co-Chair—Wilma Langfels, (859) 221-0103, wilma@lendingky.com

By-Laws

—Reviews the by-laws and proposes any changes that are necessary

Committee Chair—Gesela Brown, (859) 421-3406, gesela.brown@53.com

Technology

—Responsible for the current development and future upgrades to the website

and will stay current on all technological advances in the industry.

Committee Chair—Nathan Bay, (859) 539-4910, nbay@FirstSecurity.net

PR/Communications

—Supplies monthly notices concerning the organization meetings and

other interesting information of the membership to newspapers, radio and television stations.

Committee Chair— Jeff Sharp, (859)608-2948, jsharp@waldenmg.com

Mortgage Bankers Association of Louisville http://www.mbalou.org

The National Mortgage Bankers Association http://www.mortgagebankers.org

Mortgage Fraud Blog

http://www.mortgagefraudblog.com/ FBI Mortgage Fraud

http://www.fbi.gov/page2/dec05/operationquickflip121405.htm

Important Websites to Know

References

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