Upcoming Events!
MBA of the Bluegrass
General Membership Meeting for July
TBD
Keep watching for e-mails
REAL Estate United Summer Social
August
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
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
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."
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
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