From the LRC Podium

LRC WRAP-UP

BY VALERIE SAUNDERS, CRMS

More than 20 people earned their Certified Veterans Lending Specialist (CVLS) certification and leaders from across the country participated in NAMB's committee, board and leadership meetings – this year's LRC was a rousing success! Following is a review of our iconic speaker sessions.

(Then) FHFA Acting Director Sandra Thompson:

Ms. Thompson kicked off as keynote speaker, reviewing LLPAs (especially the increases on second homes), adjusting Home Ready and Home Possible LMI to 80 percent (from the current 100) and the temporary guidelines with condos, such as the 40-year study requirement. She also fielded questions on credit scoring overhauls and initiatives for low-to-moderate income homebuyers.

Julienne Joseph, Deputy Assistant Secretary, U.S. Department of Housing and Urban Development’s FHA:

Ms. Joseph oversees the FHA insurance-in-force portfolio of more than eight million loans with an unpaid principal balance of more than $1.2 trillion. She addressed the possibility of removing the life of loan MI requirement on FHA loans and adopting the conventional loan model of dropping off after the LTV has reached 80%, condo approval and the plan for student loans after forebearance is no longer in place.

John E. Bell III, Acting Executive Director, Loan Guaran- ty – LGY:

Mr. Bell recapped a hearing entitled “Removing Barriers to Veteran Homeownership,” conducted by the House Committee on Veterans’ Affairs Subcommittee on Economic Opportunity, Dec. 8, 2021. He also discussed the Blue Water Navy Act, statistics reflecting the strength of veteran homebuyers, VA appraisal data and significant upgrades to WebLGY.

Freddie Mac's Equitable Housing Team including Angie Wilen and Tamela Thurman:

The pair’s presentation reflected that a substantial gap in homeownership rate exists. Despite that, many potential borrowers exhibit certain credit characteristics that could qualify them for a mortgage, i.e., low down-payment products (Home Possible, HomeOne). There is substantial population, too, that is “Near Mortgage Ready,” who can benefit from counseling and financial literacy programs. With the current severe shortage of affordable housing stock, Freddie Mac products such as CHOICEHome and CHOICERenovation can offer solutions.

Val is NAMB’s Vice President and chair of NAMB’s Awards, Certification and Government Affairs committees. She is the CEO of RE Financial Services, Inc., in Jacksonville FL.

Follow the Leader!

BY LINDA McCOY

NAMB is looking for leaders and we’re willing to train!

We’ve got a program if you want to get involved: Future Leaders. We have a great group of volunteers to help lead the association, but we need more. I wanted to serve because I have passion. I believe NAMB is the best mortgage industry association out there. I’m honored that I was nominated. Leading NAMB has been an investment for the future.

As the sole owner of Mortgage Team 1, Inc., I’ve seen many changes in the industry since my first loan app in 1993. I joined NAMB because I needed education – and ended up becoming an instructor myself! I’m so excited that NAMB has chosen to be a leader in education. I want to help originators increase their knowledge by giving them the tools to become a quality originator through certifications.

My vision for NAMB besides growth is to make sure that we are viewed by our members, our congressmen and the general public as the best association in the mortgage profession. I’m proud to have played a small role in NAMB’s almost 50 years. My job isn’t finished so please, young mortgage professional, tell me why you would like to serve? NAMB has a class waiting for you. Let’s make the best even better. NC

Linda is NAMB’s President and CEO of Mortgage Team 1, Inc., in Mobile AL. Apply to be a Future Leader at namb.org/FutureLeaders.