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January 2010 Volume 2 • Number 1



Your source for the latest on originations, settlement, and servicing

1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 / (888) 409-9770 Fax: (516) 409-4600 Web site: STAFF Eric C. Peck Editor-in-Chief (516) 409-5555, ext. 312 Andrew T. Berman Executive Vice President (516) 409-5555, ext. 333 Domenica Trafficanda Art Director Karen Krizman Senior National Account Executive (516) 409-5555, ext. 326

SUBSCRIPTIONS To receive subscription information, please call (516) 409-5555, ext. 301; e-mail or visit Any subscription changes may be made to the attention of “Circulation” via fax to (516) 409-4600. Statements of fact and opinion in National Mortgage Professional Magazine are the responsibility of the authors alone and do not imply an opinion on the part of NMP Media Corp. National Mortgage Professional Magazine reserves the right to edit, reject and/or postpone the publication of any articles, information or data. RT MO



In the world of NAMB First off, I hope you were able to join us at NAMB/WEST for what was a VERY successful conference and great way to plan your 2010 with profit-producing activities. In this issue, Don Frommeyer shares his report on the very successful NAMB/WEST in the January 2010 installment of The NAMB Perspective. Also, be sure to read NAMB President Jim Pair’s outlook on what lies ahead for the industry in 2010. The NAMB Perspective concludes with an article from Pava J. Leyrer providing her tips on success by joining the “BE” list. Coming up in February, from Sunday-Wednesday, Feb. 21-24, NAMB is hosting it’s annual 2010 Legislative & Regulatory Conference. This is your chance to build your relationships with the folks on Capitol Hill who are making the decisions about your industry. NAMB even provides you with Advocacy Training. If you have not already made arrangements, please head over to for more details.

Jan. 1 brought us some major compliance challenges Jonathan Foxx gives an overview on RESPA, TILA and HMDA in this month’s Regulatory Compliance Outlook. Later in the magazine, Jonathan goes into a deep analysis of the new RESPA rules, including a block by block analysis to help you better explain the GFE to your borrowers. Be sure to check out this month’s Trend Spotter column as well by Gibran Nicholas where he shows you how to turn this rather confusing new GFE into a selling weapon.

On the topic of FHA … Called on the carpet this month was FHA’s commissioner, David Stevens, in Eric C. Peck’s “A Walking Contradiction?” on statements made back when we was on the other side of fence as an industry advocate for the Real Estate Services Providers Council Inc. (RESPRO).

Combating fraud Dave Hershman shares his thoughts on fraud’s impact on the secondary market and issues a call to action to fight fraud. Later in the magazine, you will find this month’s focus “Fighting Fraud,” featuring PRMI’s John Frank sharing his simple steps that all originators must follow to nip fraud before it blossoms out of control. Our resident FHA master himself, Jeff Mifsud, shares his experiences in confronting organizations that didn’t address fraud, and also shares an excellent source of financing that allows third-party originations. Included in our “Fighting Fraud” section is an article by Andrew Schell, CPA, CMB, about securing your own organization to keep the perpetrators of identity theft out of your own organization. Brad Kelso shares with us the level of creditability for various income verification methods. Our focus on fraud wraps up with a submission from Howell Haunson on the “Red Flags of Mortgage Fraud” (not to be confused with the ever popular and often-postponed identity theft Red Flags rules).

Also in this issue … The National Credit Reporting Agency’s Terry W. Clemans offers his perspective on FACTA rules and risk-based pricing; Paul Donohue‘s SAFE Smart article covers the topic of testing, education and licensing; from the appraisal and valuation world, Charlie W. Elliot provides a perspective from an appraiser’s point of view on the direction of home values in his “Value Nation” column … not great news, but certainly required reading. For an inspiring story from the reverse mortgage world, check out Atare E. Agbamu’s look at the world of reverse mortgages and a profile on reverse leader and pioneer, Jeffrey S. Taylor, a founder of the National Reverse Mortgage Lenders Association (NRMLA). So enjoy yet another jam-packed issue of National Mortgage Professional Magazine, and don’t forget to log on to our home on the Web, Sincerely,




ARTICLE SUBMISSIONS/ PRESS RELEASES To submit any material, including articles and press releases, please contact Editor-in-Chief Eric C. Peck at (516) 409-5555, ext. 312 or e-mail The deadline for submissions is the first of the month prior to the target issue.

I am honored to have Greg Frost join our list of featured contributors beginning with our January 2010 issue. Greg is the industry’s first billion dollar agent, and a man who I consider to be one of the all-time GREAT mortgage industry speakers. Additionally, I have been told countless times that he is a great person to work for. In Greg’s first installment, he shares the five-pronged marketing approach he uses to continue to dominate the New Mexico mortgage marketplace.



ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact Senior National Account Executive Karen Krizman at (516) 4095555, ext. 326 or e-mail

Welcome Greg Frost!




Jennifer Moeller Billing Coordinator (516) 409-5555, ext. 324

A Message From NMP Media Corp. Executive Vice President Andrew T. Berman




National Mortgage Professional Magazine is published monthly by NMP Media Corp. Copyright © 2010 NMP Media Corp.

Andrew T. Berman, Executive Vice President NMP Media Corp.