Mortgage PROFESSIONAL M O N T A N A
MAGAZINE
Your source for the latest on originations, settlement, and servicing
Montana Association of Mortgage Brokers P.O. Box 1012 O Helena, MT 59624-1012 Phone: (406) 227-5490 O Fax: (406) 227-7000 Web site: www.mtamb.com Montana Association of Mortgage Brokers
Phone #
Honesty and Integrity E-mail
President
(406) 844-2345
davec@mtnlk.com
Vice President/President-Elect
(406) 259-0877
gary@loansbyapex.com
Charles Bott
Secretary
(406) 294-7070
chasb@crossbowmortgage.com
Loren Olsen
Treasurer
(406) 556-9016
loren.olsen@carteretmortgage.com
Past President
(406) 652-6677
steven@american-mtg.com
Gary Tomljenovich
Steven Tucker
Code of Ethics and Business Standards
Montana Association of Mortgage Brokers
MAMB BOARD OF DIRECTORS Dave Christensen
Montana Association of Mortgage Brokers
MAMB members shall conduct business in a manner reflecting honesty, honor and integrity.
Professional Conduct MAMB members shall conduct their business activities in a professional manner.
Honesty in Advertising
Delinquencies in Montana Fall in Latest National Delinquency Survey
MAMB members shall avoid unauthorized disclosure of confidential information.
Compliance With Law MAMB members shall conduct their business in compliance with all applicable laws and regulations. For more information on MAMB membership, call the MAMB state office at (406) 227-5490 or visit www.mtamb.com.
Are You an MAMB Member? The Montana Association of Mortgage Brokers (MAMB) is an association of licensed mortgage brokers and loan originators from across the state that share an interest in offering the best possible service to their clients and supporters. By offering quality in-person training, opportunities to meet and exchange ideas and a forum for discussion about the changes and ramifications of the licensing law, MAMB is striving to create a level of professionalism in the state of Montana that surpasses that of all others. Membership in MAMB also carries a membership in the National Association of Mortgage Brokers (NAMB) which gives members a voice in Washington, D.C. and up to date information on what is happening nationally. The Board members and membership of MAMB have been working diligently for the past ten years to establish a strong relationship with the Montana Department of Administration’s Division of Banking, brining quality trainers and courses to Montana and building strong industry relationships.
Montana Association of Mortgage Brokers
O MAY 2010
For more information on the benefits of MAMB membership, call the MAMB state office at (406) 227-5490 or visit www.mtamb.com.
MONTANA MORTGAGE PROFESSIONAL MAGAZINE
For more information, visit www.mortgagebankers.org.
Confidentiality
www.NationalMortgageProfessional.com O
The delinquency rate for mortgage loans on residential properties in Montana was 5.08 percent at the end of the first quarter of 2010, a decrease of 48 basis points, according to the Mortgage Bankers Association. The delinquency rate excludes loans in the process of foreclosure. The percentage of loans in Montana on which foreclosure was started during the quarter rose 1 basis point to 0.66 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose five basis points to 1.89 percent. Mortgage delinquency rates normally fall between the fourth and first quarter of the year due to a variety of seasonal factors, particularly heating bills and Christmas holiday spending. Many borrowers are behind on their mortgage payments at the end of December, but are current by the end of March. The delinquency rate for prime adjustable-rate mortgage loans decreased 45 basis points to 8.95 percent and the rate for prime fixed-rate mortgage loans decreased 15 basis points to 3.15 percent. The delinquency rate for the sub-prime ARM loans decreased 184 basis points to 27.89 percent, while the rate for subprime fixed-rate loans increased 28 basis points to 17.4 percent. The delinquency rates for FHA and VA loans were 7.29 percent and 4.84 percent, respectively—down 142 basis points for FHA loans and down 75 basis points for VA loans. The foreclosure starts rate for prime ARM loans in Montana increased 20 basis points to 1.84 percent, while the rate for prime fixed-rate loans decreased one basis point to 0.34 percent. The foreclosure starts rate for sub-prime ARM loans increased 20 basis points to 5.17 percent, while the rate for sub-prime fixed-rate loans increased nine basis points to 2.57 percent. The percent of prime ARM loans in foreclosure increased 18 basis points to 5.84 percent and increased five basis points to 1.09 percent for prime fixed-rate loans. The rate for sub-prime ARM loans increased 25 basis points to 18.29 percent, while the rate for sub-prime fixed-rate loans increased 58 basis points to 8.23 percent. The percentage of FHA loans in foreclosure increased 14 basis points to 1.65 percent. The percentage of VA loans in foreclosure decreased 32 basis points to 1.35 percent. Among the 50 states and the District of Columbia, Montana ranked 47th in delinquencies and 46th in foreclosures started. Nevada ranked first in delinquencies with a rate of 14.03 percent and first in foreclosure starts with a rate of 3.23 percent. Montana has 18 percent non-prime borrowers (FHA and sub-prime) versus a national average of 22 percent. On a national level, the delinquency rate for mortgage loans on one-to-fourunit residential properties was 9.38 percent on a non-seasonally adjusted basis, down 106 basis points from 10.44 percent in the fourth quarter of 2009. The seasonally adjusted delinquency rate on residential properties was 10.06 percent in the first quarter, up 59 basis points from last quarter’s seasonally adjusted rate. The non-seasonally adjusted percentage of loans in which foreclosure was started during the quarter increased three basis points to 1.23 percent, while the non-seasonally adjusted percentage of loans in the foreclosure process at the end of the quarter rose five basis points to 4.63 percent.
MAMB members shall endeavor to be accurate in all advertising and solicitations.
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