Mortgage News

Calendar Toward Tragedy
The following is a letter from our chapter president regarding a memorandum titled 'Calendar Toward Tragedy' which has nine exhibits. The purpose is to capture in a snapshot of time some of demands and responses that have occurred during this mortgage crisis. These exhibits and the chronology of time concern mortgage brokers. This effort is to highlight actions that are questionable and to suggest that new and different responses and action need to be taken. Read the items and see if you concur.

Read the letter here

Read the memorandum with the exhibits here.


New Savings and Mortgage Lending Commissioner Sworn In

This is the swearing in ceremony of our new Savings and Mortgage Lending Commissioner on April 10,2008. The attractive lady in the white jacket is Connie Hearn, our Past President. The tallest gentleman is Commissioner Doug Foster and immediately to his right is Governor Rick Perry. This was a brief, but very meaningful ceremony. Mr. Foster has been with the agency in excess of twenty years. He is the third Commissioner regulating mortgage brokers since 1999 when the mortgage brokers worked with the legislators and created Texas licensing. He oversees some 16,000 loan officers and 6,000 mortgage brokers originating a quarter of a million loans per year for the people of Texas to buy homes and refinance their residential property.


2nd Annual DFWAMB Trade Show
The DFWAMB 2nd Annual Trade Show was held on March 11th at the Marriott Quorum following Fannie Mae’s seminar at the hotel. It offered a chance for our sponsors to meet with our members and guests. Many of them took advantage of the opportunity to discuss their products and specialties with the brokers and loan officers that attended. Our many “thanks” to our sponsors for making this event a productive and fun afternoon for all of our members and guests.

After spending time at the Trade Show and taking advantage of the information available, several of our guests decided it was time to become members of DFWAMB, joined up, and asked about serving on a committee. We welcome our new members and hope to see you at the April Luncheon or Golf Tournament.


DFWAMB is a grass-roots organization that welcomes input from it’s members. Several of the attendees participated in a survey and provided insightful feedback that is always considered valuable by the DFWAMB Board.



Recent Lobbying Efforts by DFWAMB With FHA

Seen above is DFWAMB Director Martin Sisk with the Commissioner of FHA, Brian Montgomery. Mr Sisk is trying to make his usual pointed remarks regarding how FHA needs to be more accommodating to the mortgage brokers in implementing the new FHA lending features. Mr. Montgomery was reluctant to accept all of Mr. Sisk's rather bold suggestions. He did acknowledge there was an interest in becoming more accommodating to the brokers wishes to eliminate the audit requirement and accept surety bonding in lieu of $50,000 net worth. In addition he targeted late January 2008 for a RESPA proposed rule to go to Congress for review. He stated it would be more industry friendly than the 2002 rule. They would incorporate some of the suggestions learned on the 'field trips' in 2005. The rule was withdrawn in March 2004.

In addition to the purchase market inroads FHA is making, Mr. Montgomery was touting the success of the 'reverse mortgage' product introduced some four years ago. FHA has insured over 100,000 of these mortgages in that time. Mr Sisk pointed out that this was a superior product to FNMA and FHLMC and any seen in the industry. Texas had been one of the last states to come on board due to the homestead laws. Lenders were cautious regarding penalties lending to the reverse mortgage client.

Mr. Montgomery is aware of our association's lobbying efforts and encouraged Mr. Sisk to continue. He was cordial and open to suggestions. He invited a follow up visit when in Washington, D.C.

In addition to the purchase market inroads FHA is making, Mr. Montgomery was touting the success of the 'reverse mortgage' product introduced some four years ago. FHA has insured over 100,000 of these mortgages in that time. Mr Sisk pointed out that this was a superior product to FNMA and FHLMC and any seen in the industry. Texas had been one of the last states to come on board due to the homestead laws. Lenders were cautious regarding penalties lending to the reverse mortgage client.

Mr. Montgomery is aware of our association's lobbying efforts and encouraged Mr. Sisk to continue. He was cordial and open to suggestions. He invited a follow up visit when in Washington, D.C.




The Brokers' Choice

President’s Message
By Joanne Tucker

Dear Friends,

Life presents each of us with challenges. By embracing the challenges, we are empowered to use these challenges to become stronger. When we have a challenge, we need to think clearly and take action. The contributions we make, even in our struggles, are significant contributions to the people with whom we work (both our clients and our co-workers).

We will be stronger as individuals and as a group when our current challenges are behind us. Today’s consumer, purchasing or refinancing is feeling the effect of our current mortgage environment. Communication has always been key in our industry, but today it is even more important.

There are days that I have become so frustrated that I have had to walk outside to breathe deeply before I continue with the task at hand. What keeps me going is the knowledge that the consumer is better off working with a broker who has their best interest at heart.

Joanne Tucker
DFWAMB President