A Message From the President of the Massachusetts Mortgage Association   To:  MORTGAGE PROFESSIONALS
	Robert McDonald
	2009 President

The Massachusetts Mortgage Association (MMA) and the National Association of Mortgage Brokers (NAMB) are hard at work for its members and fighting to help stabilize the mortgage brokerage and lending industry on state and federal levels.

The decision by the Division of Banks (DOB) to deny a Loan Officer's license to 270 individuals based on credit issues is still being worked on.  As a result of many discussions between the MMA and the DOB the Division did grant an extension from January 9, 2009 to March 15, 2009 to allow for additional reviews and considerations and as a result, some who were previously denied were granted a license.  The MMA is continuing to work with the DOB and state Legislators to have language changed within the regulations that would allow for more reviews, considerations and approvals.

The MMA and NAMB are working in alliance with other state Mortgage Associations to provide the information to Capital Hill (Washington) that will be needed to stop the new regulations being proposed which will be financially damaging to the consumer and the mortgage industry.

RESPA:  NAMB has filed a lawsuit against HUD to stop them from requiring a new 3 page GFE that has been shown to cause a consumer to choose a higher cost loan.  HUD has repeatedly refused to acknowledge the results of two studies provided by the Federal Trade Commission.  The goal of the industry is a more user friendly and easier to understand GFE which will better inform the consumer and protect them from potential abuses.

HVCC:  NAMB has filed a lawsuit against the FHFA to stop the new regulations which prohibit a Mortgage Broker from participating in the arranging or ordering of an appraisal.  This regulation was created by New York Attorney General Cuomo and violates the Administrative and Procedures Act.  Our industry understands there are concerns about fraud, however, Cuomo's regulation will only cost the consumer more money for an appraisal and cause a higher rate to be delivered to the consumer than necessary, due to inherent delays in processing.

LLPA:  NAMB has been heavily lobbying Congress and the Senate to intervene with regard to the GSE's (FNMA) (FHLMC) to try to end the overcharges being levied against consumers who wish to purchase a property or refinance their existing mortgages.  The rate premiums being charged to borrowers for LTV, DTI and FICO scores are unrealistic and harmful.

MI Companies:  The recent decision of some MI companies to no longer provide mortgage insurance for any mortgage originated by a third party originator is being reviewed and discussed amongst the MI companies, MMA, NAMB and other state mortgage associations.  This decision by the MI companies will be damaging to the consumer and cause property values to deteriorate further, which ironically will put their existing insurance portfolios at greater risk.

SAFE Act Implementation:  The MMA has introduced legislation that will bring our state loan officer licensing law into conformity with the SAFE Act which is required to be done by July 31, 2009.  The new legislation directly addresses the issue of loan office license denials solely based on credit and lessens the non-financial felony conviction look back period to 7 years. The MMA, some legislators and the DOB are working together to try and come to a consensus on final language.

As I stated in January and will continue to remind everyone, the MMA can only provide information and feedback to its MEMBERS!  Unfortunately, those who are not members could make dangerous regulatory and compliance mistakes by not having the right information.  All of us can protect ourselves, stabilize our businesses and strengthen our positions at Beacon Hill and Capitol Hill by helping to beef up the membership of the MMA.  We can further the same by continuing to use the services of other MMA members such as wholesale lenders, attorneys, title companies, appraisers, etc.  These "service" companies understand the need to be involved and support the causes of the Mortgage Broker industry.  They are part of the backbone of the MMA and deserve great consideration.  If your service providers are not yet members of the MMA, you would be helping yourself and them by explaining the importance and value of an MMA membership.  A membership with the MMA also allows for membership with NAMB.

"Self -preservation has a tendency to lead to poverty."  -- Jim Rohn

Sincerely,

Bob McDonald, President

To:  CONSUMERS

We at the Massachusetts Mortgage Association (MMA) represent those who care very deeply about the future of our industry and about maintaining the reputation of the Licensed Mortgage Brokers and Lenders of Massachusetts. The consumer section of our website was developed entirely for you with your best interests in mind.

Throughout the consumer section of our website, you can search for a member broker or lender, get answers to your most frequently asked questions, learn about your credit score, learn how to lodge a consumer complaint, and choose from a selection of links to industry websites providing information on homeownership and the mortgage process.

The Massachusetts Mortgage Association is a non-profit professional organization dedicated to advancing the mortgage broker profession through the promotion of education, ethical practices, and consumer fairness.

Member mortgage brokers and lenders are not only licensed by the Massachusetts Division of Banks but are also members of the National Association of Mortgage Brokers and subscribe to a strict code of ethics

Obtaining a mortgage can be a complicated process. With so many options, it can also be confusing and stressful. A quality Mortgage Broker can guide you from application to closing, provide help and assistance, and simplify the process.

Professional Licensed Mortgage Brokers and Lenders are:
- Residential real estate finance professionals
- Experts at navigating you through the mortgage lending process
- Able to provide the loan products of many lenders
- Affordable consultants who can save you time and money
- Specialists with resources of knowledge on available mortgage loan products.

Thank you for visiting our website. We trust you will find it to be very beneficial and that you choose one of our quality members to serve your financing needs. The Massachusetts Mortgage Association welcomes your comments and suggestions.

Sincerely,
Bob McDonald, President