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Exclusive
Offer from NAMB and Lowes!
NAMB
and Lowes have joined together to offer
customers of NAMB members an exclusive 10%
discount on all Lowes products and services.
To get discount information click
here and enter in your NAMB membership
ID number as well as your customers' information.
(If you do not know your NAMB member ID number,
you can get it by clicking
here.) Once you have submitted this
information, you will receive an e-mail with
the coupon included. *Please note that this
new benefit is only for loans closed in 2008.
There is no cost to participate in this program.
Members will need your member number, which
is located on your member card sent out in
NAMB membership packets. If you cannot locate
your member number on the card, please go
to the NAMB
Web site. Under "Membership"
you can click "Get your member number,"
and enter your email.

MAMB Honors Homeowners
Preservation Task Force, Several Others with
2008 Awards
In
recognition of its efforts to protect and
preserve homeownership for Marylands
working families the Maryland Association
of Mortgage Brokers (MAMB) has announced the
Maryland Homeowners Preservation Task Force
as its 2008 Legislative Award recipient. MAMB
also honored several other professionals for
their hard work and dedication to the industry.
Click
here to read more.
MAMB
Legislative Report - March 2008
MAMB's
Legislative Committee has been hard at work
in Annapolis protecting the mortgage industry.
Click
here to take a look at a legislative
update on the myriad of issues the profession
has been facing during the 2008 General Assembly
Session.
Maryland
Association of Mortgage Brokers Adopts Revised
Code of Ethics
Mortgage
brokers and their loan originators who want
to belong to the Maryland Association of Mortgage
Brokers (MAMB) are going to be required to
abide by a Code of Ethics and Professional
Standards/Best Lending Practices or face removal
from the Association, announced MAMB President
Charles DiPino today. Click
here for more details!
Click
here to download the MAMB Code of Ethics
MAMB
Code of Ethics Profiled in Baltimore Sun
HR
3915 Passed in the House of Representatives
Success!
YSP PRESERVED. The U.S. House of Representatives
passed the final version of H.R. 3915, the
"Mortgage Reform and Anti-Predatory Lending
Act of 2007" on a vote of 291 to 127.
This bill includes three important provisions
that offer effective consumer protection without
favoring any market competitor. Click
here to read the full article!
Policy
Alert RESPA/FHA Existing Policy Regarding
Non FHA Approved Mortgage Broker Fees in FHA
Mortgage Transactions
The
subject alert reconfirms existing FHA policy
regarding the use of non FHA-approved mortgage
brokers. FHA loan origination services must
be performed by a FHA-approved lender or FHA
approved mortgage broker (loan correspondent).
A loan correspondent may be compensated for
the actual loan origination services it performs
either directly by the consumer or indirectly
by the FHA approved lender without being in
violation of either the RESPA statute and
regulations or FHA regulations. Click
here to read the full article.
Important
News from NAMB: October 1, 2007 Deadline Approaching
and NAMBs
Harry Dinham Testifies Before the US House
Financial Services Committee
The
NAMB has important news you need to know regarding
the release of the revised Consumer Handbook
on Adjustable-Rate Mortgages and NAMB testifying
on FHA and Foreclosure Assistance.
Click here to read the news stories now!
New
Employment Requires New License: Online Best
For Securing LO License
With
todays changing mortgage market, an
unexpected high number of licensed Maryland
loan originators (LO) have found themselves
seeking new employment. It is important that
they remember what they must do in terms of
updating their license with the Division of
Financial Regulations. Click
here to read the full article.
Directing
Consumer Complaints
Consumers
wishing to submit a complaint about a mortgage
broker or loan originator who is violating
state laws and regulations are encouraged
to do so. If you have been contacted by someone
wishing to submit a complaint please direct
them to the following link: www.dllr.state.md.us/finance/frcomplaints.htm.
ARM
Twisting - Rising Interest Rates Prove Painful
for Adjustable Rate Mortgage Holders
If you are an adjustable rate mortgage holder
it may be prudent to consider going to a fixed
rate mortgage before rates rise appreciably.
Find
out More!
What
Happens When Your Credit Report is Requested?
Stop
the Calls. Stop the Junk Mail. Protect your
Credit. Protect you Identity.
The National Association of Mortgage Brokers
(NAMB) is offering tips and answers to frequently
asked questions to help you avoid identity
theft when your credit report is requested.
Click
here to view answers to frequently asked questions
regarding identity theft.
Click
here to visit the NAMB Web site to find more
information.
When
Can a Loan Officer be Properly Classified
as an Outside Sales Employee?
For the past two years, the National Association
of Mortgage Brokers (NAMB) has led efforts
to assist members in complying with the Department
of Labor (DOL) wage and hour laws, including
the minimum wage and overtime requirements.
Access MAMB's Members Only Area for additional
information regarding steps that mortgage
brokers can take to properly implement the
Outside Sales employee exemption. Click
here to access this crucial information!
Federal
Reserve Board Offers Helpful Consumer Information
Handbooks on Mortgages
The Federal Reserve Board is offering handbooks
on Adjustable-Rate Mortgages and Interest-Only
Mortgage Payments and Payment-Option ARMS
geared toward consumers. These handbooks offer
information on consumer cautions, types of
ARMs, payment options and more.
Click
here to view the handbook on Adjustable-Rate
Mortgages.
Click
here to download the Interest-Only Mortgage
Payments and Payment-Option ARMs handbook.
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