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July 10, 2023 Edition

Newsletter Archive

MMLA Weekly e-Newsletter

CONNECTING THE BEST OF THE MICHIGAN MORTGAGE INDUSTRY

Northern Michigan Luncheon - Estate & Guardianships

July 20 @ Traverse City Country Club LAST DAY TO REGISTER FOR THIS EVENT!

MMLA "Up North Classic" Golf Outing

August 9 @ PohlCat, Mt. Pleasant. Still time to register!


Annual Lending Conference Soaring Eagle Casino & Resort August 9 - 11.

Regarded as one of the best state mortgage association conferences in the country - you won't want to miss this one! Don't wait any longer, joint the growing list of attendees and register today, before the price increase!

Mid Chapter Golf Outing

August 24 @ College Fields, Okemos. Get your group or register as a single and we will pair you up. Sponsor opportunities too!


MORBANPAC Fundraiser

August 29 at a private residence in Chesterfield Township.


Mid Chapter Sales Coaching Breakfast

September 6 @ One North, Lansing (watch for more details soon!)


Northern MI 1-Year Celebration Sept 7 @ Silver Spruce Brewery, TC


West Chapter Wind Down Summer in Saugatuck - Watch your email for upcoming details soon!!


Message from the MMLA State Board President


Julie Conley, Union Home Mortgage


As my year as MMLA State President is already half over, I wanted to take this time to reflect on all the positive changes MMLA has made this year. Here are some highlights:


  • First - our LOGO change! The theme for this year is "Making Connections". Just as how the bridge connects Michigan's two peninsulas, the MMLA is dedicated to "Connecting the Best of the Michigan Mortgage Industry."
  • MMLA has offered 30 events so far this year all around the state. See what events are still planned for 2023.
  • The Sales Rally in March had a record number of attendees!
  • 11 Lunch & Learn webinars on timely topics that were FREE to MMLA members, with more to come
  • Started the Women's Inspiration Network (WIN) to inspire, mentor, coach and provide resources to help women achieve their goals.
  • Successfully held monthly meetings in the Traverse City market, with many thanks to Karen Kohler as committee chair and her faithful and dedicated volunteers.
  • Added 153 new members as individuals and through our corporate partners!!
  • Successfully held the 2nd Future Leaders course with 12 graduates and an awesome celebratory reception.
  • You are reading it - our new newsletter format!


One last, big change I am announcing today is that MMLA will be honoring its annual award winners at the Lending Conference this year. This change from a separate President's Banquet in November has been discussed for several years. This is in line with many other MBA state associations around the country. While our board member terms will still begin in January, we feel that the conference is an important event and a meaningful opportunity to honor the annual winners. I hope you can join us at this event!! We have extended the early registration discount through July 31 so please take advantage and register today.


We still have more changes to come. Watch for information coming on these items:

  • MMLA is enhancing its website and membership data system. The new site will be easier to navigate and will offer members tools and resources to add value to your membership.
  • We will be starting an exclusive CEO Forum for lenders to provide important dialogue on issues that impact their businesses.
  • A Member Affinity Program to provide members discounts on personal and business items just for being a MMLA member. Potentially can save enough to cover your MMLA dues!


As you can see - we have been very busy working on behalf of our members - YOU! Thank you for your continued support as we work through these crazy times in this crazy business we love so much!


Feel free to contact me if you have any comments or questions. jconley@uhm.com

MIAB Report

by: Dan Grzywacz, CMB

MIAB Chairman


You may know that I am the Chairman of the Mortgage Industry Advisory Board (MIAB) which reports to Department of Insurance and Financial Services for the state of Michigan. We are working on a variety of topics currently, including working on getting the MSHDA maximum sales price income increased. Currently the sales price is set by legislative statute at $224,500.00. This can only increase by legislative action.  This is widely considered too low a threshold in today's market. Particularly since we've seen rapid value improvements in the market and for affordability this limit needs to increase.  We had a bill in the previous legislative session but that did not get voted on before the end of the legislative season. We have a very similar bill that is hopefully going to be introduced by a few of the representatives. The legislators are on summer break right now so this will not happen until end of this summer or early fall. This bill will tie the max sales price to a percent of a federal formula. This would be floating on an annual basis. This would allow the max MSHDA sales price to rise nearly 50%. There are several groups working on this. My board is just merely assisting with this. But I wanted to bring this to the attention of the MMLA members.


Another thing we're working on is there are two laws currently on the books regarding Michigan mortgage loan officers. The two current acts are the Secondary Mortgage Loan Act (SMLA) and the Mortgage Loan Originator Licensing Act (MLOLA). The idea is to use the MBLSLA (Mortgage, Brokers, Lenders and Servicers Licensing Act) as the vehicle to bring in SMLA and MLOLA provisions to create the RMLA. (Residential Licensing and Supervision Act). The reason this is needed is there are outdated and duplicate provisions in both acts. SMLA and MLOLA would be repealed upon passage and there would need to be grandfather language and a provision to provide for an implementation period to for licensees and registrants to meet RMLA requirements. 


Certainly, let me know if there are any questions. dan@mortgageone.com

This Week’s Top Legislative and Policy News 

  • MBA Vice Chair Laura Escobar Participates in White House Summit on Climate Resiliency and Affordable Housing
  • House Passes National Defense Authorization Act Without MBA-Supported RON Provision  
  • Senate Banking Subcommittee Holds Hearing on Land Contracts
  • Fed Vice Chair Barr Reiterates Agencies’ Calls for Tougher Capital Rules
  • MLO Licensing Flexibility State Updates
  • Upcoming and Recent MBA Education Webinars on Critical Industry Issues



Read full stories here


Mortgage Credit Availability Increased in June

2023 Mortgage Star Awards Shining a beam on the women who light up our profession!


Congratulation to MMLA Member, Marcy Lindhout CMB, named as one of the award winners! Marcy was MMLA President in 2004!


Bond Bulls Cheering The Inflation Narrative Thursday begins with 2 data points that could be traded either way. In one corner, we have another resilient reading in the Jobless Claims data (237k vs 250k f'cast). In the other, wholesale inflation (via PPI) came in at 0.1 vs 0.2 f'cas... (read more)



Rates Moved Higher Today, But This Week Was a Step in The Right Direction Mortgage rates spiked abruptly last week after several economic reports showed the economy doing better than expected. Now this week, key inflation data showed prices falling faster than expected. Rates responded with a full recovery despite giving u... (read more)

Biden administration announces student debt forgiveness for 804,000 federal borrowers. Here's who qualifies

NMP Magazine - July


Mortgage Banker Magazine



Scotsman Guide - Residential Magazine

CNBC Ranks Michigan a Top 10 State for Business CNBC released their rankings of America’s Top States for Business in 2023. Michigan cracked the top 10 for only the second time since the list was launched, powered by strong job growth, advanced manufacturing leadership, and a low cost of doing business and living. 


Gov. Whitmer Signs Bipartisan Legislation to Continue Strong Economic Development, Support Small Businesses Across the State

Department of Insurance and Financial Services Announces Newly Formed Community Unity Bank


DIFS Offers Auto Insurance Shopping Tips to Michiganders

Thank you to our 2023 Platinum Corporate Partners:

Click here to see a list of all Corporate Partners


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