May 22, 2023 Edition

Newsletter Archive

MMLA Weekly e-Newsletter

CONNECTING THE BEST OF THE MICHIGAN MORTGAGE INDUSTRY

Northern Michigan Luncheon - Advertising Compliance June 1 @ Traverse City Country Club

Social media regulations,

LO Comp and other compliance issues that impact lenders and Realtor relationships will be discussed.

Look for the MMLA table at the "Ballpark and Brews" event held by Aspire North Realtors on June 8th in Traverse City.

Future Leaders Graduation Reception

July 12 @ Granite City Brewery, Northville

Join us as we celebrate and honor our Future Leaders Class of 2023!!

Plan your foursomes and sponsorships now for these great golf events!

SE Chapter Outing

June 8 @ Cherry Creek GC, Shelby Township Watch this video

West Chapter Outing

June 15 @ the Mines, Grand Rapids

Registration now open!

MMLA "Up North Classic" Golf Outing

August 9 @ PohlCat, Mt. Pleasant. Registration now open!

Mid Chapter Golf Outing

August 24 @ College Fields, Okemos. More info coming soon!

The MMLA Annual Lending Conference is the most significant industry event of the year!! Regarded as one of the best state mortgage association conferences in the country - you won't want to miss this one!

Learn from nationally recognized industry and motivational speakers. We also have a full schedule of golf, educational sessions, social receptions and lavish dinners. This is a "MUST SEE" event. Don't wait to hear about it - experience it for yourself!!

Book your Hotel Room: Soaring Eagle Resort has undergone a complete renovation with all new hotel rooms and state of the art amenities. Room prices are just $139/night plus resort fee and taxes.

Lots going on in the MMLA. Watch this video from MMLA CEO, Joanne Misuraca

Name: Karen Kohler

Company: Access Title Agency

Occupation/Position:

Owner/Title Insurance Agency

Family: Husband Leo Kohler, 2 children, 4 step children, 7 grandchildren

Hobbies: Walking, gardening, boating

Pets: Baylee, a teacup yorkie who is 10. A cat named Kitty who was a 3 week old drop off last summer.

Years in the business: 34 years

Years as an MMLA member: 13 years (includes years in Florida as a Mortgage Bankers Association member and Past President)

Why are you involved with the MMLA...what does it mean to you? I felt that our local area in Michigan should have a chapter or committee as it is important to the industry and related fields,

Why you think others should become an MMLA member? The benefits are many, including relationships, education, networking, and referrals between members for different products/ It is the one voice and association specific to lenders!

What is a fun or interesting fact about yourself? I was adopted as an infant as well as my 3 other siblings (all different biological families).

Karen has been the leader of the MMLA's Northern Michigan Committee and has been the force behind this great group since Fall of 2022. She has selflessly planned monthly events along with the strong committee she built in that Traverse City region. She says: "I am proud of our local committee working hard to bring this wonderful association to Northern Michigan."

THANK YOU KAREN!!!

Darrel Bilbrey Arrival Home Loans

Jeff Bonner Fifth Third Bank

Heather Chapin Consumers Credit Union

LeDon Clayborn Guaranteed Rate

EllenGrace Hauenstein Consumers Credit Union

Stephanie Lamas Vibe Credit Union

Angela Mahfouz Rocket Companies

Matthew Stabile Huntington National Bank

Matthew Thompson Huntington National Bank

Rob Truitt Stockton Mortgage Company

Ryan Woodruff Hallmark Home Mortgage

Congratulations to these members in their new roles!

Diana Evennou is now with Stockton Mortgage

Jennifer Peachman is now with LendersOne

Hannah Ritzenhein is now with Huntington Bank

Marisol Garcia Linstrom is now with Private Mortgage Guarantee

John Ball is now with Flagstar Bank

Jenna Mitchell is now with LMCU

Shane Snow is now with Swift Home Loans

Remember: Members can access the MMLA on-line membership directory by logging in to the MEMBER CORNER section of the website.

Do you have news to report, an award or recognition to spotlight, job change, etc.? If so, send to joanne@mmla.net and we will try to include it in an upcoming newsletter.

MBA Chart of the Week May 12, 2023: Mortgage Delinquency Rate, Unemployment Rate This week’s chart shows that mortgage delinquencies and the unemployment rate continue to track each other closely.

MBA, NAHB, NAR Warn Supreme Court Of Chaos If CFPB Ruled Unconstitutional Three major housing and mortgage industry organizations have asked the U.S. Supreme Court to use caution in ruling on the constitutionality of the way the Consumer Financial Protection Bureau is funded, saying a broad decision could harm “both consumers and the broader economy.”

MBA filed a joint amicus brief with the Supreme Court in the case, Community Financial Services Association v. Consumer Financial Protection Bureau, where CFSA is challenging the constitutionality of the Bureau’s funding structure. The brief takes no position on whether the Bureau is constitutionally funded – that issue is well-addressed in other briefs - and instead focuses the Court’s attention on how to avoid disrupting the housing and mortgage markets and, harming both consumers and the economy. MBA suggests that, if the Bureau’s funding structure is ruled unconstitutional, the Court should sever those funding provisions and preserve the Bureau’s past actions until Congress corrects the constitutional appropriations problems.

House Financial Services Subcommittee Convenes Hearing on FHFA’s Recent Pricing Changes On Wednesday, the House Financial Services Subcommittee on Housing and Insurance held a hearing titled, “The Current Mortgage Market: Undermining Housing Affordability with Politics." The hearing discussion focused on the FHFA loan-level pricing adjustment (LLPAs) updates to the GSEs pricing framework announced in January. A full summary of the hearing can be found here.

FHFA Requests Input on the Enterprises’ Single-Family Pricing Framework

Lack of Existing Home Listings Boost Builder Confidence Home builders’ attitudes about the market for newly constructed homes continued to improve in May, partially due to the lack of available pre-owned homes for sale. The National Association of Home Builders (NAHB) said the NAHB/Wells Fargo Housing Mar... (read more)

A Ceiling That Actually Matters The debt ceiling debate is all over the news, but it's a different ceiling is commanding more of the bond market's attention. Still, we wouldn't say the debt ceiling is irrelevant, so let's take a brief moment to address its implications for th... (read more)

FHA Finalizes HECM Claims Processing Policies The Federal Housing Administration on Wednesday announced new policies that will allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, to HUD.

NMP Magazine - May

Scotsman Guide Residential Magazine

Layoffs – Considerations When Facing Those Hard Decisions As layoffs are starting to increase, HR departments face an important dilemma: What is the most effective and humane approach to letting employees go? An article in the Wall Street Journal recently outlined six key questions to consider when facing layoffs. Read more...

MSHDA Expands $10K Down Payment Program Statewide

The Michigan $10K Down Payment Assistance Program has been expanded to include all eligible residents in the state, with the Michigan State Housing Development Authority announcing that anyone with no more than $20,000 in liquid cash assets can apply for the program.

Applicants must also complete a Homebuyer Education class.

"Since its launch, the MI 10K DPA program has been incredibly successful in helping make homeownership more attainable for people across the state," MSHDA Executive Director Amy Hovey said in a statement. "Every Michigan resident has the right to safe and affordable housing, and by making the MI 10K DPA program available statewide we are giving more Michiganders access to resources that make homeownership an achievable goal."

Previously, the program was offered to 236 zip codes. As of May 8, the program has gone statewide, with MSHDA stating in its release that one of the biggest obstacles for low and middle-income home buyers is the down payment.

The $7,500 down payment assistance program will no longer be available. MSHDA said that any reservations for the $7,500 program will remain in effect.

Thank you to our 2023 Platinum Corporate Partners:

Click here to see a list of all Corporate Partners

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