May 15, 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!

DID YOU KNOW... MMLA now has a Women's Inspiration Network?

Created in 2023, this committee's mission statement is to Inspire, mentor, coach and provide resources to help women achieve their goals. Lead by example to embrace change and create productive work habits. Demonstrate basic fundamentals of success through positive encouragement and tactics that drive the successes both today and in the future". The committee will focus on making connections through in-person educational and social events.

Watch your email for information coming about monthly inspirational Zoom meetings coming soon - FREE for MMLA members.

The time is NOW to register for the best MMLA event of the year!

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!!

Who should Attend? Anyone in the mortgage industry who ASPIRES to be succeed, BUILD your business, and CONNECT with colleagues and friends - new and old! From CEO, business owner, loan officer, branch managers, operations personnel, to account executives.

Why Attend? Michigan is a huge mortgage hub and this conference is highly regarded as a favorite by many from around the country! Make new connections and referral sources. Be in the room to meet the leaders of the Michigan mortgage world. Learn from our speakers and your peers.

Sponsorship Opportunities: Make sure your company has a presence at this event by attending and being a sponsor. Without the generous support from individuals and companies like you, this conference would not be possible. There are many options for every budget.

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.

Contact Joanne Misuraca or Mike Fontana, Conference Chair, with any questions.

Name: Adam Tolley

Company: Mortgage 1, Inc.

Occupation/Position: Senior Loan Officer/Team Leader

Family: I’m single with no kids so I spend as much time as I can with my niece and nephew!

Hobbies: Traveling

Pets: I have a Beagle/Lab mix names Koda who is my best friend!

Years in the business: 11+ in Banking and Lending, 3+ as Mortgage Loan Originator, 5+ in management at a mid sized regional bank, and then 3 years or so doing every role from Teller to assistant manager at a bank

Years as an MMLA member: 2 or 3, time flies when you’re enjoying yourself

Why are you involved with the MMLA...what does it mean to you and why you think others should become an MMLA member? Being a part of MMLA is important to me because I get the opportunity to impact our industry and help influence and be a voice for where we are going! As a part of both our local chapter and state committees, I love the opportunity I get to help push educational events out and create positivity through happy hours and mixers. With as stressful as our industry can be, especially when things slow down, that small spark of positivity can go a long way. When it comes to the benefits, creating relationships with other industry partners is huge. Even if they are competition, you can create referral channels for deals maybe you cannot do and get deals sent to you that maybe others cant do! I love the cohesive and team oriented environment that MMLA creates!

What is a fun or interesting fact about yourself?? Not necessarily a fun fact but one of my goals is to visit all 50 states by the age of 40! I’m at 27 and have about 10 years to go so if you have recommendations on where I should visit, feel free to share!

Watch this video from Adam!

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.

FHFA Rescinds Proposed LLPA for DTI Ratios

The Federal Housing Finance Agency (FHFA) announced that it is rescinding the debt-to-income (DTI) based loan-level pricing adjustment (LLPA) that was part of the updates to Fannie Mae’s and Freddie Mac’s (the GSEs) pricing grids announced in January. MBA led industry efforts calling for its removal and worked tirelessly to highlight the adverse impacts of the fee to consumers and lenders through dozens of media interviews, a comment letter to FHFA, a press statement after the three-month implementation delay in March, and an April blog post from President and CEO Bob Broeksmit, CMB. In a press statement immediately after today’s announcement, Broeksmit said, “The proposed fee was unworkable for lenders and would have confused borrowers and undermined the customer experience. We are pleased that FHFA engaged with industry stakeholders, recognized the negative impacts of the fee, and decided to rescind its implementation.” Full statement

MBA Weekly Survey May 10, 2023: Applications Rise as Rates Drop Mortgage rates fell modestly last week, and mortgage applicants took advantage, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending May 5.

MBA: 1Q Mortgage Delinquency Rates Near Historic Lows Mortgage delinquency rates fell to near-historic lows in the first quarter, the Mortgage Bankers Association reported Thursday.

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.

Mortgage Application Volume Boosted by Fed Comments

The volume of mortgage applications increased last week for both home purchases and refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 6.3 percent on a seasonally adjusted basis a... (read more)

Republic First Bank Exiting Mortgage Business Philadelphia-based Republic First Bancorp Inc., the holding company for Republic First Bank, announced plans to stop originating mortgages.

TransUnion: Credit Card, Unsecured Personal Loan Balances at or Near Record Levels TransUnion, Chicago, said consumers are increasingly turning to credit to manage their household budgets in the current economic environment, leading to record- or near-record high balances in credit cards and unsecured loans.

Mr. Cooper Group Acquires Home Point Capital for $324 Million

Fed Official Signals Support for Further Rate Increases