Compliance technology This month, we took a deep look into compliance technology and how it affects mortgage professionals. Included in this section is Informative Research's Brad Kelso's article "Will You be Red Flags Compliant?" As a side note, I just saw Brad speak at a convention in California where he polled the room on just how many in attendance had their Red Flags compliance manuals in place. Less then 1/6 of the room were ready for Red Flags. Continuing along those same lines, be sure to read Jim De Geronimo's opinion on the lender's responsibility as it relates to Red Flags. And still more Red Flags coverage (as an industry, we need more awareness) from Ron Cahalan in his piece, "Red Flags Everywhere." Leonard Ryan also covers all major compliance issues in his contribution, "2009 ... The Year of the Regulation." Closing up this section is the "Compliance Tools Directory," featuring a number of companies that offer products and services to mortgage companies to help stay compliant. As we went to press, the Federal Trade Commission (FTC) provided the industry with a little more breathing room as the deadline for compliance was moved up once again from Aug. 1, 2009 to Nov. 1, 2009. I urge you all to take advantage, if you have yet to, of this window of opportunity to get in compliance with the Red Flags Rules as fines for non-compliance are steep. Who needs additional expenditures in this market? Besides, it'll now be the law. This month's Mortgage Professional of the Month is Dave Zitting, president and CEO of Primary Residential Mortgage Inc. I had the pleasure of meeting Dave Zitting back in 1998 when he started Primary Residential Mortgage Inc. (PRMI) in the last liquidity crisis and have watched him blossom to become one of the largest mortgage companies in the country. In fact, in 2009, PRMI is on track to hit the $5 billion mark in originations. I was re-introduced to Dave via Greg Frost, PRMI's national training director and one of Dave's early mentors. Be sure to read about Dave's lending philosophy, his start in the industry as a loan officer and how PRMI has been ahead of the pack with technology. FHA -related news in this issue This month, Jeff Mifsud shows mortgage originators how to get those "borderline FHA loans approved" in the newest installment of the FHA Insider. Atare E. Agbamu, CRMS continues his shocking revelations on Mortgagee Letter 2008-38 and its impact on heirs in regards to reverse mortgages in this month's "Forward on Reverse." Tips on generating more business Gibran Nicholas shares his recipe on how to use the "Aromas of Sizzling Financing Incentives" to get buyers to smell the rewards of homeownership even if they're not "hungry." Brian Sacks talks about a group of buyers who need your help (hint: there are 75 million eligible borrowers in this group). Active originator and sales coach, Tom Ninness, opens his methodology for determining your best prospects via three-tier rating system. We also welcome Dave Hershman to the fold this month as he expresses his ideas on how to inspire new homeowners in his article, "Homeownership: More Than Money." Another way mortgage professionals are generating income these days (and helping to qualify more borrowers is through credit repair. Credit repair master Brian Aber shares some brief thoughts on credit repair and how it relates to mortgage professionals in his feature, "Credit Repair: Do It Yourself or Hire a Credit Restoration Company?" Diligent quality control has never been more crucial David Lykken continues to share his notes in this installment of "A View from the "C" Suite" as he discusses some key quality control (QC) issues an operation must take into consideration on a regular basis. Along the lines of QC, Tommy A. Duncan is back with another great installment of "Ask Tommy: Your QC Expert" where Tommy shows some basic steps to manage QC methods in your office. News from NAMB and NCRA Our own Eric C. Peck sat down with newly-elected president of the National Association of Mortgage Brokers (NAMB), Jim Pair, CMC, to get his view from NAMB during one of the most turbulent storms the housing market has even seen. Be sure too also read about Jim's comments on the Home Valuation Code of Conduct (HVCC), the SAFE Act, the proposed Consumer Financial Protection Agency (CFPA) and other major issues that are currently impacting the mortgage brokerage profession. Terry W. Clemans, executive director of the National Credit Reporting Association (NCRA), openly talks about the NCRA's position on President Barack Obama's proposal to form an industry watchdog agency to protect the consumer in his article, "Will Obama's Proposed Agency Solve Flaws in the Credit Reporting System?" YSP vs. SRP Jonathan Foxx's featured contribution this month is "Service Release Premiums Versus Yield Spread Premiums: Match or Mismatch." As proposed regulations look to change yield spread premiums, many wonder why it shouldn't also affect service release premiums since both are tied to rates and terms. Jonathan takes deeper look into YSPs and does a comparison to SRPs. Other "don't miss" articles this month Jonathan Foxx's Regulatory Outlook column continues to give needed updates on regulations that affect our industry. Tommy A. Duncan exposes the most common fraud classification (61 percent is application fraud ... read Tommy's article for more interesting stats). And be sure to check out Charlie W. Elliott Jr.'s "Value Nation," as he shares his insights on determining the REAL value of real estate in his article "What is a Real Deal in Real Estate?" And after you're done ... The news doesn't stop with the August 2009 edition of National Mortgage Professional Magazine. I urge you to log on to www.nationalmortgageprofessional.com for the latest headlines and news that is shaping the mortgage industry. Our online presence serves as a one-stop shop for all of your mortgage news needs, from the latest breaking compliance news to ideas on expanding your business, you'll find it all at www.nationalmortgageprofessional.com. Become involved in our online community by registering with our site and writing a Blog to share your thoughts and ideas on the industry. If a Blog is too much, sound off with your comments on each article and share your valuable opinion with our rapidly-growing online readership. I hope you thoroughly enjoy this latest edition of National Mortgage Professional Magazine as we trudge through the dog days of summer and out of another year towards a new start in 2010. Sincerely, Andrew T. Berman, Executive Vice President NMP Media Corp.