How did you get involved with the Mortgage Bankers Association of Georgia and what was the path that led you to your leadership role?
Around 2004 or 2005, I became involved in the Georgia Future Leaders Program. One of the requirements of the program was to serve on a Committee. I guess that I never got off the Committee. I’ve been on the leadership Board for five years—it is a five-year commitment—as Secretary, Treasurer, Vice-President and President. My term as President runs until June 30, and then I become Immediate Past President.
What is the MBAG membership level?
We currently have approximately 175 members, but our membership is done by company membership, not by individual membership. Any number of people within a member company can participate.
Why should mortgage professionals in your state join MBAG?
There are many reasons—you could probably write a whole article on it! Among the most important reason is education. Our Education Committee brings up the most relevant updated topics. There is also our legislative outreach, which deals with the rules impacting us on a local and state level. We help pass legislation to help the industry and stop or amend legislation that can hurt our industry.
Can you tell us more about your legislative concerns and activities?
On a state-level, regulations are set by the Department of Banking and Finance. Our members look to us and our lobbyist to keep on top of that. We also keep up with federal law, making sure that Georgia law mirrors national law.
What do you see as your most significant accomplishment in your work with the MBAG?
During the past year, I was most pleased with the implementation of our internship program, which is designed for college-age students—typically, juniors and seniors. We are trying to get more young people interested in careers in the field of mortgage banking. We are also looking into creating a scholarship program, but nothing has been finalized. I was also invited by the Mortgage Bankers Association of Alabama to speak at a business class at Auburn University last fall.
What is the synergy between MBAG and the national Mortgage Bankers Association?
It has always been very good. They are always with us and we’re always with them. Some members of their team came down to speak with us two or three years ago at our Annual Convention.
What is the state of Georgia’s housing market?
It is pretty solid and robust right now. But there is a lack of inventory and a lack of affordable housing, and these are the biggest hurdles we have at this time. However, Georgia is no different from other states in that regard.
The new bonding amounts
Previously, mortgage brokers had to obtain a $50,000 to meet state requirements for licensing. HB 143 increases this amount threefold-to $150,000. As for mortgage lenders, the old bond amount was $150,000, which has now been raised to $200,000. Whether you’re a lender or broker, you may need to post another bond amount if the licensing authority deems it necessary.
Other changes introduced with the new bill
Besides the bond amount increase, House Bill 143 brings a number of other new rules for mortgage professionals in Georgia. Most notably, the new legislation allows brokers and lenders to cancel their previous surety bonds directly in the Nationwide Multistate Licensing System & Registry, rather than with the surety provider.
The impact of House Bill 143
Due to the bond amount increase, one of the immediate impacts of the new legislation for Georgia mortgage professionals is that their licensing costs have risen. The surety bond price depends on the bond amount that needs to be posted, which often means that brokers and lenders have to set aside more for their bonding.
While this is true in the general case, you can also exercise a higher level of control over your bond price by improving your financial stats. Your bond premium is determined on the basis of factors such as your credit score, business finances, and assets and liquidity. It can be as low as 1% of the bond amount if your profile is solid. In the same time, the price can go as high as 10% if you have problematic credit.
The National Association of Minority Mortgage Bankers of America (NAMMBA) will hold its Inaugural National Conference, Thursday-Sunday, April 6-9, 2017 at the Atlanta Marriott Buckhead, 3405 Lenox Road Northeast in Atlanta, Ga. NAAMBA Chief Operating Officer Marcia Davies will open the conference with a keynote address on April 6.
NAMMBA is a national trade association dedicated to the enrichment and betterment of women and minorities who work in the mortgage industry. The association’s core mission is to increase the engagement of women and minorities in the mortgage banking industry at local, state and national levels. NAMMBA works to enhance the careers of women and minorities in the mortgage industry by hosting professional development programs that offer continuing education, training and networking opportunities.
Industry veteran Tony Thompson, CMB founded the NAMMBA in 2016 and serves as chief executive officer.
“These are exciting and challenging times in the mortgage industry,” said Thompson. “We expect the landscape to change dramatically in the next two years and beyond, with regard to the many ways that mortgage lending will transform the U.S. economy. Our Conference will provide a forum for discussing, developing, and executing strategies that ensure minorities and women will play key roles in the industry as it expands—as officers and executives as well as customers.”
The NAMMBA Conference is expected to draw 500-plus attendees, representing various sectors of the industry: Financial executives, government leaders, housing development entrepreneurs, national sales speakers and others. The range of topics covered during the conference will include:
►Understanding the changing demographics of today’s homebuyers
►Post-election regulatory environment
►The future of technology in the mortgage industry
►Sales strategies for loan originators in an ever-changing market
Conference speeches and panels will feature some of the finest thought leaders in the mortgage industry. Attendees will gain valuable insights into the industry’s future, as they will also obtain knowledge about resources available to help them launch and cultivate their careers. Overall, the Conference is designed to reflect NAMMBA’s commitment toward supporting the development of individuals who are in the mortgage industry or interested in moving their careers in that direction.
NAMMBA is gaining traction all over the nation, with active chapters in Atlanta; Augusta, Ga.; Dallas; Houston; Boston; Raleigh, N.C.; Washington, D.C.; Charlotte, N.C.; Birmingham, Ala.; and Fairfax, Va.