Scott Koondel of Mortgage News Network stops by the Residential Home Funding booth for a chat with Anthony Pepe
Brad Smith, Managing Director of Renovation Sales with Home Point Financial, details the ins and outs of renovation lending during his Breakout Session
Reps from REMN Wholesale on the Exhibit Hall floor of Mohegan Sun
The crew from United Wholesale Mortgage (UWM) were on hand at the New England Mortgage Expo to detail their company's product offerings
How and why did you get involved with the Maine Association of Mortgage Professionals? Can you share the track within the association that led to the leadership role?
I was recruited to serve as a Director in 2008 for the Maine Mortgage Bankers Association. I was relatively new to the marketplace at the time, although I had been involved in exhibiting at industry conferences and had joined both the Maine Bankers Association and Maine Association of Mortgage Brokers. Around 2009 and 2010, the Maine Association of Mortgage Brokers experienced some attrition due to market conditions, and it was proposed to combine the two organizations. I participated on the Steering Committee, and out of that, came a new organization, the Maine Association of Mortgage Professionals.
Why do you feel members of the mortgage profession in your state join MAMP?
I believe members join our organization to stay connected, have access to industry information and educational opportunities, and to have a stronger political voice. Our mission is to educate, advocate and promote best practices in the mortgage industry in the state of Maine. We host nine breakfast meetings during the year, a wonderfully successful charity golf tournament, and also host an expo each year in November. We partner with other mortgage organizations in Massachusetts, New Hampshire, Vermont, Rhode Island and Connecticut in planning and promoting regional events such as the New England Mortgage Bankers Conference, and we partner with the national Mortgage Bankers Association (MBA).
What role does your association play in the federal and state legislative and regulatory environments, and are there any items on the current agenda you would like to highlight?
The Maine legislative session came to a close, and there was not a lot of legislation concerning us this year, for which we are grateful. In years past, we dealt with legislation that threatened to make the foreclosure process more difficult, and we came out against condo homeowner association super-lien capability. This year, we supported a bill that put Maine more in line with federal law allowing appraisal management companies (AMCs) to continue doing business in the state.
On a federal level, we send at least three members each year to participate in the MBA’s Legislative Conference in Washington, D.C. The national issues we are watching include GSE reform and the over-burdensome regulatory environment imposed by the CFPB and other federal agencies.
What do you see as your most significant accomplishments with MAMP?
As a group, I think we’ve grown significantly. MAMP is now up to 70 member organizations, and our budget has increased. We also have an increase in diversity in our membership, with credit unions, mortgage brokers, local and national banks, and affiliates that are very active in our organization. We have increased the number and overall quality of events available to members, and have improved our advocacy efforts.
In your opinion, what can be done to bring more young people into mortgage careers?
It’s a great question. Our Executive Director, Josh Wolfe, is in his 20s, and with his guidance we’ve tried to look for opportunities in recruiting Millennials. We partnered with the University of South Maine with a booth at their recent job fair. We made an effort to reach out and help Millennials understand that the mortgage industry is a great place for a career, and that there are a lot of entry-level jobs in the industry.
How would you define your state's housing market?
The market is healthy and moving forward. We are currently a strong purchase market, and there is still refinance business continuing. However, in some areas–particularly southern Maine–we are struggling with the inventory issue. But we have been busy.
Phil Hall is managing editor of National Mortgage Professional Magazine. He may be reached by e-mail at PhilH@MortgageNewsNetwork.com.
Thirteen Mortgage Network employees, along with their families and friends, installed windows and insulation and assisted in fireproofing walls in two of the homes at the Habitat of Greater Portland’s Scarborough Project. The project is part of what will be a 13-home mixed-income neighborhood, making it Habitat of Greater Portland’s biggest project to date. Eight homes will be Habitat program homes and five will be affordable homes sold through the Scarborough Housing Alliance. The 20-acre parcel of land off Broadturn Road includes 15 acres of conservation land.
“We were honored to help two local families achieve the dream of homeownership,” said Jeff Rae, branch manager of Mortgage Network’s Portland office. “Over the past three decades, Habitat for Humanity of Greater Portland has helped build 75 homes, providing local families with stable, affordable housing. Mortgage Network is proud to be a part of that tradition, as we share Habitat’s belief that every person should have a decent, safe and affordable place to live.”
Habitat for Humanity of Greater Portland is an independent affiliate of Habitat for Humanity International. Founded in 1985, Habitat for Humanity of Greater Portland serves 28 communities in the greater Portland area. Habitat homeowners help build their own homes alongside volunteers and pay an affordable mortgage.
The Tri-State Mortgage Conference 2016, presented by the Mortgage Bankers & Brokers Association of New Hampshire, Maine Association of Mortgage Professionals and Vermont Mortgage Bankers Association, in partnership with the New Hampshire Bankers Association, Maine Bankers Association and Vermont Bankers Association, will be held Thursday-Friday, Feb. 4-5, 2016 at the Marriott Residence Inn/Portsmouth Harbor Events Center in Portsmouth, N.H.
This year's event was planned by your peers and promises to be an event you will not want to miss! The theme is Millennial! How the industry is changing, the new mortgage borrower, how to talk to them, recruitment, training, marketing techniques and the next generation of young mortgage professionals. As well as; scheduling an effective week, Post TRID, birth order dynamics, Washington update, technology business intelligence, and of course Ruth Dillingham!
Portland, Maine, has become the latest city to mandate real estate developers incorporate “inclusionary housing”—a specific percentage of units in a residential development that will be used for affordable housing purposes—in new property developments.
The Portland Press Herald reports that the City Council voted 7-2 to require 10 percent of the housing units in new developments of 10 units or more be set aside to accommodate low- or middle-income earners. In Portland, this would cover a family of four earning 100 percent to 120 percent of the area’s median income, $77,500 to $96,875 a year.
Developers can avoid the new mandate by paying the city $100,000 for every affordable unit they don’t build. Incentives to encourage inclusionary housing, such as tax breaks and other measures designed to offset costs, will also be made available.
More than 200 communities currently have inclusionary housing mandates, but many real estate developers have balked at these requirements or have opted to pay a fee in order to opt out. One of the most notable examples of this refusal was made public last week when the Chicago radio station WBEZ reported that developers $77 million over the past 10 years to the local Affordable Housing Fund in order to avoid including affordable housing in their properties.
The Portland proposal was approved over the objections of Planning Board Chairwoman Elizabeth Boepple, who argued that the city should have waited until the completion of 862 new housing units that are planned for the near future.
“That is a lot of additional residential units coming into the city,” she said. “There’s an opportunity here to see if the market-rate housing will provide what is needed for workforce housing before we take the next step of inclusionary zoning.”