GHAMB Welcome

The Greater Houston Association of Mortgage Brokers is a non-profit professional organization dedicated to advance the mortgage broker profession through the promotion of education, ethical practices, and consumer fairness. Member mortgage brokers and loan officers are not only licensed by the State of Texas but also take continuing education, subscribe to a strict code of ethics and in our opinion represent the top 10% of their profession. 'The elite in their field.'

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In the News...

New RESPA Rule 3/14/08

Today, the long-awaited new RESPA rule was released by the U.S. Department of Housing & Urban Development ("HUD"). A copy of the rule is available on the NAMB website at http://www.namb.org. The official RESPA rule was published in the Federal Register, therefore the 60 day comment period goes into effect immediately. Comments are due on May 13, 2008. NAMB will analyze the proposal and prepare formal comments to submit to HUD before the deadline. After an initial review of the proposed rule, HUD has indeed decided to move away from the broad and sweeping revision to RESPA (i.e., the guaranteed mortgage package concept) that was contemplated in 2002. Instead, the current proposal focuses almost exclusively on a revised Good Faith Estimate ("GFE"). This new 4-page GFE is, according to HUD, designed to more closely mirror the HUD-1 settlement statement and provide consumers with more detailed information about yield-spread premiums paid to mortgage brokers. As in 2002, HUD is moving forward with a proposed rule that requires only mortgage brokers to disclose their service charge. The proposed rule does however have several new components. Most notably is the clarification on the definition of required use. This change, according to HUD, is aimed at encouraging consumers to shop for the homes, home features, loans, and other settlement services that are best for them, free from the influence of dangerous referral arrangements. As you know, NAMB has long advocated for stricter prohibitions and enforcement against tying arrangements that use the illusion of financial incentives to capture consumers' settlement service business. Please watch your email and check the NAMB website frequently for updates and a summary of the proposed rule, which will be available shortly after its release. Also watch for information about a NAMB-sponsored briefing on the proposed RESPA rule, where you can hear industry experts and key HUD Officials discuss the current proposal and field questions from participants on the call. Join this high-level session to get the best analysis of the proposed rule and its impact on the mortgage industry. Stay tuned for more information. NAMB remains committed to protecting the interests of small business mortgage brokers across the country, and will continue to fight for a competitive balance in the mortgage marketplace. To stay informed of the very latest developments surrounding this RESPA proposal and other critical mortgage reform efforts, please visit our website at http://www.namb.org.

Broker entity licensing took effect in Texas January 1, 2008. If you are a mortgage broker and are not operating as a sole proprietorship, the entity under which you are conducting business, be it a corporation, limited partnership or limited liability company, must be licensed separately from your individual license.

If you have not done so, you must act IMMEDIATELY!

Helping American Families Keep Their Homes Today, President Bush outlined steps the Administration is taking to help American homeowners and called on Congress to join him in delivering relief to homeowners in need. In August, President Bush announced measures to help many struggling homeowners, including directing Treasury Secretary Henry Paulson and Housing and Urban Development (HUD) Secretary Alphonso Jackson to work with lenders, loan servicers, mortgage counselors, and investors on an initiative to help struggling homeowners. Secretaries Paulson and Jackson responded by assembling a private-sector group called the HOPE NOW Alliance. HOPE NOW is an example of government bringing together members of the private sector to voluntarily address a national challenge - without taxpayer subsidies or government mandates. Today, the President announced that these efforts have yielded a promising new source of relief for American homeowners.

Upcoming Activities

05/09/2008 - GHAMB Board Meeting
05/09/2008 - GHAMB Golf Tournament
05/19/2008 - The Third Annual Texas 2008 Residential & Commercial Spring Break Networking Party
06/04/2008 - GHAMB Education
06/17/2008 - GHAMB Board Meeting
06/17/2008 - GHAMB Luncheon/Marketplace
06/19/2008 - NAMB Convention - Racing to Keep You on Track

MEMBERSHIP DRIVE GHAMB has stressed the importance of membership in this association. Well now we have added a little incentive.....! Could you use $350.00?

In the next 3 months GHAMB will be awarding $350.00 each month to the Top Recruiter of New Members to this Association. For you to receive credit for your new recruit please make sure that they add your name on the Referral line. That is how we will be able to keep track of your recruits. We will announce the winners at the following month's luncheon and include your name RIGHT HERE!

This contest will run
Feb 1 - Feb 29
Congrats...
Paul St. Amand
March 1 - March 31
April 1 - April 30

Not only will you be helping your industry by increasing membership numbers to help represent you on Capital Hill, but you'll be putting money in YOUR pocket!

Did you miss it?

Distinguished Panel at January Town Hall Luncheon on "Covering Your YSP" Almost 140 attendees showed to hear the latest news in the fight for our industry! Panelist, NAMB President George Hanzimanolis, NAMB V.P. Jim Pair, Past NAMB President Harry Dinham and TAMB President Edmund Buckley shared information regarding the "Lending Integrity Seal of Approval", the FHA Bill and the upcoming National Legislative Conference. The message was reinforced as to how CRITCAL it is to become a member of NAMB and join the current legislative fight by donating your PAC dollars.

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