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Weekly Newsletter
Thursday, April 21st, 2016
In This Issue
  1. NAMB Legislative Conference
  2. Bills of Interest
  3. State Lobby Day
  4. Trended Credit Data
  5. Upcoming Events

NAMB Legislative Conference
Last week, the California Association of Mortgage Professionals (CAMP) joined the National Association of Mortgage Professionals (NAMB) for the Annual Legislative Conference in Washington, D.C.  This was a great conference and for the first time in many years, the event was sold out.  CAMP typically sends the most delegates and this year was no different.  California had about 35 delegates - the most of any of the 50 states.

CAMP would like to give a very special thank you to Terri Buckman and Phil Aguillon from Finance of America.  They sponsored an amazing night for all the delegates to meet ahead of time to discuss bills and their expectations when they hit the Hill.  It was a night filled with fun and productive networking.

Bills of Interest
We discussed two bills on Capitol Hill.  The first was HR 3393 - The Mortgage Fairness Act.  The purpose of this bill is to make a technical correction to the Dodd-Frank Act with regards to the 3% points and fees cap in a Qualified Mortgage.  By including the broker compensation in the 3% cap, this puts brokers at a competitive disadvantage and effectively removes a consumer's ability to choose which origination channel they would like to use.  This also effects low to moderate income buyers, many of whom qualify for smaller loans.  The Consumer Finance Protection Bureau (CFPB) agrees with that but also stated that the only way to correct this is through legislative change.  If passed, this bill would remove broker compensation from the 3% points and fees cap in a Qualified Mortgage.  We are specifically looking for co-sponsors for this bill.

The second bill was HR 212 - The Transitional Licensing Bill.  If passed, this bill would allow registered NMLS licensee's to originate loans while they are applying for a position with a non-depository bank.  The biggest concern is the bill does not give guidance as to how many times a registered loan originator may start the process of becoming a licensed originator.  It also does not give the state regulators the authority to accept this rule or not.  If passed, the states shall make the necessary changes.  Our concern is we do not want unlicensed loan originators to be compensated for doing the job of a licensed loan originator.

State Lobby Day
You still have the opportunity to have your voice heard. CAMP is holding it’s State Lobby Day on Wednesday, May 11, 2016. You can join CAMP in the halls of the State Capitol in Sacramento and learn about current policy issues that face today’s mortgage professionals.  You will attend meetings with your legislators and their staff, which will help educate them on the importance of your profession. The day will begin at the Training Center at the California District Attorney's Association, (Elk's Tower) 921 11th Street, Ste 300, Sacramento, CA 95814. The event concludes with a mixer hosted by the Greater Sacramento Valley Chapter at Blackbird

Click here to register.

Trended Credit Data
There is a change coming to how Fannie Mae (FNMA) will be looking at credit. This change will be effective in June 2016.  FNMA will start using  trended credit data. This is probably a new term that you may not have heard before but trended credit data is reviewing your credit utilization ratio and taking a look back on how you pay your debt. FNMA believes trended credit data is a better predictor of someone’s ability to repay a debt. FNMA will continue to review FICO scores, the trended credit data will enhance what they are already using. If you would like more information, click here.

Upcoming Events
Greater Sacramento Chapter presents Networking Mixer on Wednesday, May 11, 2016 from 5pm to 7pm at Blackbird Kitchen & Bar, 1015 9th Street, Sacramento, CA. Go to for more info
San Francisco Peninsula Chapter presents Marketing and Compliance Summit on Wednesday, May 18, 2016 from 11am to 5:30pm at South San Francisco Convention Center, 255 South Airport Blvd, South San Francisco, CA. For more info, contact Alan Kirth at
Silicon Valley Chapter presents Spring Mini Fair on Friday, May 20, 2016 from 10am to 3pm at Campbell Community Center, Orchard City Banquet Hall, 1 West Campbell Avenue, Campbell CA. Go to for more info.

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