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May 2009 - Volume 12, Issue 5 - Page 2
DABR Meeting for Realtors, Lenders, Appraisers and Title Agents
Representatives from these industries met Friday, August 21, for a lively discussion on the challenges faced in today’s real estate transactions.
Out of the discussion, one item was obvious to all – communications are lacking – and the home buyer and seller suffer as a result. In light of this, the group proposed a workshop for Realtors covering the entire process of buying a home today. For the lender part of the workshop we are recommending to the DABR that Dayton Mortgage Bankers will coordinate and provide manpower.
The second phase of developing buyer/seller awareness will be focused on improving awareness with consumers through education.
This is a call to volunteer in this first phase. Anyone who would like to participate in the workshop is welcome. Please contact by Friday, September 4, Bill Brogan at 937-434-8444 or Linda Klum at 937-291-5161.
FHA CONDOS:
If you haven’t yet taken the time to read the FHA Mortgagee Letter 2009-19 you need to do so soon! Some of the highlights include the elimination of the FHA Spot Loan Approval process for condominiums, FHA concentration of no more that 30% of the total units encumbered by FHA financing, maximum delinquent HOA dues of 15% of total units and the need to re-approve projects every 2 years. It is my understanding that on October 1, 2009 roughly 90% of the approved projects in Ohio will be removed from the approved condo list and will need to be re-approved by FHA lenders. Enhancements to FHA Connection are currently in the works and HUDs FAQs on the topic are expected in the first part of September…more to come. The Mortgagee Letter can be found at
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-19ml.doc
It is 12 pages long, so grab a cup of coffee first!
2009 DMBA Officers
President |
Bill Brogan, Legacy Mortgage |
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President-elect |
Linda Klum, Countrywide Home Loans |
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Treasurer |
Margie Lusk , Union Savings Bank |
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Secretary |
Karen Vosler, Union Savings Bank |
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Board Members |
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Adam Galbraith, Countrywide Home Loans |
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Cabinet Members |
Betty Downing, First Mortgage Banc Corp |
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Past President |
Anna Osborne, National City Mortgage Company |
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Membership
No new applications for membership have been received.
Prospective members can obtain an application from Don White, membership chair, online in the member section of the web site and any DMBA officer or board member.
Any member with a comment concerning the pending admittance of any companies, positive or negative, should contact Don at donfwhite@msn.com.