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OHIO HOUSE REPRESENTATIVE RICHARD ADAMS RECEIVES OMBA “LEGISLATOR OF THE YEAR” AWARD

Legislator of the yearOn September 9, 2014, OMBA awarded Ohio House Representative, Richard Adams, the “Legislator of the Year” award. Representative Adams is Chairman of the Committee on Financial Institutions, Housing and Urban Development.  The award is presented to a member of the Ohio Legislature that has gone above and beyond in the effort make sure that legislation is well thought out and workable for all concerned. “Chairman Adams has been a shining example of a hard working, honest and compassionate member of the legislature. The residents of Ohio District 80, and the entire state of Ohio, are extremely fortunate to have Richard Adams in the Ohio Legislature.  We are thrilled to present the Chairman with this award”, said OMBA President Susan Stevenson. OMBA Executive Director and COO, Marianne Collins, said “Chairman Adams’ door is always open. He has an incredible grasp of what is best for the consumer and the industry alike. This is the first year that OMBA has presented this award to a Legislator, and I can’t think of anyone more deserving of this honor than Chairman Adams.”

OMBA HOLDS SUCCESSFUL GOLF TOURNAMENT AND DINNER TO BENEFIT OMBPAC

2014 Golf Outing pic-SusanOn September 8, 2014, OMBA hosted a golf tournament and dinner to benefit OMBPAC, at the Lakes Golf and Country Club in Westerville. The event was an overwhelming success. Winners of the tournament were Mike Mulgrew, Brent Hinz, Shawn Murphy and Craig Howells with a score of 57.
Pictured: Susan Cook (5th3rd Bank), Susan Stevenson (Union Home Mortgage Corp. & OMBA President), and Kim Dybvad (Prime Lending & OMBA Board)

FHA RELEASES TWO 203K SECTIONS OF DRAFT HANDBOOK

On August 28, 2014 FHA published  two additional draft sections of their new Single Family Handbook . Both sections contain guidelines on 203K loans. The drafts propose many changes in the program. These section of the Handbook can be accessed on the FHA Single Family Drafting Table website. Feedback is due by September 29, 2014. The OMBA has been working with the MBA to compile comments on these sections and other sections of the draft manual.  

OHIO ADOPTS THE UNIFORM STATE TEST & THE USE OF FEDERAL CALL REPORTS

On June 16, 2014, Governor Kasich signed House Bill 483. OMBA was able to insert language in the bill that allows Ohio to move to the Uniform State Test (UST) for mortgage loan originators (MLOs), that has been developed by the National Mortgage Licensing System (NMLS) and the State Regulatory Registry , LLC (SRR). To date, the UST has been adopted by 36 states, Puerto Rico, Guam, the U.S. Virgin Islands and the District of Columbia.  House Bill 483 also allows non-depository lenders to submit federal call reports, in lieu of separate state financial reports. The Department of Commerce Division of Financial Institutions has announced the implementation of both the UST and the use of Federal Call Reports will be effective September 15, 2014.

COMPLIANCE ESSENTIALS NOW AVAILABLE                                     

Get Ready to Comply! MBA Compliance Essentials provides a clear picture of what your company needs to do to comply with new and existing mortgage rules. Our in-depth resource guides include model policies and procedures, and are meant to support your company’s creation of a robust Compliance Management System (CMS). Learn more…

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