The Mortgage Bankers Association’s annual convention is in full swing, with speakers such as Jon Meacham and Rohit Chopra presenting to many professionals from across the industry and the United States. Marty Green, on the ground at the convention, provided updates and insights into the first day and its speakers.
“Monday was a great start to the MBA conference,” said Green. “Attendance may be down a bit due to budget constraints, but this industry has faced uncertainty before, and in speaking with many here, it’s clear that they are prepared for the challenge.”
“My first order of business here was to congratulate Susan Stewart of SWBC Mortgage for receiving the Lowrie-Woodward Distinguished Service Award. I can’t think of anyone more deserving of this recognition.”
“The morning session was entertaining, watching a true odd couple, Jon Meacham, the Pulitzer Prize-winning biographer and Tim McGraw, one of the legends of Country Music, discuss their book Songs of America. Jon and Tim are neighbors and teased each other like brothers throughout the session. I am excited to read their book on my trip home.”
“In more industry-specific news, FHA provided a pleasant surprise with its announcement about Accessory Dwelling Units, which may help FHA borrowers qualify for a mortgage. The new policy will offer increased flexibility in including income and prospective income from such a unit in the income calculation. Additionally, the Philadelphia Fed Chief, who sits on the Federal Open Market Committee, indicated he thinks the Fed will NOT need to raise rates further and is at its terminal rate. While he said cumulative data could change that assessment, he seemed pretty confident, and I share his view. So that was reassuring”
“Finally, I was able to spend the evening with the folks at MORPAC and the MBA Open Doors Foundation, two areas in which the MBA truly makes a difference. And thank you to Stan Middleman and Freedom Mortgage for giving us the opportunity to experience Maroon 5 live in concert. Freedom is a huge supporter of MBA and the concerts they sponsor are always one of the highlights.”