CONGRESSMAN FEENEY WRITES LETTER TO HUD

Congressman Tom Feeney from Central Florida sits on the House Financial Services Committee. Over the Christmas break, HUD sent the proposed RESPA rule to the Office of Management and Budget for final review. In a recent letter to Acting HUD Secretary Alphonso Jackson, Feeney has requested that HUD withdraw the rule and allow additional public comment before it takes effect.

FEDERAL TRADE COMMISSION REPORT ON RESPA RULE

Previously, the Federal Trade Commission staff had submitted comments to the HUD on its RESPA reform proposal. FTC staff generally supported the RESPA reform proposal. They raised concerns, however, about the requirement that mortgage brokers (but not other mortgage providers) must disclose certain types of compensation (YSP).

The FTC's Bureau of Economics released a staff report on February 27 titled "The Effect of Mortgage Broker Compensation Disclosures on Consumers and Competition: A Controlled Experiment." The study finds that the disclosures are likely to confuse consumers, cause a significant number of consumers to choose loans that are more expensive than the available alternatives, and create a substantial consumer bias against broker loans, even when the broker loans cost the same or less than direct lender loans. Sound familiar? Learn More.

GOLF TOURNAMENT SELLS OUT

If you haven't already got a team for the March 12 Central Florida Golf Tournament, you are out of luck. As a reminder to all who are playing or sponsoring, registration starts at 9:00 a.m. and shotgun start is at 11:00 a.m. sharp!

PHOTOS OF A.W. PICKEL, III FROM FEBRUARY MEETING

On Tuesday, February 10, Central Florida FAMB hosted NAMB President AW Pickel, III. AW discussed the recent events related to the proposed RESPA Rule and let us know what we can do to prepare for what may come.

DECEMBER CASINO NIGHT PHOTOS RECOVERED

The camera from December's Casino night was lost, but it was recently recovered and you won't believe the good time that Central Florida brokers and affiliates had at our Las Vegas Style Holiday Party. See the Photos.

MEMBERSHIP

Help us to increase our membership and boost participation in upcoming events! If you or someone you know would like to become a member of the Central Florida Chapter, click here.

QUESTIONS?

For questions, suggestions, or comments regarding the Central Florida Chapter of FAMB or this newsletter, please email Kelly Guldi at newsletter@FAMBCentralFlorida.com.