GENERAL MEETING MINUTES
Oct. 6, 2012
President Tammy Cohee called the meeting to order at approximately 12:02 pm. in the Ballroom of the Worthington Hills Country Club. She began by recognizing the CMBA Past Presidents in attendance and then the special guests, Tom Pausche the current president of the OMBA and a 1998 Past President of the CMBA and the OMBA Exec. Director, Marianne Collins also a 1993 Past President of the CMBA. Other special guests included various supervisors of the Department of Consumer Finance as follows: Brian Landis, Chief Investigator and a 2008 Past President of the CMBA; Jackie Mallett, Consumer Finance Chief Counsel; Debbie Dye Joyce, Licensing Supervisor; and Alex Bilchak, Administrator, Office of Community Affairs.
Tammy then continued to the tables around the room asking for first time visitors and guests of members.
Announcements included the Nov. 1, 2012 Luncheon / General Meeting at which we will have the Exec. Director of the OMBA, Marianne Collins, give a power point presentation of the Consumer Finance Protection Bureau’s rulings and current proposals; the CMBA’s Nov. 8th “Tailgate / Membership Mixer”, details to follow; the Dec. 6th CMBA “Holiday Luncheon” for which we traditionally collect new, unwrapped toys for the Franklin County Children’s Services and hold a 50/50 Raffle for Charity Newsies.; and finally, Marianne Collins announced a DE Underwriting Training Class being held by the OMBA on Thursday & Friday, Nov. 1st between 8:00 -5:00 pm. & 2nd between 8:00– 3:00 pm., at the Paridygm Property Conference Room on 250 Old Wilson Bridge Rd., 3rd Floor. CMBA Associate Director, Linda Beckner came to the podium and gave the membership readings for the following two companies: a Class A membership for The Mortgage Banc doing business at 1395 E. Dublin-Granville Rd., Col. OH, # 301, Steve Clay will be the voting member; and National MI, doing business at 2100 Powell St., 12th Floor, Emeryville, Calif. 94608, Kelly Woods will be the member representative. The meeting was then suspended for lunch at approximately 12:10 pm.
The Meeting was resumed at 12:38 pm. with an announcement concerning a “National Homeownership Rally” to be held at the Statehouse, downtown Columbus, on Tuesday, Oct. 9th between the hours of 11:30 and 1:00. A free lunch will be provided and several important speakers have been confirmed: Dr. E. Gorden Gee, President of OSU; Congressman Steve Stivers, State Senator Troy Balderson, Robert Schottenstein, President and CEO of MI Homes Inc., and Bill Martin, President of the Ohio Home Builders Association.
Tammy then proceeded to introduce our Guest Speaker, 2006 CMBA Past President and new Deputy Superintendent of Consumer Finance, Division of Financial Institutions, Dept. of Commerce for the State of Ohio, Bob Niemi. Bob stated that he is only one of three Deputy Superintendents. He said if you don’t remember anything else from this meeting, remember to get your continuing education requirements fulfilled as soon as possible. He told everyone to pay attention to compliance issues. The Anti-Money Laundering ruling for non-bank lenders became effective in August of this year. Lenders must have written procedures, a compliance officer, employee training and independent audits. All business income must be properly monitored. As of this date, 2,500 of the 6,100 licensed Ohio loan originators have not completed their continuing education for this year. You should not wait until the end of the year to complete it as the paperwork takes too long to process and you will miss the deadline. The licensing process begins November 1st. There are currently 121 of the 500 licensed companies that need to file with the state before their LO’s can be licensed this year. This affects approximately 250 LO’s. This coming year, 2013, there will be FBI reports acquired on LO’s and in 2014, credit reports. 1,200 LO’s have not updated the new ME-4 since it was required in April of 2012. This is part of the NML, National Multi-State Licensing. SB-333 is reciprocal licensing with other states and it will loosen rules to allow LO’s to come from banking institutions to mortgage lenders and be able to originate sooner after the move. He also said again, “please do not wait to complete your continuing education”.
He took questions from the floor. The first question referred to how credit reports will affect loan officers. He said that if you can’t qualify for a mortgage, you should not have a license. He said that other issues which will prevent licensure would be child support issues, foreclosures, tax liens and bankruptcies. When it is time for the FBI reports in 2014, the Loan Officer has to authorize the report. The
department recognizes there are a lot of Ohio statutes on mortgages that either duplicate or conflict with Federal statutes. They realize that they must work on these and remove what they can. Additionally the state legislators must change the code for this adaptation.
The meeting was adjourned at approximately 1:12 pm.
Respectfully Submitted,
Sherry L. Quickel, Executive Secretary