Florida Association of Mortgage Brokers Announces Meetings Throughout the State

Business Wire, Oct 2, 2002

Business Editors

TALLAHASSEE, Fla.--(BUSINESS WIRE)--Oct. 2, 2002

On July 29, 2002 HUD proposed changes to the Good Faith Estimate and the settlement process that will affect all parties involved in mortgage originations. This includes third party providers, originators, mortgage brokers, independent bankers and wholesalers. You have until October 28, 2002 to make a difference. HUD is asking for comments to their proposals and unless you take time to comment now, you will find that your entire livelihood and the manner in which you serve your customers will change.

Items to Consider Are:

-- NO PAR PLUS - No YSP to mortgage brokers or table funders on ANY loans!

-- MORTGAGE BROKERS/ORIGINATION FEES CAPPED - At application!

-- BIG LENDERS PAR PLUS - No restrictions. HUD admits they can't regulate it!

-- DISCRIMINATES TOTALLY AGAINST MORTGAGE BROKERS - HUD admits it!

-- GET $ WHOLESALE/ SELL $ RETAIL - HUD does not grasp wholesale/retail economics!

-- UNDUE BURDEN ON SMALL BUSINESS - Cannot compete against big lenders!

-- GUARANTEED MORTGAGE PACKAGE - Unworkable for mortgage brokers/big lenders OK!

-- GUARANTEED CLOSING COSTS/RATE - 30 day guarantee contract at application!

-- INCREASED REGULATORY BURDEN - Mortgage brokerage firms are small businesses!

-- UNWORKABLE RULES - Does not reflect market realities or conform to Florida law!

-- MORE DISCLOSURE - HUD's simplification plan is again, more confusing disclosure!

          COME HEAR WHAT YOU CAN DO, WHEN YOU MUST DO IT AND
                    HOW YOU CAN MAKE A DIFFERENCE!

    Attend Florida Association of Mortgage Broker's statewide
           meetings. You only have until 10/28/02 to react.

     NAMB President Armand Cosenza & FAMB will be leading you to
   action. The FAMB and NAMB issue an open invitation to the total
            mortgage brokerage related industry to attend!

                    RSVP DESIRED BUT NOT REQUIRED

                            CENTRAL FLORIDA
             (Orlando, Jacksonville, Volusia, Space Coast)
                           Tuesday 10/8/2002
                             Time: 5:00PM
                         (Cash bar preceding)
                         Shriner's Auditorium
                           2300 Pembrook Dr.
                           Orlando, Florida
                          RSVP (407)263-4316

                            WEST COAST AREA
                   (Tampa, Gulf, Nature & Suncoast)
                          Wednesday 10/9/2002
                             Time: 6:00PM
                       (Cash bar & refreshments)
                        Tampa Convention Center
                        333 S. Franklin Street
                              Tampa, Fl.
                          RSVP (813)874-7440

                             SOUTH FLORIDA
                    (Miami/Dade/Monroe, Gold Coast
                       Palm Beaches, Southwest)
                          Thursday 10/10/2002
                            6:30PM Cash Bar
                           7:30PM - Meeting
                            Signature Grand
                     6900 S.R. #84 Davie, Florida
       (I-595 exit to University, then SR84 East frontage road)
                          RSVP (561)965-2007