Only 2 weeks left to sponsor our upcoming holiday party!  We are really looking forward to our big event on December 2nd at the Doubletree Hotel - 7801 E Orchard Rd, Greenwood Village, CO 80111.  

Come enjoy great food and beverages, fun music, fabulous raffle prizes, and a game of Heads and Tails where the winner will get a bay at Top Golf with food and drinks provided by our Title Sponsor, Dustin Brown, with Country Financial!

We can't wait to see you there for this fabulously fun event where we celebrate the holidays together!

Check out our events page to register as a sponsor and a guest at our event

Register Today!

September 15, 2020

For Immediate Release:

CoAMP Government Affairs committee plays a part in the American Dream Down Payment Act 2020

In late July Senator Cory Gardner’s office reached out to me to ask for CoAMP’s opinion of the potential American Dream Down Payment Act of 2020. The Act will allow states to set up accounts for homebuyers so they can save for the down payment on a home, with little to no tax. It also allows for greater variance on who can contribute to the account thereby opening up the resources for potential homeowners to accumulate down payment. After reviewing the text of the Act, we responded back and encouraged Senator Gardner to co-sponsor the Bill. He did just that and on August 4, 2020; Senator Doug Jones (D-AL) introduced the Senate Bill S 4414, sponsored by Sen. Gardner (R-CO) to the Committee on Finance. CoAMP and the senators recognize that saving for down payment can be a challenge for homebuyers, and we feel strongly that this Act will support their efforts and open an avenue to give assistance to that process. The bill text and status is available here S. 4414 or here https://www.congress.gov/bill/116th-congress/senate-bill/4414?s=1&r=1.

Since these type of accounts are already in use, it should not overburden any state to administrator these accounts. We see this as a win for all involved. Especially with the limited restrictions on who can contribute to the account, opening it up beyond just Family gifts.

I want to Thank Ashley Higgins and all of the staff in Cory’s office for their consideration and outreach to CoAMP as a trusted voice to support the Mortgage industry. We look forward to helping advance this Bill into law.

Douglas L Braden

Colorado Licensed Loan Originator

Colorado Association of Mortgage Professionals

Government Affairs Committee Chairman

dbraden@commercemtg.com

"COAMP Cares" wants to make a positive impact to our community. To be able to help people and families when we are able feels so good. "CoAMP Cares" works on ways for us to give! This month, we have learned about Hunger Free Colorado. Hunger Free Colorado, a statewide nonprofit organization launched in 2009, connects families and individuals to food resources and fuels change in systems, policies and social views, so no Coloradan goes hungry. By leveraging the power of collaboration, innovation and partnership, we eliminate barriers to the access of affordable, nutritious food, so all Coloradans can thrive and reach their full potential. https://www.hungerfreecolorado.org/

On Wednesday, August 12, Freddie Mac (FHLMC) and Fannie Mae (FNMA) announced a 50 basis point "tax" on consumers in the form of an Adverse Market Refinance Fee effective September 1, 2020.   This recent announcement by the GSEs is nothing but a slap in the face of all homeowners needing to reduce their monthly mortgage payments in this era of historically low interest rates and those dealing with the pandemic.  

Sadly, it is obvious that the GSEs are applying this loan level pricing adjustment (LLPA) on consumers refinancing their mortgage in order to help them increase their financial reserves prior to being released from government conservative control.  Building the reserves of the GSEs should not be done on the backs of hard working Americans trying to save money to provide relief for their housing costs.

Adding this .05% adjustment to all refinancing harms the economy and our economic recovery - the exact opposite of what other government entities such as the White House, Congress, Federal Reserve Board – are supposed to be doing to support the real estate market.   Even worse, refinancing takes longer to be approved than other loans.   Most lenders do not allow the consumer to lock a loan until the loan is approved.  The September 1 effective date means that this new fee start date is NOW!  This is not acceptable!  NAMB is asking all loan originators to fight for the reversal of this new GSE loan “tax” on homeowners!

https://namb.org/page/LegislativeActionCenter#/14

National Real Estate Post - NAMB – A Brief History

Here is an interview with the president of NAMB giving a brief history of the organization

The National Association of Mortgage Brokers is the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.

Mortgage applications to buy a home surge to the highest in 11 years as rates hit a survey low

• Mortgage applications to buy a home spiked 4% last week to an 11-year high, the Mortgage Bankers Association said on Wednesday.
• The jump in demand was likely fueled by falling mortgage rates — the fixed 30-year rate fell to 3.3%, the lowest in the MBA survey's history.
• That led to a 10% spike in refinance applications as existing homeowners sought lower rates.

 Some weeks it’s a struggle to find something worth writing about. Then there are other weeks.

     The Economy. The format in this space has been to open with economic data, the reliable benchmarks. Since March, data have been useless. We entered something awful which was going to stay awful and without any precedent. Without historical context, new data will not help with future develop probabilities -- not even to grasp where we are today, or were last month, let alone the future.

Click here to read more from Lou Barnes