In This Issue
2019-2020 Board of Directors
Executive Committee 
Michael Azzarello, CMB  
Sherry Gallitz 
Michelle Knoebel, CMB
Doug Leever 
Yvette Clermont, CMB, AMP 
Matthew Goldman, CLO, CRO
Jaime Fiore
Sandy Garcia
Robert Villalon
Brittany Johnson
Ken Monduori
Jim Shaler
Richard Peek 
Associate Director
Dawn Henshaw
Margie Fletcher (elected 2005)
Georges Lussier (elected 2010)
Local Chapter Presidents
Sherry Wenrich
Yvette Clermont, AMP, CMB
Holly L. Yelton
Dan E. Doherty
Katerina Gonzalez Rodriguez
Jayne Malinowski
Caitlin Yancey Moore
Gina Dionisio
2019/2020 Committees
Annual Convention 
Eastern Secondary Market Conference
Future Leaders
Future Leaders
MBAF's Future Leaders Program is dedicated to identifying and cultivating the next generation  
of industry leaders by delivering 
a comprehensive leadership 
training experience for participants. For more information or to nominate a Future Leader please review the program information under the link below.

-It's the Mortgage Bankers Associations' FREE grassroots network.
-It gives You the opportunity to directly impact YOUR business and livelihood.
-It is vital to us as an industry that legislators and regulators who are making new laws and rules hear the industry's views, loud and clear.
-Politics is a numbers game.  Elected officials pay attention to efforts conducted by a large group of people.
-Letters from MAA members show elected officials that real people in their states or districts care about these issues.
Ready to join? Sign up with the app:  
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With the app: 
  • Receive updates on bills affecting the real estate finance industry
  • Let your elected officials know how those bills will impact you directly
  • Research bills that MBA is watching
  • Find contact information for your members of Congress
  • Learn about MORPAC, MBA's political action committee
Please email
or call (202) 557-2933 if you need any assistance with the app. 
NEW - MBAF Education - Sales Webinars and Other New Opportunities 
The year we started an educational webinar series that will take place every quarter, at least for now. The first series was held on November 7th, 2019.

We placed the webinar recordings on our website.

Successful High Tech & High Touch Marketing Strategies for Origination and Winning in the Recruiting and Hiring Wars
both presented by Patricia M. Sherlock, Founder and President of QFS Sales Solutions

Carl White is the Founder / Chief Strategist of The Mortgage Marketing Animals and also the host of the #1 Podcast for loan officers in America.
Tuesday, February 18th 2020
10 AM Loan Officers
2 PM for Sales Leaders
More information coming soon to register.
Welcome to Fall 2019

We hope you enjoy hearing these updates from your association.
Presidents Message
by Michael Azzarello, CMB
President, MBA of Florida
Greetings -   
It is mid-November and the MBA of Florida is well into Q2 of our fiscal year and my term as MBAF President.  Wow, how time flies when we are having fun!  It was a successful Q1 for our association thanks to the support we receive from our Executive Committee, Directors, Local Chapters, Committee Chairs and committee members and most importantly our Executive Director, Brenda Thomas.  Thank you to all who have donated your time and talent to our association to help create the opportunities for our members and associates.  As we move toward the holiday season, I look forward to enjoying time with family and friends and I wish you all a very happy and healthy holiday season!  
Let's review some of the accomplishments so far this year. 
  • Our industry is productive and profitable this year thanks to lower rates and a strong economy creating a mini refi boom.
  • Our Membership Committee chaired by Richard Peek and Doug Lever has worked hard to renew existing members while recruiting new members who need to be part of our association.  If you are a mortgage banker or vendor supporting our industry, you should consider MBAF membership to take advantage of all membership opportunities.  If you want to help us increase membership please sign up and join this committee!   
  • Our new Education Committee chaired by Tim Bazell and Sherry Wenrich is off to a FAST start.  A new Education link has been added to our MBAF website with helpful information where our members can improve your industry knowledge for personal success.  I am also happy to report that our Quarterly Sales Training Webinar series started off with a bang on November 7th.  Pat Sherlock, a national sales coach was gracious enough to donate her time to support our association.  She presented training for LO's in the morning and a sales recruiting training for sales managers that afternoon.  We had over 100 Florida mortgage sales people attend these two FREE webinars. Click Here to Access the November 7th Webinars Next sales training webinar is scheduled for February so watch for those announcements.
  • The MBA of Florida's Secondary Market and Convention Committees met for the first time in October to begin the planning process for the 2020 "Back to Back" events. Please mark your calendars now! June 17-19, 2020 17th Annual Secondary Market Conference and the 77th Annual Convention to be held at the Hyatt Regency Grand Cypress in Orlando. Last year's conferences were an overwhelming success with the best national speakers and filled with learning and networking opportunities. This year the committees are again elevating both events even better and you will not be disappointed. Below in this newsletter you will find more information with the registration, exhibit and sponsorship information and the draft outline of the schedule. We could always use more committee members in helping plan these events, so please consider signing up for one of the committees.  We especially would like some additional Secondary Marketing talent to help us insure a great Secondary Marketing Conference. Just email and let us know.
  • Sherry Gallitz, our President-Elect has volunteered to take on the challenge of a Mortgage Action Alliance (MAA) campaign for the state and local chapters.  If you are not a MAA member, you should sign up and participate in the various political actions necessary to keep our industry productive and avoid political issues that could hurt your business opportunities. 
  • Robert Villalon is our MPAC chairperson and working hard with our legislative consultant, Eric Prutsman in Tallahassee, to be sure we are tracking mortgage industry legislation and the political campaigns who can help our industry most.
In closing I wanted to mention my participation during the MBA National Convention held in Austin, TX on October 27 th - 30 th.  Not only did I attend some interesting sessions and other events, Alex Castellanos and I were able to meet with the MBA State Relations team including Krystal Thomas and Bill Kooper.  MBA National is so willing to help our state association remain successful with offers of speakers at the state and local chapter levels.  Sherry Wenrich is also working with MBA National on better educational and other ideas to improve our association.  We will continue working closely with MBA National to be sure we embrace all opportunities available through our national partner.
So as you can see we have a lot of good things going on at the MBA of Florida. Please be sure to   sign up for our mailing list to stay in touch and join us if you are not actively involved today!  I look forward to hearing from you and seeing you at one of our next events.
Happy Holidays! 
Check the link above to view the various events taking place with the chapters throughout the year! As more events are confirmed they will be added to the calendar. MBA of Tampa Bay provided some highlights for us. What a great group of volunteers!
Local Chapter News
MBA Tampa Bay, by Gina Dionisio
Chapter President 
The MBA of Tampa Bay has been very busy and have had several  educational and pro ductive events.
On August 13 we welcomed Eric Prutsman, MBA of Florida's Legislative Representative, who gave us an important Legislative Update. Eric always delivers timely information on what is going on in Tallahassee and what are the pressing issues with in the mortgage industry. MBA of Florida's, Michael Azzarello also attend this event and provided a state update on the MBAF.
On September 10 Aaron Davis of Florida Agency Network 'E-Notary' joined us and talked about the new technology for the E-Notary. He educated the group of 45 on the security and process of how E-Notary will work. Florida Agency Network has been working on the technology for multiple years to get ready to be able to offer E-Notary.
The on October 8, Chip White, Florida Housing, gave an update on the Florida Housing changes to a packed group of 60. Chip is always a great speaker for the MBA of Tampa Bay, then November 12 we offered an Affordable Housing/Opportunity Zones/Down Payment Assistance and CRA Areas.We had a panel of 8 speakers from the greater Bay Area including Tampa, Pinellas, Hillsborough, Largo, St. Petersburg and Clearwater. Each panelist spoke about their area for about 4 to 5 minutes on what they had to offer in affordable housing. At the end of all the panelist spoke, they took questions from the group. This was a sold out event of 65. 

On November 6th we held our 35th Annual Children's Home Network auction, held at the Bryan Glazer Family JJC.This This event always starts off the MBA holiday season. We had over 90 items to auction off either silent or live auction and was attended by 110 people. It was a fun night for all that attend. We are still finalizing the funds raised for the Children's Home but feel we did fantastic.
Gulf Coast MBA, by Yvette Clermont, AMP, CMB
Chapter President 
Rays vs. Yankees! Always a fun time to enjoy an outdoor event.

Dan Rogers, Director, HUD, AHOC and Valerie Williams, Director, HUD, PUD
This was a great opportunity for us to hear about important changes coming up. We have more great events coming up so check the calendar online.
Sign Up Link
Do you know anyone that would benefit in receiving MBA of Florida's communications on our events and industry news? Please forward this link so they can sign up!

$185 Single/Double Occupancy ($15 resort fee, discounted from $30)
Registration - Exhibits - Sponsorship Form PDF links below:
(Yes, you can get registered/sign up to exhibit and sponsor before 2019 budget year end!)

Draft Schedule - Committees are finalizing programs and speakers-info coming soon
Wednesday June 17, 2020
10 AM - Exhibitor Registration and Set Up 
10 AM-6 PM-Registration Open
1 - 2 PM-Secondary Session
2:30 - 3:30-Secondary Session
4- 5:30 PM Secondary Session
5:30-6:30 PM Opening Reception with Exhibits
Thursday June 18, 2020 
7 AM - 6 PM Registration Open
7:30 - 9 AM Breakfast with Exhibitors
9-10 AM Secondary Session
10:30-11:30 AM Secondary Session
2 - 3 PM Economic Update
3:30 - 4:30 PM Agency Updates
4:30 - 5:30 PM Annual Business Meeting - No speaker-just association business/elections
5:30 -7 PM -Reception with Exhibits
Friday June 19, 2020
7:30 - 9 AM - Breakfast with Exhibitors (Exhibits close after the morning break
8 - 9 AM Incoming Local Chapter Presidents Breakfast Meet and Greet with Orientation
7:30 - 9 AM - CMB Breakfast
9 - 10 AM - Convention Session
10 - 11 AM - Convention Session
11-11:30 AM-Refreshment Break with Exhibitors (Closing after this break)
11:30 AM- 12:30 PM - Convention Session
12:30 - 2 PM - Final Convention Session
2-3:30 PM Installation Luncheon and Brown L Whatley Award Presentation- NEW MPAC Drawings take place
NEW! 4-5:30 PM-Incoming 2020-2021 BOD Meeting (NO Early AM meeting on Saturday)
Thank You Members! (as of 11-21-2019) (If you are not listed please contact us
We value and appreciate your continued support. 

Financial Institution Members
American Bancshares Mortgage LLC
AmeriHome Mortgage Company LLC
Ameris Bank
Better Mortgage Corporation
*Branch Banking and Trust
Caliber Home Loans
Capital City Bank
Centennial Bank
Deephaven Mortgage
Drummond Community Bank
Embrace Home Loans
Farm Credit of NW FL
Finance of America Reverse LLC
First Commerce Credit Union
First Federal Bank
First Home Bank
Florida Capital Bank N.A.
Home Point Financial Dues
*HomeBridge Financial Services, Inc.
Inlanta Mortgage
K Hovnanian
Lake Michigan Credit Union
Paramount Residential Mortgage
Planet Home Lending
Quicken Loans
Regions Bank
SunTrust Mortgage
SWBC Mortgage Corporation
*Symmetry Lending
*The Mortgage Firm
Union Home Mortgage
United States Automobile Association
VyStar Credit Union
Associate Members
*Arch MI
Black, Mann & Graham, LLP
Capital Markets Cooperative
Ditio Appraisals
*Genworth Mortgage Insurance
*Mortgage Guaranty Insurance Corp.
Mortgage Information Services
*National MI
Seeman Holtz Property and Casualty
Shapiro & Fishman, LLP
Tampa Bay Community Development
Teraverde Financial
The StoneHill Group
Top of Mind-Surefire
Western Technologies Group

Individual Members
Timothy Allen, CMB
Michael Azzarello, CMB
Jim Flood
Michelle L Glass, Esq.
Matthew Goldman, CLO, CRO
Brittany Johnson
Michelle Knoebel, CMB
Doug Leever
Colleen Regan
Katerina Rodriguez
Alan Verch, CMB
Certified Mortgage Banker
If you are a CMB and live, or do business in Florida, and you are active with our state association, you are also welcome to add or your profile to the Certified Mortgage Bankers Society of Florida.
Tim Allen, CMB┬« 2019 CMB Society of Florida Chairman Direct: 239.571.5440 | Office: 888.684.2220 |
JUNE 2019
Theresa Angelo, CMB, AMP, Arch Mortgage Insurance - Palm Coast, FL
Richard Goble, CMB, Reliable Mortgages, Inc. - Longwood, FL
The Certified Mortgage Banker (CMB) designation is the industry standard of professional success. It symbolizes respect, credibility, ethics, and achievement within real estate finance. Earning a CMB instantly places you at the top of our dynamic industry and makes you a part of the elite group that has achieved the highest level of professional success.
You can choose to earn a Commercial or Residential CMB. Complete both programs to earn your Master CMB. Achievement of these designations represents the epitome of dedication and expertise in the real estate finance industry. Since its inception in 1973, the CMB has been the highest professional designation for the real estate finance industry. The CMB community is made up of outstanding industry professionals and leaders. With such a great community, the designation continues to define excellence within the industry.
Whether obtaining the designation as a personal achievement in their career, or as a testament to the industry, CMB designees exhibit the dedication that inspires other professionals to strive for excellence. In fact, more than 89% of CMB designees hold the title of vice president or higher, reflecting the level of leadership and commitment designees maintain.
The Tools to Succeed
The designation program is comprised of several steps. From documentation, to exam preparation, through graduation, the MBA staff helps you every step of the way. They have all the right tools to help you succeed and offer award-winning training to help you meet the requirements and prepare for the exam. And you can track your progress with your online transcript. If you are an individual who would like to demonstrate your commitment to professional excellence and distinguish yourself as a leader within the industry-the CMB designation is the program for you: Residential - Commercial - Master.
Choose the path that is right for you
When the program was initially developed, professionals who wished to earn the designation were required to learn both commercial and residential finance disciplines before they could earn the CMB. At that time, most lenders had commercial shops within their organization, so it was expected that professionals could, and would learn both parts of the industry.
The growth of the industry necessitated the division of companies to focus on more specialized operations and many new companies appeared on the playing field as a result. Now many successful professionals are experts within their field and may never have the opportunity or need to learn the other side of the business.
The CMB Society recognized this shift within the industry and resolved to address the progression of our workforce by segmenting the designation into these three distinct groups.
CMB Society of Florida
CMB Logo
About the Certified Mortgage Bankers Society of Florida
The idea of a CMB Society within the MBAF began in 2011 . The purpose of the proposed Society would be to create awareness of the purpose of the CMB designation and promote membership in the CMB society. Tim Allen, CMB, who was the 2010/2011 Chairman of MBAF's CMB Committee, together with some others, came up with the idea of forming a State of Florida CMB Society, and having a breakfast at the MBAF Eastern Secondary Conference to discuss the idea. Ross Bennett, CMB founder and longtime Chairman of MBAF's CMB Committee also saw value in a Florida CMB Society and assisted Tim presenting the concept at the CMB Breakfast. Approximately 25 CMBs and Candidates attend the CMB Breakfast at the Eastern Secondary Conference and all the CMBs present voted unanimously to form a CMB Society of the MBAF.
The name of the organization is The Certified Mortgage Bankers Society of Florida. (CMB Society of Florida)
The purpose of the Certified Mortgage Bankers Society of Florida is:
  • To create awareness of the purpose of the CMB designation and promote membership in the CMB society.
  • To encourage qualified individuals to pursue the CMB designation.
  • To provide more opportunity for prospective CMBs to learn what it means to be a CMB.
  • To provide mentors and proctors for CMB candidates.
  • To provide a networking opportunity for Florida CMBs to meet and exchange knowledge and ideas.
  • To educate ourselves to national and local issues affecting our industry.
  • To act, if and when necessary, to influence positive change.
  • To encourage and enhance networking relationships.
Membership in the Certified Mortgage Bankers Society of Florida is divided into two categories:
A) Regular Members, both active and inactive, who have achieved the CMB designation; and regular members who have full rights and privileges of membership which entitle them to vote, hold office, proctor examinations and perform other duties as appropriate.
B) Candidate Members will allow individuals to attend certain functions and activities without the privileges of full membership.
The Certified Mortgage Bankers Society of Florida meetings are held at the Eastern Secondary Conference and at the Annual Convention of the MBA of Florida.
More information at and
Data on a Quarter Century of Mortgage Risk Helps Dispel Many Myths around the Mortgage Crisis
by Edward Pinto, American Enterprise Institute Resident Fellow and Director of the AEI Housing Center

More than a decade after the financial crisis, there is still no comprehensive account of changes in home mortgage risk that led up to the crisis. However, thanks to a recent paper (click here to access) released jointly by researchers at the Federal Housing Finance Agency, the American Enterprise Institute's Housing Center, and Rutgers University, we are much closer to that goal. This research, for the first time, analyses nearly the entire book of purchase mortgages originated over the last 25 years. The dataset includes about 93 million loans covering the period 1990-2018. For the first time, the entire Fannie Mae and Freddie Mac (GSE) books are included. There is high coverage for the private loan securities (PLS) market, moderate to high coverage for the FHA and VA books, and low to moderate coverage for portfolio lending. Data on over 100 million refinance loans covering the same time period are still being analyzed.
This research is significant for a number of additional reasons. It tracks important loan risk factors and measures their combined risk layering effect resulting in an index of default risk under stressed conditions. It also develops a broader stressed default measure that incorporates local house price risk. The result is a time series of predicted default rates calibrated to the severe stress conditions that prevailed in 2006 and 2007. Finally, multiple time series are provided covering the market participants noted earlier, along with time series for individual risk factors.

Stressed default rates are calculated using a simple measure: what percentage of loans originated in 2006-07 with a given set of risk factors defaulted? Four default tables were calculated for 30-year primary owner-occupied fixed rate mortgages (FRMs), and four parallel tables for ARMs. The four default tables cover each combination of documentation status (full doc or low/no doc) and amortization of principal (full amortization or less than full). Each table has 320 cells to accommodate combinations of combined loan-to-value (CLTV), debt-to-income ratio (DTI), and credit score. There are separate sub-tables for the GSEs, PLS, FHA, and VA loans. Portfolio loans use the GSE tables.   Adjustment factors were also calculated for longer and shorter loan terms, second homes, and investor loans.
This study provides a complete picture of how purchase loan mortgage risk grew over the period leading up to the financial crisis and dispels a number of the myths
Myth 1: Underwriting standards in 2000-2002 were normal compared to the early 1990s.
CLTVs and DTIs, two of the three key risk factors, had already risen sharply by the early 2000s. Credit scores, the other key risk factor, drifted up over the period 1994-2006, highlighting that rising CLTVs and DTIs were responsible for the deterioration in underwriting standards by the early 2000s.
Myth 2: the GSEs' role in loosening underwriting standards was minimal.
As the charts below indicate, average CLTV and DTI grew rapidly at the GSEs starting in 1990 and 1993 respectively (earliest reliable data available).  This loosening of underwriting standards eventually spread throughout the industry and created an environment where risk layering became the norm.

Myth 3: The GSEs were not major participants in the run-up of credit risk that during the mid-2000s.
This myth is largely based on the fact that the publicly available loan-level data do not give an accurate account of risk before the buildup.  About 60 percent of all GSE purchase transactions originated in 2006 and 2007 are not included in the publicly available data set. Of the plain vanilla loans (fixed-rate, full doc, fully amortizing, primary owner-occupied, and a 30-year term), 48 percent are excluded, including 900,000 loans with a CLTV greater than 95%.
As the chart below demonstrates, the public data set shows no change in stressed default rate from 2000 to 2007.   Yet the full data set shows that the stressed default rate rose from about 13 percent in 2000 to about 22 percent in 2007. The 2007 default rate for the full data set was more than double the   2007 rate for the public data set. These data do not include the role that the GSEs also played as the largest investors on PLS subprime and Alt-A markets.
Myth 4: The common narrative is that the rise in mortgage was concentrated among subprime borrowers and that risky product features (e.g., low/no doc), not plain vanilla leverage (e.g. higher DTIs and CLTVs) played the dominant role in the rise in risk during the boom,
As previously noted, c redit scores drifted up over the period 1994-2006. This 93 million loan study also demonstrates that plain vanilla leverage also played a prominent role. As already noted, the growth in plain vanilla leverage and the GSE's role created an environment where risk layering became the norm.
The researchers are to be commended for producing the longest comprehensive history of US mortgage risk to date, along with their many insights about the evolution of mortgage risk in the period leading up to the financial crisis.