NYAMB's President's Message
Author: Mark Favaloro
H ere we are nearing the end of the 2 nd quarter and so much is happening in the Mortgage Broker community. I know you are all very busy with purchase money mortgages now that the rates have risen. For those brokers that have been in the refinance business for the past few years it is time to start developing and or rekindling your relationships with the Real Estate Agents. This has always been a challenging part of the job as we all are vying for the same business.  
The competition is heavy and not everyone always plays fair so get ready for the rest of 2018 by staying in touch with NYAMB as we begin to bring new member services and programs to you to enhance your bottom line and grow your business! Of course, we will continue, as always, to represent you on the front lines in Washington DC and NY State on the issues that concern you most. 
Despite Regulatory Clarity, AML Errors Persist in Mortgage Lending Six Years Later
Author: Michael G. Barone, Esq., Managing Partner, Abrams Garfinkel Margolis Bergson, LLP
The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN) issued a final rule in February 2012 requiring non-bank residential mortgage lenders and brokers to establish anti-money laundering (AML) programs and to report suspicious activities under the Bank Secrecy Act (BSA). The BSA is designed to alert law enforcement of criminal and terrorist activity. The BSA requires U.S. financial institutions (including non-bank residential mortgage lenders/brokers) to assist U.S. government agencies in detecting and preventing money laundering.

Despite the issuance of this final rule more than six years ago, many non-bank mortgage lenders/brokers are not complying with the requirements of the BSA, and as a result, regulators are beginning to take note in their examinations.
Avoiding the Summertime Blues
AUTHOR: Paul Oster, President, Better Qualified, Inc.
Maxing out on just one of your credit cards can drop the score by 20 to 45 points, as claimed by FICO. This would hurt your chances of being a credible borrower in the eyes of a lender, and many banks might just refuse to give you a loan. Have your borrowers consider a balance transfer, or speak to a Fico Pro about possible strategies for increasing their scores. 

The US is now facing some of the lowest homeownership rates in the past 50 years, and a big part of this problem has to do with the current credit score model. (Notice I didn’t use a plural when I used the word model?)  We all know that the Fico monopoly struggle is real.  And yet, the “fed” continues to maintain the status quo regarding credit scoring models.  
What Most of You Are Selling Is All Wrong
Author: Ralph LoVuolo Sr.
Okay … it’s time to come on out and say it … you’re selling the wrong thing. Your approach to sales is wrong-headed. Your daily activities are so backward and wrong-minded that all you are doing is perpetuating the failed activities of the last 60 years. What amazes me is that I cannot find that anyone is presenting, perpetuating or pushing a different way of thinking and acting with regard to their marketing initiatives.
I’m truly blessed to be in this position to be an observer of the entire ball field of the mortgage industry. Being someone who has been a coach at all levels of business within the mortgage industry, allows me to comment as an over viewer with no obligation to anyone but myself. With fingers in every nook and cranny, I come into contact with a diverse and highly interesting group of leaders.
National News - "Call to Action"
The National Association of Mortgage Brokers Calls for its Members and Public to Demand State Representatives Support the Mortgage Fairness Act of 2017
The National Association of Mortgage Brokers  (NAMB) urges its membership base and the  public to demand their local legislators in the United States House of Representatives  support  H.R. 2570 ,   the Mortgage Fairness Act of 2017, a crucial bill that will better serve consumers and mortgage brokers throughout the United States.  
NYAMB Lower Hudson Region's Broker Owner Roundtable & AML Training Seminar held on
June 14th in Rye, New York
30th Annual Wholesale Mortgage Conference & Tradeshow on May 16, 2018 at the Woman's Club White Plains, New York
Thank you to all our Sponsors, Speakers, Attendees, & Volunteer Leadership for another Successful Conference.
Thursday, July 12, 018 | 1:00pm-2:00pm
Live Webinar - LO Compensation Issues..6 Years Later 
Wednesday, August 9, 2018 | 1:00pm-2:00pm
Tips, Tricks, & Tools to Keep You S.A.F.E 
Save the Date!!
October 10-11, 2018
NYAMB's 30th Annual Convention & Tradeshow
Long Island Marriott, Uniondale, NY
Registration & Details coming soon!

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