About Morgan County, AL

TO: All NAMB Members
FROM: NAMB Government Affairs

Dear NAMB Members:

On September 18, 2009 the Department of Housing and Urban Development (HUD) released Mortgagee Letters 09-28, 09-29, 09-30. These mortgagee letters contain provisions similar to those seen in the Home Valuation Code of Conduct (HVCC). Mortgagee Letter 09-28 prohibits "FHA-approved lenders... from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender's staff who is compensated on a commission basis tied to the successful completion of a loan." Mortgagee Letter 09-29 states, "In cases where a borrower has switched lenders, the first lender must, at the borrower's request, transfer the case to a second lender." Mortgagee Letter 09-30 changes the appraisal validation periods from 6 months for existing properties and 12 months for proposed or under-construction properties, to 120 days for both. All three of these Mortgagee Letters go into effect for case numbers on or after January 1, 2010.

These letters are of great concern to NAMB, as we believe mortgage brokers should be able to order their own appraisals. NAMB officials will be in Washington, DC next week and will be meeting with members of Capitol Hill as well as attending various other meetings.

Click here for a copy of the Mortgagee Letters issued by HUD on September 18, 2009.
Click here for a press release on these mortgagee letters and upcoming rule making.

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Rick Paler with The Decatur Downtown Redevelopment Authority hosted a public meeting Monday night at our own Princess Theatre. The establishment of a Calhoun Community College fine arts school in downtown Decatur is included the five year plan. There are 31 projects in the plan including further riverfront development. Paler reported that it is unlikely all 31 projects would be completed within the next five years. He has meetings scheduled with businesses to discuss funding the projects. Paler said public input is welcomed. Thanks to Mr. Paler for working so hard in helping make Decatur a great place to be!

Fulin's Asian Cuisine will open this month at The Crossings of Decatur. Some compare the 6400 square foot upscale restaurant to PF Chang's. The restaurant will feature a sushi bar. Its menu includes lunches in the $7 range and dinner entrees from $7 to $20. The Crossings of Decatur is anchored by Target. Other eating establishments at The Crossings include Panera Bread, 5 Guys Burgers, and Starbucks. Welcome Fulin's!

Decatur's very own Point Mallard Park's ice skating rink has partnered with Huntsville to host the USA Hockey Southeastern District tournament in 2009. It is estimated the tournament will draw more than 2,400 players, coaches, officials and supporters to Decatur and Huntsville. The tournament is scheduled for March 12-15 and will feature 48 teams. The winning teams will proceed to the national championship. Come visit us in Decatur, Alabama!

Alabama Academy Sports officials said they hope to begin construction January 2009 on their 74,863-square-foot store in Decatur, Alabama. Completion is expected to be July 2009. The store will be located on Wimberly Road and is adjacent to Home Depot. This convenient location is just off of Beltline Road and is close to the newly constructed Chili's Restaurant. Academy Sports was founded in 1938 and is one of the country's largest sporting goods retailers. It employs more than 11,000 people at 105 stores across the southeastern United States. Great news for Decatur! Come visit us!