NMP - July 2018 - 20

✒

FAMP 2018 Annual
Convention & Trade Show
"See You at the Dolphin"
August 15-18, 2018 * Orlando
A Message From FAMP 2018-2019 President
Kimber White, CRMS

I

JULY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

20

would like to invite you all to the Florida Association of
Mortgage Professionals 2018 Annual Convention &
Trade Show, the largest mortgage trade show in the
country! This year, our theme is "See You at the
Dolphin," a theme which reflects not only our new
location at the Walt Disney World Dolphin, but also
embodies the beach life that we in Florida are so fortunate to
experience.
We are offering four days of information and education,
including our boot camp for new licensees, NMLS-approved
continuing education and career-enhancing breakout
sessions. This year, we have more than 115 vendors and 140plus booths at our sold-out trade show ... the largest show
we have had since 2008!
In addition, we are excited to have John Ratzenberger as
our Keynote Speaker. John has a fantastic career which
includes his role as Cliff on "Cheers," as well as his extensive
voice roles in Pixar Animation Studios' films, such as Hamm
in the "Toy Story" franchise, The Underminer in "The
Incredibles" franchise and Mack in the "Cars" franchise. In
fact, he is the only actor to appear in all of Pixar's feature
films!
Over the past year, FAMP has had many successes, with a
complete rebranding including new logo and Web site, a
monthly Webinar series with attendance topping out at more
than 1,000 and a 20 percent growth in membership over last
year! I am so proud of all we have accomplished over this
past year and am humbled by the Board's vote of confidence
in my ability to lead so much so that I will continue to be your
President for 2018-2019.
FAMP was founded in 1960, and is the oldest mortgage
trade association in the United States. FAMP was also the
founders of NAMB and continues to be the model for all other
state mortgage trade associations.
We have seen many changes in the past 58 years, but our
association has always been a leader in supporting our
members. Whether in Tallahassee or Washington, D.C., FAMP
has always worked hard to represent the interest of Florida's
consumers and Loan Originators.
I want to thank each of you who are members for your
continued support, and if you are not a member, I ask you to
stop by our membership booth and become a member while
in Orlando. Together, we all make the difference!
Thank you for attending this year's convention and thank
you for supporting FAMP!

Kimber White is President of FAMP. He is Branch
Partner of RE Financial Services and has 30 years
of experience in the mortgage industry. He also
serves on the Board of Directors of NAMB. He
may be reached by phone at (954) 306-3553 or by
e-mail at President@MyFAMP.org.

SPONSORED EDITORIAL

nmp news flash

continued from page 16

to mortgage credit in the
mortgage market, while 14
percent of respondents advocated
the adoption of alternative credit
scores and 12 percent applauded
the efforts of the governmentsponsored enterprises to pursue
more ambitious affordable
housing goals.
"Rising interest rates and
inflation, when combined with
today's inventory shortage, are
accelerating home price
appreciation, causing some
lenders and consumers to explore
less-tested methods for financing
home purchases," said Rohit
Gupta, President and Chief
Executive Officer at Genworth
Mortgage Insurance. "Despite this,
private mortgage insurance is
experiencing another strong year,
particularly among first-time
homebuyers, as the majority of
consumers and lenders still
prioritize financing solutions
backed by tested, well-capitalized
businesses. We encourage
prospective homebuyers to
continue educating themselves on
all available options prior to
pursuing homeownership, and to
ensure that their financing method
is as sustainable as it is
affordable."
Tappable Equity Level
Hits Record High

Tappable equity ballooned by
more than $380 billion in the first
quarter, according to new data
from Black Knight Inc. The first
quarter data represents the
largest single-quarter growth
since Black Knight began tracking
the metric in 2005, while the $5.8
trillion in total tappable equity held
by homeowners with mortgages is
16 percent above the mid-2006
peak, setting a new record.
Tappable equity is defined as
the share of equity available for
homeowners with mortgages to
borrow against before reaching a
maximum total combined loan-tovalue ratio of 80 percent. Black
Knight noted that the average
mortgage holder gained $14,700
in tappable equity over the past
year and has $113,900 in total.
However, the quantity of
available equity did not
automatically spur new usage.
Black Knight also noted that the

amount withdrawn in the first
quarter fell nearly 7 percent from
the fourth quarter of 2017, with
only 1.17 percent of available
equity being tapped-the lowest
share since the first quarter of
2014 and the second lowest
quarterly share since the
beginning of the housing
recovery. And the $35 billion
withdrawn via home equity lines
of credit (HELOCs) in the first
quarter marked a two-year low.
"In the first quarter of 2018,
homeowners with mortgages
withdrew $63 billion in equity via
cash-out refinances or HELOCs,"
said Ben Graboske, Executive
Vice President of Black Knight's
Data & Analytics Division. "That
represents a slight one percent
increase from the same time last
year, despite the fact that the
amount of equity available for
homeowners to borrow against
increased by 16 percent over the
same time period. Collectively,
American homeowners now have
$5.8 trillion in tappable equity
available."
Graboske added that one key
reason behind the drop in HELOC
equity utilization was "increasing
spread between first-lien
mortgage interest rates, which
are tied most closely to 10-year
Treasury yields, and those of
HELOCs which are more closely
tied to the federal funds rate. As
of late last year, the difference
between a HELOC rate and a
first-lien rate had widened to 1.5
percent, the widest spread we've
seen since we began comparing
the two rates 10 years ago. The
distance between the two has
closed somewhat in the second
quarter as 30-year mortgage
rates have been on the rise,
which does suggest the market
remains ripe for relatively low-risk
HELOC lending expansion."
Zillow: Air Conditioning
Helps Raise Home Sale
Prices

A note to home sellers: You will
score more profits if your
residence has central air
conditioning versus having an
old-fashioned air conditioner
hanging out the window.
continued on page 37


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