CMLA takes active part in foreclosure and loss mitigation symposium

 

Chris Holbert, President, and Charlotte O’Donnell, Community Resource Director, CMLA, were invited to speak at the Foreclosure Prevention and Loss Mitigation Symposium September 28 at the Jefferson County Court House in Golden, Colorado. The symposium was created by the Colorado Public Trustee Association to provide awareness and education to Public Trustees and other partners throughout Colorado regarding the resources available to consumers to help prevent foreclosure.

With Senate Bill 71 and House Bill 1387 going into effect July 1, 2007 Public Trustees will be permitted to direct consumers to counseling agencies and other educational resources to fight off pending foreclosures.

Charlotte O’Donnell, Community Resource Director for the CMLA, has been involved with the statewide Foreclosure Prevention Task Force since its inception in late 2005. Ms. O’Donnell represents CMLA members in educating consumers and lenders on how to select the right mortgage to the end of creating a successful transaction for both parties. She also assists the task force in understanding the lending industry and how to develop better communication between servicing companies, community partners and borrowers.  Ms. O’Donnell participated on two panels addressing the mission of the task force and educating the Public Trustees on statewide counseling services, loss mitigation practices, and the new statewide Foreclosure Hotline.

Chris Holbert spoke for about an hour and shared information on lending patterns and consumer behavior. He also educated attendees on how nontraditional mortgage products can be valuable to the right borrower and how CMLA lender members strive for integrity-based lending. Mr. Holbert also addressed the mortgage broker registration process.

The CMLA looks forward to providing support to the statewide Foreclosure Prevention Task Force and is pleased to be a partner in the effort to reduce foreclosures in Colorado. We will continue to advocate for product availability for consumers and to educate mortgage lending industry participants about the value of understanding the products they offer.