Mortgage Industry Hopes for Turnaround

Last week saw the installation of new officers for the Memphis Mortgage Bankers Association, and last month saw further stabilization of local mortgage numbers.

Meribeth LaBarreare, senior loan officer at Magna Bank and outgoing MMBA president, said the past year has been a rocky one for the industry, but that her tenure as president was a positive experience – even calling it a “blast” – despite these crazy financial times.

At the same time, she noted the ongoing changes in the mortgage landscape and the consistent difficulty of predicting what would happen next.

“Every day was challenging, not just for me as president of the Mortgage Bankers Association, but it was challenging for everybody,” LaBarreare said. “(It was a challenge) trying to stay on top and in the loop, trying to get the word out to the association (members) and helping them understand and realize what’s going on and why.”

Now, LaBarreare will hand the reins of the MMBA to Sam Goff, mortgage originator at Evolve Bank and Trust. The other 2010 officers are president-elect Greg Ellenburg of First Tennessee Home Loans, vice president Dean Puryear of Regions Mortgage and secretary/treasurer West Beibers of Evolve Bank and Trust, all of whom were installed at a Thursday event at Memphis Country Club.

For LaBarreare, the Memphis market has weathered the storm as well as can be expected, highlighted by a number of companies outperforming their sales paces from 2008.

“I think we’re doing remarkable,” she said. “I just think that our market, mortgage-wise, has been on top. Look at the numbers. Everybody’s doing more than they did last year. I think it’s been a very good year for everybody.”

Read the original source here.

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