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Featured Industry Leader

Jon Gedde
Governor, Nevada Mortgage Lenders Association
BY PHIL HALL

Jon Gedde is a senior mortgage advisor


with Las Vegas-based Alderus Funding &
Investments. He is the first chairman of the
new Nevada Mortgage Lenders Association
(NMLA) and the past president of the
Nevada Association of Mortgage
Professionals (NAMP). National Mortgage
Professional spoke with Gedde about his
work in Nevadas housing industry and the
states mortgage trade associations.
How and why did you get involved in
your associations? And can you share
the track within your associations that
led to the leadership roles?

My involvement with NAMP began in 2011


when the president-elect and a former
colleague, Tim Klinger, invited me to
participate on the board of directors. At
time, the organization was focused on
brokers and individual originators. I spent
two years serving on the board. In late
2012, I was elected to the position of
president-elect for 2013, which led to
serving as president for 2014.
During 2014, my primary objective
became completing a merger with the
Nevada Mortgage Bankers Association
(NVMBA), which was making a push to
reestablish itself after several years of

inactivity following the financial crisis. The


chairman of NVMBA, Steve VanSickler, and
I were able to successfully bring the
organizations to find common ground, and
the merger was completed effective Jan.1,
2015. At that time, I was asked and elected
to serve as the chairman of the new joint
organization, NMLA.
Why do you feel members of the
mortgage profession in your state
should join your association?
Members of the mortgage industryboth
companies, individuals, and affiliates
should join NMLA for one primary reason

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to ensure continued and expanded


access to affordable home lending options
for all Nevadans. Without affordable credit
options, many industries including
mortgage lending, title/escrow, real estate,
appraisal, construction, and many others,
would be significantly impacted.
Our voice is critical to ensuring that
mortgage lending can continue to be an
economic driver here in Nevada. As we
saw after the housing collapse, a lack of a
strong industry voice can have devastating
consequences for industry professionals
and homeowners alike.
What role does your association play in
the state legislative and regulatory
environment, and are there any items on
the current agenda you would like to
highlight?
NMLA plays an active role in the legislative
and regulatory environments at both the
state and national level. We did a lot of
work during the 2015 legislative session in
Nevada. We also actively meet with and
advise our U.S. Congressional
Representatives and Senators on all
matters involving lending and real estate.
Currently, there are two major agenda
items we are working on in preparation for
the 2017 Nevada Legislative session. The
first is what is commonly known as super
priority lien. Homeowners associations
(HOAs) have the right to foreclose on
homes for unpaid association dues. We
passed significant reform to the process by
which this action can occur, which greatly
improves the fairness of the process. There
is a major problem that remains, however.
The foreclosure action extinguishes the
mortgage lien.
Obviously, this is a concern for lenders,
but it is also a concern for homeowners
and should be a concern for HOAs as well.

The risk posed by these actions has


already been identified by Moodys, which
now assigns a risk premium for loans in
HOAs where super priority lien laws exist.
Working with HOAs to find a solution to
both their need to stay solvent and the
need to continue the flow of affordable
credit to buy homes in those communities
is our top priority.
Second, there has not been a
comprehensive overhaul of the state
lending regulations (NRS 645) in quite
some time. Over the years, language has
become overly complex and confusing,
and oftentimes contradictory. Our intent is
to work with industry partners and the
Nevada Division of Mortgage Lending to
update the lending laws and regulations for
the state so we have a clear, concise, and
comprehensive legal and regulatory
framework from which we can operate.
What do you see as your most
significant accomplishments with the
association?
Of all the work I have been a part of over
the years with the association, our
accomplishments during the legislative
session in 2015 were the most difficult, and
also the most rewarding. For those reasons,
I consider that work my biggest
accomplishment. Specifically, our work
revising a badly broken Super Priority Lien
system. There is work left to be done on
that issue, but our progress was significant.
As the state affiliate for NAMB, what do
you feel that adds to your association
and towards the overall agenda for the
mortgage profession nationwide?
As the state affiliate for both NAMB and
the Mortgage Bankers Association, our
goal is to bring local issues to light on the
national level, bring national issues to light

on the local level, and be an advocate for


our profession and our affiliated
professions. We add a strong, united voice
to issues that affect our industry at the
state and local level in a way that our
national affiliates cannot, through lobbying
efforts and relationship building with
legislator, regulators, industry partners, and
the community.
In your opinion, what can be done to
bring more young people into mortgage
careers?
To bring more young people into mortgage
careers, the industry needs to turn the
page on old business models. We need to
develop strong ground up training
programs to bring in talent directly out of
college. The barriers to entry have
increased dramatically over time, and the
industry as a whole has not done enough
to bridge the gap from talented prospect
to knowledgeable employee.
How would you define your states
housing market?
The southern Nevada market is stable for
the first time in quite a few years. From a
huge wave of massive appreciation in the
mid-2000s, to an even bigger crash in the
late 2000s, then a sharp period of double
digit appreciation from 2011-2014, I can
finally call our market stable.
Housing affordability is right in line with
a healthy, balanced market. Inventory
levels are stable and balanced. We are all
very excited to be in a market that is
functioning normally and had opportunity
for all.
Phil Hall is managing editor of Nevada
Mortgage Professional Magazine. He may
be reached by e-mail at
philh@nmpmediacorp.com.

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1220 Wantagh Avenue Wantagh, New York 11793-2202
516-409-5555 Fax: 516-409-4600 E-mail: advertise@NMPMediaCorp.com
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