As the president of the Massachusetts Mortgage Bankers Foundation and chair-elect of the Massachusetts Mortgage Bankers Association, I offer corrective comments to the May 10 Banker & Tradesman article, "Search On For Cuff’s Replacement."The first inaccuracy involves the MMBA’s independent charitable foundation.  At no time has there been any diversion of funds from the Foundation to the Association.  Any insinuation that any parts of the foundation’s missions were compromised in order to balance the association’s books was either misunderstood or misspoken.

The second correction is really inconsequential, but it does illustrate the MMBA board’s attention and preparation to the pending change in its management.  The MMBA’s Executive Committee and its executive director have been engaged in close dialogue about the future of the staff management of the association dating back to the fourth quarter of last year (2009).  The executive director did not just inform the board as reported but, together, both parties planned an appropriate exit strategy. Seemingly, the paper just learned of the plan.

The MMB Foundation remains as dedicated a financially committed partner to the affordable housing community as the MMBA is a viable and respected mortgage trade association committed to professional excellence in mortgage lending.

Elizabeth G. Phelan

President
Massachusetts Mortgage Bankers Foundation