Message from the Board

Fellow Alaska mortgage banking professionals,

Benjamin Reynolds - AMBA President

Thank you to the sponsor of our Monday Morning News

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Next Luncheon!

February '26 Luncheon - Financial Planning: A Personal Guide feat. Damon Darby - Early Bird Ends Feb. 11

Join us for our February 2026 luncheon featuring Damon Darby, CFP®, who will present "Financial Planning: A Personal Guide."

In this session, we will talk about how finances fit into your life and how planning today can help strengthen your financial future. This informative presentation will provide valuable insights into personal financial planning strategies tailored for today's economic landscape.

Speaker Bio

Damon Darby began his career in the financial services industry in 2008 with McKinley Capital Management and currently holds the CERTIFIED FINANCIAL PLANNER™ designation. He earned his bachelor's degree from the University of Alaska Anchorage (UAA) with a concentration in Finance in 2010, followed by his master's in business administration from UAA in 2017.

Damon brings extensive experience in creating and implementing financial plans, developing investment strategies, and expertise in domestic and international equities, insurance, trust, and wealth management. He is passionate about educating individual clients and providing educational opportunities throughout Alaska.

This luncheon promises to be an excellent opportunity to gain practical financial planning knowledge while networking with fellow AMBA members and industry professionals.

Luncheon Schedule:

Doors Open at 11:30 AM
Food Served at 11:45 AM
Meeting Starts at 12:00 PM
Meeting Ends at 1:00 PM

Reminder!!!

All member companies and employees have been added and have an account created. Login using your company email and, if this is your first time logging in, select the "Forgot Password" option to update your password. If there are any issues with logging in, please contact us at [email protected] or Benjamin Reynolds at [email protected].

This Month's Meeting Sponsor:

VENUE SPONSOR: Seeking!

Catering SPONSOR: Seeking!

Virtual Meeting SPONSOR

Learn more about Catering Sponsorship and Venue Sponsorship by clicking on the appropriate link. Contact us at [email protected] for more information or sign up using the associated registration.

REGISTER NOW!

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News From Last Week

Responses needed! Review AMBA's Deed Fraud Survey

AMBA is collecting industry data on deed fraud and fraudulent property transfers to inform potential legislative solutions during the current 2026 Alaska Legislative Session. The confidential survey, which takes approximately 5 minutes to complete, seeks information about fraudulent deed recordings, identity theft related to property ownership, forged signatures on property documents, unauthorized liens, and title issues caused by fraudulent documents. AMBA's Legislative Affairs Committee will use the aggregated data to advocate for stronger protections, streamlined remedies for victims, and improved safeguards in Alaska's property recording system. The survey closes February 28th and can be completed anonymously to protect sensitive client and transaction information while still providing valuable pattern data.

Alaska Impact: Deed fraud disproportionately affects Alaska homeowners due to inconsistent oversight across the state's 34 recording districts, limited verification requirements in the recording process, and gaps in fraud detection systems. Member responses will directly shape AMBA's advocacy priorities and policy recommendations to Alaska legislators, helping protect both Alaska homeowners and the integrity of mortgage transactions statewide. Complete the survey at https://alaskamba.org/survey.php?id=16

Credit Score Reform Takes Center Stage as Industry Confronts Rising Costs and Calls for Single-Pull System

MBA President Bob Broeksmit intensified calls for eliminating the tri-merge credit report requirement as industry sources report credit report costs surging 40-50% for 2026, continuing a multi-year trend of price increases. Broeksmit characterized the tri-merge system as one where credit bureaus are "abusing their government-granted oligopoly by gouging consumers" with increasingly expensive reporting data. In a LinkedIn post responding to the price hikes, Broeksmit said he initially hoped the news was an April Fool's joke, but instead it felt like Groundhog Day—referencing the Bill Murray film where the same frustrating day repeats endlessly.

Industry sources report the price increases stem from multiple factors. FICO doubled its royalty price from $4.95 to $10 per score, while credit bureaus simultaneously raised their data file costs, creating a compounding effect. Industry analysts estimate these changes could add approximately $99 in fees for each loan closed, though actual costs will vary by lender and vendor arrangements.

The MBA is pushing for single-file credit reports—already used safely in nearly every other consumer finance market—arguing they would inject real competition, lower closing costs, and streamline the mortgage process without compromising sound risk management. "Single-file reports are used safely in nearly every other consumer finance market," Broeksmit stated, "and extending them into the mortgage market would provide price relief for American homebuyers by injecting real competition, lowering closing costs and streamlining the mortgage process, all without compromising sound risk management."

The MBA anticipates concrete milestones on credit scoring modernization, with ongoing progress on both VantageScore 4.0 adoption and discussions around the tri-merge requirement. At the MBA's October 2025 Annual Conference, Broeksmit hinted at progress behind the scenes on the GSEs' tri-merge requirement, stating "You now see competition being unleashed, clearly, on the score side," alluding to recent moves by credit bureaus and FICO, and adding "with our progress with the GSEs to eliminate the need to get a tri-merge. It's not done … but we're making great headway".

The debate extends beyond just cost concerns. Industry experts worry about the potential for "gamification" of the credit system if multiple pulls from different bureaus become standard practice, with borrowers potentially shopping scores rather than focusing on genuine creditworthiness. The single-pull model would address this by standardizing which bureau lenders use while maintaining robust risk assessment.

MBA Associate Vice President Sasha Hewlett compared the current credit score transitionary period to the switch from LIBOR to SOFR, calling it "a huge undertaking" requiring robust industry engagement for smooth implementation. The MBA is urging federal housing regulators, the CFPB, and the FTC to address the government's role in the current credit reporting cost structure.

Alaska Impact: These escalating costs directly affect Alaska lenders' operating expenses and ultimately borrower closing costs. While official FHFA timelines for any tri-merge requirement changes remain under discussion, the cost pressures are immediate. Alaska mortgage professionals should monitor MBA advocacy efforts closely, as any regulatory changes would require operational adjustments and borrower communication strategies.

This issue will dominate discussions at MBA's National Advocacy Conference in April, where AMBA members can expect comprehensive sessions on potential single-pull credit reporting systems and their implementation challenges. The Legislative Affairs Committee will be monitoring this closely, as any changes to GSE requirements would need coordination with FHFA Director Bill Pulte's office. Alaska lenders should begin planning for how to explain these increasing costs to borrowers and prepare for potential operational changes if single-pull systems gain regulatory traction.

The Community Home Lenders of America has warned that without systemic reform, additional price increases could occur within 12 months. For Alaska's mortgage banking community, staying engaged with MBA's advocacy efforts on this issue is essential—not just for industry concerns, but for maintaining homeownership accessibility for Alaskans.

Anchorage Property Tax Valuations Create Confusion as Assessment Refinements Generate Dramatic Swings

Anchorage homeowners received 2026 property assessment cards in January showing increases up to 40% for some properties, triggering widespread concern, confusion, and significantly higher appeal volumes across the municipality. While the overall single-family home valuation increased just 4.3% citywide, approximately 10% of residential properties experienced swings greater than 10% following refinements to the Property Appraisal Division's assessment approach.

The variations followed refinements to how the municipality assesses properties. Appraisers simplified how the municipality assesses construction quality and consolidated geographic market areas from approximately 400 neighborhoods down to fewer than 20 broader zones. The changes were intended to align with standards recommended by the International Association of Assessing Officers and address what had become an "obsolete neighborhood structure" that was increasingly difficult to administer as annual sales data became more sparse.

Municipal Assessor Jack Gadamus explained that the refinements aimed to make market areas more "intuitive" for homeowners and "improve equity across the tax base." The division also simplified the old quality rating system—properties that previously had certain quality ratings may have seen valuations decrease, while others saw significant increases. Approximately one-third of property owners saw valuation decreases, creating a patchwork of results that has left many homeowners questioning how their property's assessment was determined.

Mayor Suzanne LaFrance directed a proactive review that identified four neighborhoods—Goldenview Park, Sahalee, Lookout Landing, and Leary Bay—where approximately 660 homes will receive revised, lower assessments. The revised valuation notices are being issued because the assessor's office determined that affected properties had historically been assigned a quality-of-construction grade that was too high, an issue that was masked in prior years because the parcels were grouped into market areas that likely reduced final valuations.

The controversy deepened when some residents noted that Mayor LaFrance's own home showed a decreased assessment. When questioned by local media, LaFrance responded: "You know, I was surprised by my own green card. My property has gone mostly up in the last few years, but also down. And again, as people have questions, they should reach out to the Municipal Assessor's Office."

Assessment Division Manager Josh Falsey emphasized there was no political intent behind the refinements. "If your theory is that you would juice the property valuation so that you would get more taxes, that doesn't work in Anchorage because if you, all things being equal, double property values, you're only going to depress the mill rates and you'll end up in the same place tax-wise," Falsey explained.

Assembly Member Keith McCormick, who represents South Anchorage and Girdwood, reported being "hammered with phone calls and emails from confused residents" whose assessments increased dramatically, with some neighborhoods seemingly "blanketed with heavy increases." McCormick's own property increased 13%, while he received reports of increases as high as 40%. "People are scared of what's going to hit their bill," he said.

A January 19 Facebook post from McCormick asking residents to share photos of their homes and property tax amounts generated more than 250 comments, illustrating the widespread concern. Assembly members Jared Goecker, Keith McCormick, and Scott Myers submitted a resolution calling for a "systematic reevaluation" of property value assessments in Anchorage.

The appeal process is already showing substantially higher volume than typical years. In 2025, roughly 455 people filed appeals, with 40 progressing to hearings before the Board of Equalization. As of late January 2026, the division had already received approximately 150 appeals, and Gadamus stated the municipality expects to receive a "higher-than-usual" number of appeals this year. Call volumes have been above average and remain high, with the division working overtime and through weekends to keep up. While the division aims to return calls within two business days, they're currently behind schedule.

Homeowners have two options for challenging their assessments: an informal review (which is free) or a formal appeal requiring a refundable deposit to ensure attendance at a Board of Equalization hearing. The deadline to file an appeal is February 11, 2026. It's important to note that these assessments are not the actual tax bill—property taxes are calculated later in the year using the mill rate applied to assessed values.

Alaska Impact: For Alaska's mortgage banking professionals, these assessment changes create multiple considerations. Refinance transactions require updated tax escrow calculations, and dramatic increases in assessed values may not align with appraisal values, potentially creating confusion for borrowers and questions during loan processing. Properties with substantial assessment increases could see monthly escrow payment adjustments that affect debt-to-income calculations for borrowers seeking to refinance or purchase.

AMBA members should proactively communicate with clients about the difference between assessed values and market values, and ensure borrowers understand that assessments can be appealed. The February 11 deadline is approaching quickly, and many homeowners may not realize they have recourse if valuations appear inconsistent with comparable sales or property conditions.

Property appraisal questions can be directed to the Municipality of Anchorage Property Appraisal Division at 907-343-6500 or through muni.org. The assessment card includes detailed information on the appeal process on the reverse side. Given the expected high volume of appeals, borrowers should be encouraged to act quickly if they believe their assessment is inaccurate.

This situation also highlights the importance of accurate property valuations in the mortgage process. Alaska mortgage professionals should verify that appraisals reflect actual market conditions rather than simply relying on municipal assessments, particularly in areas affected by the assessment refinements. Clear communication with borrowers about how property taxes factor into overall housing costs remains essential as this situation develops.

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Upcoming Events

A Professional Conversation with Your Assembly Candidates

Join AMBA for an afternoon of direct dialogue with the candidates running for Anchorage Assembly. This is a professional, non-partisan forum where Alaska's mortgage banking community can have real conversations with the people seeking to serve on the Assembly.

Why This Matters

Assembly members make decisions that directly impact Alaska's housing market, business environment, and real estate industry. Before you vote, this is your chance to hear from candidates about their views on issues affecting your business and your clients. Just as important, they'll hear from you about what matters to our industry.

What to Expect

This is not a campaign rally. No candidate materials will be distributed, and there will be no political fundraising. We're creating a professional, relaxed environment focused on conversation and information sharing.

The informal format allows you to move around the room, engage with multiple candidates, and discuss the issues that matter most to you and your business. Housing affordability, local business climate, community development...you'll have the opportunity for direct conversation on the topics you care about.

Candidates will hear from mortgage professionals about the realities of Alaska's housing market and the challenges our industry faces. You'll hear their perspectives on local governance and the issues facing Anchorage.

Supporting AMBA's Advocacy Work

Your attendance supports AMBA's Legislative Affairs Committee, which represents Alaska's mortgage banking industry at the state capitol and monitors policy developments that affect our members.

Luncheon Schedule:

Doors Open at 11:30 AM
Food Served at 11:45 AM
Meeting Starts at 12:00 PM
Meeting Ends at 2:00 PM

REGISTER NOW! Early Bird Through February 15

Sponsorship Opportunities

Title Sponsor - $2,500 (Exclusive)

Keynote Sponsor - $1,500 (Exclusive)

Soda Bar Sponsor - $1,000 (Exclusive)

Catering Sponsor - $1,000 (Exclusive)

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Welcome New Members!

AMBA welcomes all Alaska mortgage banking professionals to join our growing community. Membership provides access to industry advocacy, professional development opportunities, networking events, and regular market intelligence updates tailored specifically to Alaska's unique market conditions.

2025-2026 Membership Benefits Include:

• Voice in state legislative advocacy through our new Legislative Affairs Committee
• Monthly educational sessions and industry updates
• Professional networking opportunities with Alaska mortgage banking leaders
• Access to Alaska-specific market data and trends
• Discounted rates for industry events and conferences

Contact AMBA at (907) 727-1076 or [email protected] to learn about Regular, Affiliate, Non-Profit, and Individual membership options. Visit alaskamba.org for complete membership information and dues structure. Join us in advancing Alaska's mortgage banking industry!

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New Job Posts

Check out these careers!

Our Career Board is now available! Take a look at some of the new positions below:

POST YOUR JOB TODAY USING YOUR MEMBER ACCOUNT!

Want to sponsor our Career Board and get unlimited individual memberships for your company? Contact us today at [email protected] for more information!

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