RECENT CHANGES IN BYLAWS

The Board of Directors, at its May 11, 2006, regular Board meeting, amended Article II and Article III and Article IV of the By-Laws to redefine the definition of Regular Members by deleting the classification of Affiliate Member, and including the present Affiliate Members in the Regular Members category.

To this end the following changes have been made to the By-Laws by the Board of Directors, subject to the approval of the membership:

II:01.1 REGULAR MEMBERSHIP. Regular Members shall be selected and approved from a mortgage lending business which has either a home office or branch office located in Mecklenburg or a contiguous county, which is: (i) engaged primarily in the origination, and/or closing and/or funding of first mortgage loans; and (ii) subject to the regulation of an audit by the Department of Housing and Urban Development and Veterans Administration, or one or more of the following: Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Deposit Insurance Corporation, or hold a current mortgage brokers license issued by the North Carolina Banking Commission; and (iii) one or more of whose principals have a minimum of five (5) years in experience in mortgage lending; and other businesses or professions allied to first mortgage lending, including, but not limited to (i) Private mortgage insurance companies, (ii) Attorneys, (iii) Credit reporting agencies, (iv) Title insurance companies and agencies and other insurance companies that provide products or services to the industry, (v) First mortgage services,  (vi) Designated Appraisers, and (vii) Real estate mortgage brokers who have been engaged in such business in Mecklenburg County or a contiguous county.
V:02. MEMBERS. The Membership of the Board of Directors shall consist of the Immediate Past President, the President, the President-Elect, the Vice President, the Secretary, the Treasurer, and four (4) additional members. In the event the offices of Secretary and Treasurer are combined and held by one person as set out in Article VI:01.01, the membership of the Board of Directors shall consist of the immediate Past President, the President, the President-Elect, the Vice President, the Secretary-Treasurer and four (4) additional members.

Paragraph III:01.2 AFFILIATE MEMBERSHIP. is hereby deleted in its entirety.
Paragraph III:02.2  APPLICATION FOR AFFILIATE MEMBERSHIP. is hereby deleted in its entirety.
This amendment to Articles III:01.1, III:01.2, and III:02.2 shall be effective and shall be in full force and affect when fifty-one (51%) percent of the Voting Members return this CONSENT TO AMENDMENT OF BY-LAWS, WAIVER OF NOTICE OF MEETING, WAIVER OF SPECIAL MEETING OF CHARLOTTE MORTGAGE BANKERS ASSOCIATION and two-thirds thereof have consented hereto in writing.

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Name of Voting Member and Company

I hereby consent to the above:
                                                                                                                                                           
YES     NO    (Circle One)