The Business of Pleasure Boating

May/June 2019


  • President’s Message
  • 2019 Annual Lenders Conference
  • NMLA Calendar of Future Events
  • Sponsorship Opportunities
  • SNAPSHOT 1Q2019
  • Marine Lenders Workshop
  • Social Media
  • NVDC Update
  • Lender Members in the News
  • Newsworthy



I have just returned from attending this year’s extremely productive American Boating Congress in Washington, DC. HERE are a few pictures from this year’s event. For those who may not be familiar with this all-important conference, ABC is an opportunity to personally experience and participate in congressional advocacy in Washington, DC by meeting with leaders of the Senate and House to promote boating and marine finance industry initiatives. Past experience has shown that these efforts go a long way to encourage positive change  that can directly influence your businesses. CLICK HERE for “NMMA’s Recreational Boating Industries 2019 Congressional Requests,” the issues discussed this year. What I learned is that our combined voices really can make a difference.

As this newsletter goes to press, the NMLA 2019 Annual Statistical Report is being compiled with final distribution anticipated early this summer. The report will be based on 12/31/18 year-end data gathered through questionnaires completed by over 50 marine lenders and then analyzed by independent third-party vendors Statistical Surveys, Inc. (SSI) and Avala. Many thanks to all involved in this important project.

Spring continues its struggle in many of the states across the country and as a result, marine sales and loan volume for the first quarter have been reported as stagnant when compared to last year, and lower than original projections. This sentiment has been expressed in the NMLA 1Q 2019 SNAPSHOT quarterly survey as well as recent articles in trade publications. As always, the NMLA wishes you and your business the very best as we move into the 2019 boating season.

The NMLA Conference Committee, chaired by Peggy Bodenreider and Jackie Forese, is deep into the planning stages for our 40th Anniversary Annual Conference (November 10-12). Registration is now “open”, and I suggest you make your Ocean Reef Club room reservations early as we are expecting a large turnout at the Key Largo Florida Resort. Visit the NMLA website HERE for this year’s registration form, convenient PayPal payment option, as well as an online link to make your hotel reservation Ocean Reef. Speakers for this year’s event are outlined in the article below.

Thank you so very much for your support of the National Marine Lenders Association. Please feel free to contact me at (801) 747-7176 or as I’m always interested in your comments and suggestions on how together, we can improve our industry.

Have a safe and enjoyable boating season and I look forward to seeing you at a future industry event.

John Haymond 


NMLA Announces Speaker/Event Line-Up

The 40th National Marine Lenders Association Annual Conference will be held November 10th-12th at the luxurious Ocean Reef Club in Key Largo. The NMLA has secured a rate of $269 per night, plus applicable taxes and fees, during the event and for three days prior and following the conference dates for those who are ready for a little extra fun in the sun. The Ocean Reef Club has swimming pools and beaches, golf, tennis, snorkeling and scuba diving, boat rentals, and a spa. Other activities include rentals or tours by bike, kayak, sailboat, and paddleboard. The NMLA is offering reduced conference registration rates for millennials and the 3rd and subsequent attendee(s) from any one company. Register for the conference and book your hotel reservation HERE.





“Ruby Circle” Recognition

This year, we will be extending special invitations to many of the individuals instrumental in working with and promoting the NMLA over the years – past  NMLA presidents, award recipients, frequent conference and workshop speakers, and others who have offered their support and guidance to our association. We’re referring to these special folks as our “Ruby Circle”. If you haven’t already done so, please consider becoming a “Ruby Circle” sponsor. A pledge of $250 (company) and/or $100 (individual) will generate sponsorship recognition for you in all NMLA 40th Anniversary advertising, including this year’s 40th Anniversary booklet, our conference program, as well as special recognition during the conference itself. CLICK HERE to make your “Ruby Circle” pledge using PayPal. 


A special "thank you" to the NMLA Lender Members who participated in our 1Q2019 "SNAPSHOT" survey. As you will see by the results, your perceptions are noteworthy including a few things to keep an eye on in the months ahead. 

This quarter’s analysis has been posted on our website and can be found at the MEMBER LOGIN tab at the top of the Homepage (CLICK HERE).

The next "SNAPSHOT" survey will be emailed to NMLA lenders in early July 2019 and we hope all of our lenders will participate.




Workshop a Huge Success

Beautiful Savannah, GA was the location for NMLA’s March 2019 Marine Lending Workshop where 40 attendees eagerly participated in classes designed for the marine lending professional.

The program is targeted toward improving the skills of those folks involved in the industry on a daily basis, as well as introducing the specialized nature of lending, marketing, and collection techniques to people new to the marine finance field.  No matter the experience level of the attendee, everyone took home information they learned at the Workshop. 

Next year’s Workshop will be held at the Arizona Phoenix/Scottsdale Embassy Suites, March 1-3, 2020. Please mark your calendars and watch for future announcements.






Be a part of the latest marine finance discussions and receive announcements from the NMLA regarding industry news, current events, and updates. HEREare six (6) great reasons why you should join us on social media and how to get started today!



USCG/NVDC - Abstracts and Processing Still Slow

As we enter what is historically the boating industry’s busiest season, processing times struggle to keep up. CLICK HERE for the USCG May 17th Case Processing Report. Please don’t forget to set expectations with your customers accordingly.



NMLA Welcomes Three New Associate Members

  • AppOne, Inc. is a centralized web-based platform that connects automotive, marine, RV and power sport dealers with lenders
  • Dealer Profit Services, LLC is a comprehensive provider of Finance and Insurance support to marine dealers
  • TruNorth Dealer Services provides consulting and training to dealers, offering real solutions to F&I processes, products and profitability

Please CLICK HERE for NMLA’s “Member Directory” and complete contact information on all current members. Need to modify/update the information that appears? Please email corrections to

NMMA Announces New President
RVIA President Frank Hugelmeyer to Succeed Thom Dammrich
After almost 20 years at the helm of the National Marine Manufacturers Association, Thom Dammrich, NMMA President and long-time friend of the NMLA, will retire effective October 1, 2019. Chosen to assume his position is Frank Hugelmeyer, current president of the RV Industry Association (RVIA).

Read NMMA’s May 17th Press Release HERE

More on Hugelmeyer in RVBusiness article (5/17/19)

SunTrust and BB&T “Merger of Equals”
Announced in February, the new combined bank (not yet named) will have its headquarters in Charlotte, NC and will hold about $442 billion in assets, $301 billion in loans, and $324 billion in deposits. According to Bloomberg, it is “the largest global bank merger in more than a decade”. The new combined bank will rank at No. 8 of the nation’s largest commercial and investment banks.
For the official Press Release, CLICK HERE.

Brunswick to Acquire Freedom Boat Club
Understanding that the growth of the marine industry depends on increasing the number of active participants, Brunswick announces what they feel is a “natural expansion” of their business. HERE is the May 17th Press Release.

Global Marine Insurance Offers Alternative Insurance For those impacted by Lloyd’s Non-Renewal of US Boaters
The recreational marine insurance business in the Lloyd’s marketplace has dramatically reduced capacity, with nearly all of the recreational marine syndicates no longer underwriting this business in the United States.  Years of underperformance in these yacht insurance programs, and catastrophic losses from hurricanes Irma and Maria in 2017, combined to signal the end of these programs starting in 2018 and continuing into 2019.

The good news is those domestic marine insurance markets that have carefully attended to their books of business have spread their risk and serve multiple insurance segments, leaving a much lesser correction to make.  The main changes occurring in the domestic market are tighter underwriting and risk management practices in Florida and the gulf coast, along with some higher pricing in those areas.  “We are the agency market leader with the majority of the top marine insurance carriers” said Matt Anderson, President of Global Marine Insurance Agency. “Therefore, we are able to offer those small numbers of our clients affected by the Lloyd’s pullback an alternate, highly rated, US based solution.”

The best advice for clients and lenders who may be affected by this market change is to seek out marine insurance specialists who have a variety of market solutions within their agency and can offer several solutions depending on the underwriting profile of the client.

YBAA Announces New Officers for 2019
President:   Mike Titgemeyer (Crusader Yacht Sales, Annapolis MD)
Vice President: Hal Slater (Brewer Yacht Sales, Westbrook CT)
Treasurer:   Jonathan Chapman (Northrop and Johnson, Newport RI)
Immediate Past President: JP Skov (Northstar Yacht Sales, Portsmouth, RI)

The Yacht Brokers Association of America (YBAA) was founded in 1920 and exists to unite yacht brokers throughout North America in order to establish, promote, and enforce a high standard of professional and ethical conduct. All of this year’s officers have the designation of Certified Professional Yacht Brokers (CPYB).

Wells Fargo Commercial Distribution Finance Lowers Estimates
Bruce Van Wagoner, President of Wells CDF, reported that new boat sales were down for the first quarter of 2019 and has adjusted volume estimates for the remaining months. HERE are his statements seen in the May 8th edition of Soundings Trade Only.

BankNewport Purchases JustBoatLoans by Vertisol, Inc.
BankNewport Executive Vice President and Chief Operating Officer, Leland R. (Lee) Merrill (right) and Senior Vice President, Director of Marine and Recreational Lending, Larry Reagan (left))

On May 1, BankNewport announced their acquisition of Maryland-based JustBoatLoans by Vertisol, Inc. (JBL). This transition from a privately-owned marine and RV loan origination company to a Division of

BankNewport expands the resources, products, and services available to JBL clients. CLICK HERE for the Press Release

Fed Approves Fifth Third’s Purchase of MB Financial Bank
On March 6th, the Federal Reserve approved Fifth Third Bancorp’s purchase of Chicago-based MB Financial Bank. When the deal is completed, Fifth Third will become the 21st largest insured depository institution in the U.S.



Aqua Finance - Bank OZK - Blue Water Finance - Dona Jenkins Maritime Document - Epic Finance - Marathon Xpress LLC - Medallion Bank - National Liquidators - Reliable Documentation - Rick Obey & Associates - Sterling Acceptance Corp - USBank



Uniform Certificate of Title Act Approved by Florida Legislature
On May 2nd, the Florida Legislature sent the Uniform Certificate of Title Act to Governor DeSantis for his signature. David Dickerson, NMMA’s VP of  state government relations, calls it “a commonsense, pro-consumer measure that will provide critical safeguards for boaters and small businesses, alike”, protecting consumers from purchasing stolen or previously damaged boats. CLICK HERE  for the BoatingIndustry’s recap. 

The Fed Fund Rate Remains Unchanged
At the May 1 meeting, the vote of the Federal Open Market Committee was unanimous; 10 to 0 that no change be made to the current Fed Funds benchmark rate. HERE is the Federal Reserve Press Release and HERE is the Associated Press’s article/recap of what led to the decision.

Natural Resources Management Act Signed by Trump
On March 12th, President Trump signed the Natural Resources Management Act into law, a great win for those who enjoy recreational boating and fishing. CLICK HERE for the Press Release from the U.S. Senate Committee on Environment and Public Works 

Georgia on the Way to Becoming a Title State
In late March 2019, Georgia Legislature passed its first ever boat titling bill now awaiting Governor Kemp's signature to become law. Titling for boats in all 50 states has long been a NMLA initiative and the format Georgia adopted (known as the Uniform Certificate of Title Act or UCOTA), was one worked on by NMLA directors Don Parkhurst (SunTrust Bank) and Jim Coburn (Coburn & Associates), and NMLA legal counsel James Stewart.

Boating Industry Reps Testify at E15 Hearings
Jim Stewart (Kotz Sangster Wysocki P.C. and NMLA legal counsel), Nicole Vascilaros (NMMA SVP of Government Relations and Legal Affairs) and Jim Coburn (on behalf of NMLA and MBIA) testified against the year-round sales of E-15 ethanol-based fuel at a hearing hosted by the EPA. This was just one of the important legislative issues addressed at the May 13-15 American Boating Congress in Washington. DC. For additional information on the E15 issues, read NMMA’s April 29th article HERE.

Do You Know Who’s Using Your Collateral This Weekend?
It just might be listed on the VRBO (Vacation Rentals by Owner) website.
CLICK HERE for the 300 +/- listings (filtered by Houseboat, Boat, Yacht). More on this topic at the upcoming NMLA Annual Conference.

Do You Know How to Make a Great Spice Cookie?”
(just wanted to see if you were still reading – CLICK HERE for the recipe)




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