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namb: NAMB testifying about FHA before Congress - 10/07/09 08:01 PM
The NAMB has announced that it will testify before Congress Thursday, October 8, at the House Subcommittee on Housing and Community Opportunity.
Expected time is 2pm. Some of the major points in the prepared statement are:
Consumers benefit from working with brokers, many of whom who have working relationships with one or more banks Mortgage brokers facilitate competition in the marketplace and help drive down origination costs NAMB consistently advocated for a licensing and registration regime for all mortgage originator which has helped establish higher level of professionalism in the broker industry NAMB supports the goal of appraiser independence, but HVCC … (0 comments)

namb: HR 1728 Mortgage Reform 2009 - NAMB call for action - 04/28/09 07:19 AM
NAMB has issued a call to action in response to today's markup of HR 1728 by the House Financial Services Committee.
UPDATE 4/29: The House Financial Services Committee has passed HR 1728, without HVCC delay amendment. Additionally there are provisions for credit risk retention and for yield spread premium restrictions. This according to several news sources. Here is the story from Wall Street Journal.
The primary focus of NAMB's call for action is to push for an amendment to delay implementation of HVCC, the policy that mandates a property appraisal process that many active in the industr believe will introduce inefficiency, … (21 comments)

namb: I falsely charged NAMB representative Denise Leonard - 04/27/09 08:14 PM
In a post from April 24, I falsely attributed to Denise Leonard, Vice President, Government Affairs, National Association of Mortgage Brokers, comments that were apparently made by a representative from the Federal Reserve.
I regret the mistake. I will send NAMB and Ms Leonard a written apology.
I also apologize to the Active Rain and other blogging communities. Those of us who have a blog, have a responsibility, to the public and to ourselves, to verify our information and sources.
I did not perform this responsibility with this post.
When Ms Leonard's actual testimony becomes available as a transcript, I will … (7 comments)

namb: HR 1728 Mortgage Reform 2009 - Anti-Predatory Lending - 04/27/09 05:01 PM
HR 1728 will be considered tomorrow before the House Financial Services committee. It needs to be known by all that mortgage reform in some form is coming this year.
Some of the main points of HR 1728 include a Federal Duty of Care that included licensing, providing "appropriate mortgage loans", and tagging each loan with an originator ID. That is pretty interesting.
Yield spread premiums are specically labelled steering incentives, The scary thing about this label is that it reveals to me a lack of understanding about the bond market on the part of those who are making this legistation.
The language is … (27 comments)

namb: NAMB must do better representing brokers before Congress - 04/24/09 07:23 AM
In this post, which started as Members Only but was posted public as comments grew, I falsely attributed to NAMB Government Affairs Committee Chariman, Denise Leonard, with calling yield spread premium a kickback and not being able to answer whether capitalism is the same as "survival of the fittest.
These comments were apparently made by the representative of Federal Reserve. Looking over the list of witnesses at the hearing, the Federal Reserve representative was Ms. Sandra Braunstein, Director of the Division of Consumer and Community Affairs.
Mark Green, of http://www.topofmind.com/, has researched and discovered my error. I apologize to NAMB, the AR community, … (58 comments)

namb: Support Mortgage Broker Associations - Originators consider joining and becoming certified - 07/10/08 04:58 PM
A recent post, by Ed Nailor, complained about the work of National Association of Mortgage Brokers, that there is not enough being done in support of the industry. He made the point that he would not join the association because they were not doing enough to help our industry.
There were several comments made to encourage him to join and to become active. I could not agree more that he and other mortgage originators need to step up and participate.
Ed's point that the mortgage industry needs strong support to defend its place in providing access to home ownership to a great many … (2 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

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Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343

Office Phone: (423) 280-0345

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