An excerpt from an article I wrote on industry site Top of Mind:
Today, mortgage brokers are frustrated. Recently, one floated the idea that NAMB had their lunch handed to them (and subsequently recanted), by a Congressional Committee, debating H.R. 1728. Facts proved that nothing could be farther from the truth. Read this fifteen-page transcript of the testimony of NAMB Governmental Affairs Representative, Denise Leonard. Ms. Leonard argued the case for:
- fairness in licensing standards among all originators: bank, brokerage, or retail lending sales representatives
- more consumer-friendly disclosure documents
- suitability in loan recommendations
- lenders offering a variety of loan products without the threat of reprisal due to opaque regulations
- increased borrower scrutiny of high-cost or “sub-prime” loans
- abolishing (or suspending) the Home Valuation Code of Conduct so that consumers’ loan settlement costs won’t rise
Why are mortgage brokers upset then? NAMB is clearly representing our interests as is evidenced by the testimony of Ms. Leonard. It is my opinion that NAMB is suffering from an identity crisis. Rather than “Fight City Hall”, I think we, as mortgage brokers should embrace and capitalize on much of the unfair legislation imposed upon us and advertise our superior value proposition to the public. Let me outline my thoughts:
READ MY NINE POINT PLAN TO DEFINE THE NAMB MISSION HERE (opens in a new window)
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