If you are a mortgage broker, can I ask you a very direct question? Are you a member of your industry association?
If you are not, may I further suggest that this simply is not acceptable? There are tremendous forces jockeying for position, in the aftermath of the mortgage meltdown.
The only voice that we have, in this battle, is the National Association of Mortgage Brokers (NAMB). In my humble opinion, you simply must support your industries voice in Washington.
Some would say, "Well, I get that voice without being a member". To you, I say, with a bit of a red face, NO!
If only 10% of America's mortgage brokers are willing to step up, and get some skin in the game, then we are going to get kicked around in this battle.
HUD, a government agency, for the people, and by the people, just issued a 341 page final rule that is going to change the way you do business. This new rule goes into affect on January 1, 2010.
You have a choice, stick you head in the sand and let your business get kicked around, or join the fight by becoming a member of your association. Even if you spend no time, your money, in the form of dues, is greatly needed.
Read on, to see a copy of NAMB's response to HUD's final rule...
HUD Issues Final RESPA Rule
McLean
,
VA.
– November 14, 2008 – The Nation Association of Mortgage Brokers (NAMB) announced its disappointment today with the U.S. Department of Housing and Urban Development’s (HUD) release of the final Real Estate Settlement & Procedures Act (RESPA) Rule. NAMB believes the ultimate goal of a simplified mortgage process was not accomplished in the rule.
HUD’s RESPA Rule fell short after repeated requests by industry associations and Congress to take a comprehensive approach to RESPA reform by creating a level playing field for consumers. In November 2007, Congress noted the necessity of treating all origination channels equally with the passage of H.R. 3915, the “Mortgage Reform and Anti-Predatory Lending Act of 2007.” In addition, NAMB’s comment letter, submitted to HUD on June 12, 2008, cited two studies conducted by the Federal Trade Commission (FTC) and the Federal Reserve Board (FRB). Each of these studies revealed that different origination channels disclosing differently confuses consumers, and often times causes them to choose a more expensive loan product.
“HUD, despite taking significant steps to address RESPA reform, failed to recognize the need for a unified, comprehensive approach towards accomplishing a simplified mortgage process,” said NAMB President, Marc Savitt, CRMS.
NAMB will continue to review the 341-page RESPA Rule, new GFE and new HUD-1 form, and provide further comment and analysis in the future.
For more information on the release of the final RESPA rule, please visit the NAMB Legislative Action Center.
Do your business a BIG favor. Join NAMB today!
