NAMB Government Affairs Update
Does a 4% Cap on points and fees solve QM problems?

Mortgage Professionals!!! Realtors!!! Consumers!!!

NAMB needs your assistance. We have been working with regulators, legislators, industry trade groups, and even consumer groups on ideas about how the Qualified Mortgage rule can improved to ensure equal access to affordable credit for ALL consumers.

Please take two minutes to answer this short survey.
Your responses will help NAMB get the data to the right people that can help improve the QM Rule.
Let your voice be heard!



Monday, April 21

I hope everyone had a great Easter. Time spent with family and friends is important in all of our lives to maintain sanity and a sense of togetherness to balance our everyday needs in life.

CFPB/State Audits

As I am writing this week’s Messenger, I am reminded of a few conversations with members this week. One that really sticks in my mind is one of our members was going through a joint audit by their state and the Consumer Financial Protection Bureau (CFPB). She was explaining it to me as a true “What the heck is going on?” experience. She said that she was surprised that everything that they were asking for and looking at was basically from a list that they was typed up and they were reading from each time they asked for something.

She went on to say that they were very professional and not demeaning. They were specific in what they wanted to see, especially all of the manuals starting with their policy and procedures manual. The list they asked for included about 20 different items. She said that she didn’t have all of them, but she was working on getting them completed each month.

All in all, the audit went very well, and in the end, what they told her about the manuals is what was intriguing to me. They were not totally upset that they did not have all of them complete, but they were complimentary that she was working each month to complete them. They realized that, as a mortgage brokerage company, progression is the key to success. She said that she had six of the manuals completed and was working on the seventh when they came in. The other key to these manuals was that she had training on each of the manuals with her three employees and had good documentation of this training.

Would You Be Ready for an Audit

Now you may ask where all of this story is going. After talking with this member, I then reached out to discuss this with the exclusive compliance provider for NAMB+, Brokers Compliance Group (BCG). Alan Cicchetti, executive director of BCG, and I began a discussion about the manuals that were required, and he confirmed that this was a typical reaction by the member and what the investigators are looking for in a typical audit.

I proceeded to talk with Alan about the requirements of the independent broker and why it is important to have these manuals. Alan said that it is a progression. As long as you are making a real effort to get everything, they are understanding in what you are trying to accomplish.

The important part of this story is that you have to start something … NOW! BCG has three different programs that will get you through these situations. They will walk you through the process to get you on the right track to make you compliant with the law. And NAMB members receive a discount on each of these programs.

An Investment You Can't Afford NOT to Make

Every company needs to make this investment in their company. I realize that the cost is there, but this is a compliance issue that every company, no matter how large or small, is required to have. So contact Alan of BCG by phone at (516) 442-3456, ext. 203 or visit and get on the road to being compliant.

On the Road Again

This week, I will be going to Washington, D.C. on Tuesday and then to San Antonio, Texas on Thursday and Friday for the Texas Mortgage Roundup. Texas is having their first Conference in a number of years, and I really look forward to attending and meeting all of the members out in San Antonio. For more information, visit


I know I keep pushing the NAMB Lending Integrity Seal of Approval, but this is a must if you are an originator and it is FREE!!!

Thank You!

I thank you the member for being part of this association. We are nothing but the sum of the digits, and each of you add up to make this organization successful. I thank you over and over again.

Until next week!

Donald J. Frommeyer, CRMS, President 
NAMB—The Association of Mortgage Professionals


  The Monday Morning Messenger is Sponsored by NAMB+


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NAMB National

Save the Date! 

NAMB National 2014 will be from September 12-15, 2014 at the Luxor Hotel Casino in Las Vegas, NV. More details to come!

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