NAMB Government Affairs Update

2014 Mortgage Survey

Help NAMB Tell Your Story

The CFPB Wants To See Data
Recently the Government Affairs team met with the CFPB to discuss mortgage brokerage compensation, the 3% cap on points and fees, as well as loan origination compensation. The CFPB provided excellent industry insight and guidance into several of the key areas plaguing mortgage originators and mortgage brokerage entities.
It is obvious the CFPB is a data driven organization and NAMB is determined to show them that the mortgage broker model is extremely effective in mitigating upfront costs for consumers. We are also determined to show them that thousands of small businesses are being adversely impacted due to the limitation on entity revenue.
So, here we are. Your industry needs your help. Your industry needs you to participate and respond to this survey to the best of your ability.
If you don't have exact numbers, please provide us with your best estimate.
Take the NAMB Survey HERE

The major data points we would like to see are:

TOTAL number of Loans closed in YTD.
TOTAL Dollar Volume of your loans YTD.
TOTAL amount of Mortgage rebates that you gave to the customer to help pay their closing costs YTD. This amount will be the sheet price of the loan, minus your Lender Comp, minus any hits and this would be the net amount that you would have given back to the customer to help pay fees and reduce closing costs.

Each survey participant will receive the video webinar, Getting More Business With Realtors presented by Maximum Acceleration. In addition, Mortgage Educators will be giving away five 8-hr NMLS classes to be used for 2014 or 2015.

Here is the bottom line, NAMB has open lines of communication with our regulators and will continue to work with them to improve the state of housing and do what is best for the consumer and small business mortgage professionals.
Just remember, It does not matter if you are a mortgage broker or a mortgage banker, NAMB is here for you...the mortgage professional.





Monday, November 17

I hope all of you have had a great week, even though it seems that winter is here in the Midwest states. I can't believe that it was in the teens in Indianapolis. However, I have to confess that I was in Palm Springs, Calif. Wednesday-Sunday where it was a warm 82 degrees each day. I was also stunned when it got dark at 5:00 p.m. every day. 

I was attending the National Consumer Reporting Association (NCRA) 2014 Conference this week at the request of one of our great friends of NAMB, Terry Clemans, NCRA executive director. I had two opportunities to speak to this group, one of them as a member of a panel on MSA’s, RESPA and Integrated Disclosures, and the other as a speaker to tell the story of NAMB. I think that one of the neatest things about their conference is the small group of people who attend (about 155 total) and the closeness of these people who get it right and do work together. This small group of credit re-sellers (there are only about 50 left in the nation) must work together to make it happen and yet they are all also competing against each other for future business. I want to thank Terry for the invite and for being able to experience this Conference. I must admit, I really learned a lot from the speakers and their “marketplace” event. The keynote speaker on Thursday, Dan Lier, really opened my eyes to a few new options and motivated me to be the best that I can be. 

I had a discussion with a member of this group, Jackie Drziak, as she was telling me about a situation that occurred when she was speaking with an originator. In their conversation, the originator kept referring to the customer as a file. To her, it was like they were just an inanimate object. He continued to talk with her and would constantly refer to all of his files instead of customers. Ladies and gentlemen, these people whom you are working with are people … not files. They have lives, families, children, problems, expectations and the desire to refinance or buy a new home. I think it is time to start thinking of them in that way and not just as “files.” Just my two cents worth!

We had a speaker from the U.S. Department of Housing & Urban Development (HUD) come in and talk about the potential changes that are going on in the Department. Not any real changes from what we currently know is going on, but I did learn that HUD Secretary, Mr. Julian Castro, was spending two days in Los Angeles reviewing housing areas. 

On Friday, we heard from the Federal Trade Commission (FTC) on open items that are looking into having to do with violations in advertising, mailings, solicitation and others. Robert Strand, senior economist for the American Bankers Association (ABA)gave us a really optimistic view of the year to come. I think he was correct in saying that a key to 2015 is to get the Millennials to look at buying homes. We have noticed for the past few years that the uncertainty of the economy is what is holding some of these people from buying homes. However, the outlook for the interest rates is that they should stay pretty good for the 12 months to come. 

The session by the Consumer Financial Protection Bureau (CFPB), Mr. Edwin Chow and Hoa Phan (an examiner from the CFPB), gave us good information of what they look for when they do an exam on the re-sellers of credit (consumer reporting companies). As always, it was an excellent presentation and very informative. 

I met some very good people in the credit reporting business and talked about what they could be looking to do to make all of the companies that they service to be better. The NCRA Conference, although smaller than NAMB’s conference, was quaint enough that you had the ability to talk with people in the industry from a different view. I am going to suggest to the NAMB Board that we get together with the NCRA and the NAPMW (National Association of Professional Mortgage Women) to discuss items that can benefit all of our organizations. In the long run, we are all fighting for somewhat the same thing. 

Just a note that we are looking for feedback to the NAMB+ programs. John Stevens, president of NAMB+, and his Board, have put together a great group of programs for the membership, but we need some feedback. Please take a few minutes to visit and review what programs NAMB+ has and let me know. I also serve on this Board and we want to know. E-mail me at with your comments and suggestions. 

Until next week!

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


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