NAMB Government Affairs Update
2014 Mortgage SurveyHelp 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
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, October 27
I NEED ALL OF YOU TO PAY ATTENTION TO THIS … IT’S VERY IMPORTANT!!
NAMB—The Association of Mortgage Professionals is currently working on a survey that we need everyone to complete. As of today, we only have about 160 people who have answered it and we need a lot of responses, like more than 500! This is information we are gathering to present to the Consumer Financial Protection Bureau (CFPB). Please understand that we will not release the name of the company on the report, but we need to have this information for the validity of the report. Please take just five minutes of your time and complete this survey now. The link to the survey can be found here.
As you know, we are still out there pushing you to enroll for the NAMB Lending Integrity Seal of Approval. Many originators need to understand that people are looking everywhere for a reason to use an originator that sets them apart from every other originator. They want qualified, professional and ethical men and women who will help them achieve the American dream of homeownership. Only NAMB members are eligible to carry the Lending Integrity Seal of Approval and it will set you apart from all of the rest out there. So do not delay. Go on to www.namb.org and complete your registration NAMB’s Board of Directors held a meeting this week, and we are in the planning stages of the 2015 Legislative & Regulatory Conference in Washington, D.C. We will soon have a date for this event, and then we can all begin to start the process of planning appointments to see and visit with our elected officials. However, you should start looking to see which members of Congress are not running this term and begin to make contacts with them now. Contact your representatives and arrange a meeting to help you in the future. There has never been a better time to introduce yourself to those who make the rules.
And on another note, right around the corner is Election Day, Tuesday, Nov. 4. Make sure that you get out there and vote. Everyone’s vote counts and this means you too!
I want to thank all of you who were involved with the NAMB National event in Las Vegas, including the staff, workers, volunteers, members of the NAMB Board of Directors, exhibitors and speakers, Vince Valvo, the NAMB National Committee, and NAMB National Committee Chair Nathan Pierce for a great and successful conference. But, I specifically want to THANK YOU, the attendees, for without you, it could not have happened. I would like to see 3,000 people attend NAMB National next year … that is my goal. We will be back again at the Luxor on Oct. 17-19, 2015, and we will again have all of the space, along with some additional space, to make sure that we have room for everything. I will keep you informed as to when you need to begin registering for this event and getting your flights scheduled for next year.
Last week, I attached information on the NAMB UPS program. It is something that NAMB is involved in so that members can save money. I am repeating the information for those of you who lost it or forgot. You can receive these discounts even if you already have a UPS account. Remember, the more you ship, the more you can save with UPS. To enroll and start saving immediately, visit www.savewithups.com/namb or call (800) MEMBERS (1-800-636-2377), Monday-Friday, 8:00 a.m.-6:00 p.m. EST. Make sure that you mention you are an NAMB member. Contact UPS for specific services and discounts. Introductory Program discounts will be applied to accounts for Weeks 1 through 4 on the UPS Savings Program. Week 1 includes the date that discounts are applied. Weeks are calculated Sunday through Saturday..
I would be remiss if I didn’t remind all of you that Nov. 1, 2014 is the beginning of the 2014 NMLS Renewal period. Please make sure that you get your education completed and you get this renewal completed, so that you can be ahead of the game and get your license renewal early and avoid waiting until the last minute to complete this. Any questions on this, please contact the NMLS for more details.
Halloween is this Friday, so please be careful and make it enjoyable as a family outing or a family gathering.
Until next week!
Donald J. Frommeyer, CRMS, CEO
NAMB—The Association of Mortgage Professionals
Download the NAMB App for iOS and Android