NAMB provides essential advocacy efforts to members ensuring their interests are represented and protected on the federal and state levels. Please continue to check this page as it will periodically update to reflect the most recent advocacy efforts provided by NAMB.

July 21, 2009

This summer has been full of changes: new leadership, new legislation, and new efforts to protect you and your business. Here are just a few of the ways that NAMB Fights for You!

 

LEGISLATIVE EFFORTS

 

Home Valuation Code of Conduct (HVCC)

NAMB has established an HVCC Resource Center on the NAMB website. The provides up-to-date information on the latest developments surrounding the HVCC. Specifically, the National Association of REALTORS ® has joined the fight against the HVCC! In addition, H.R. 3044 was introduced in the House of Representatives, which calls for an 18 month moratorium for the HVCC. NAMB issued a Press Release applauding the introduction of the bill. NAMB issued a Call to Action on July 21, 2009 calling for additional cosponsors of the bill. For more information, click here. NAMB has also testified at several hearings regarding the issue:

  • July 15, 2009 – House Financial Services Committee Hearing: "Banking Industry Perspectives on the Obama Administration's Financial Regulatory Reform Proposal."
  • June 18, 2009 - House Financial Services Committee Hearing: “Strengthening Oversight and Preventing Fraud in FHA and other HUD Programs.”
  • June 3, 2009 - House Financial Services Committee Hearing: "The Present and Future of Fannie Mae & Freddie Mac."

H.R. 3126 – “Consumer Financial Protection Agency Act of 2009”

 

NAMB is currently reviewing this legislation for any changes directly and indirectly affecting the mortgage brokerage industry. NAMB Vice President of Government Affairs, Denise Leonard, testified before the House Financial Services Committee regarding our concerns with the bill. A copy of NAMB’s testimony is available here. You can watch the archived webcast of the hearing by clicking here

Healthcare Reform Efforts and Small Business

NAMB is monitoring Healthcare Reform legislation in both the House and the Senate. NAMB understands that healthcare costs are important to small businesses and is concerned about the potentially negative impact of an employee mandate. For more information on this issue, click here.

Appropriations Bill Extends FHA and GSE Loan Limits

The most recent approved appropriations bill extends the loan limits enacted in the American Recovery and Reinvestment Act through the end of the 2010 fiscal year. NAMB was influential in meeting with members of the Department of Housing and Urban Development (HUD) to get these limits extended. Click here for more information.

H.R. 1728 – “Mortgage Reform and Anti-Predatory Lending Act of 2009”

NAMB was influential in getting specific language removed and added to this legislation to decrease potentially detrimental impacts on mortgage brokers. Click here for a list of NAMB’s successes in the bill. NAMB sent a letter to Congress outlining its particular concerns with the bill. Click here for a copy of the letter.

REGULATORY EFFORTS

RESPA Efforts

NAMB continues to work with lawyers on the lawsuit filed against the Department of Housing and Urban Development (HUD). NAMB was successful in getting language included in H.R. 1728 that called for the withdrawal of RESPA upon signature of the bill. The provision also insisted that HUD work with the Federal Reserve Board (FRB) in developing a disclosure form for loan originators. For more information, click here.

This bill is not yet law. H.R. 1728 passed the House of Representative and is waiting for companion legislation from the Senate. NAMB officials continue to meet with members of Congress to discuss the implications of language surrounding yield spread premiums in the bill.

H.R. 3126, the “Consumer Financial Protection Agency Act of 2009,” calls for HUD and the Federal Reserve to jointly issue regulations and model disclosures that combine disclosures required under the Truth in Lending Act and RESPA into a single, integrated disclosure for mortgage loan transactions. NAMB believes language should be included to call for a moratorium of any new regulations or disclosure forms issued by HUD and the Federal Reserve until the joint regulations are issued pursuant to H.R. 3126.

 

NAMB IN THE MEDIA

 

July 21, 2009

News Provider: The Washington Independent

Interviewee: Marc Savitt, CRMS, NAMB Immediate Past President

Issue: New challenges caused by the HVCC for mortgage professionals and homebuyers

 

July 14, 2009

News Provider: DS News Magazine

Interviewee: Marc Savitt, CRMS, NAMB Immediate Past President

Issue: NAMB’s position on HVCC

 

July 14, 2009

News Provider: Wall Street Journal

Interviewee: Bill Howe, CMC, CRMS, NAMB President-Elect

Issue: Can unemployed consumers obtain home loans?

 

July 13, 2009

News Provider: Personal Real Estate Investor Magazine

Interviewee: Bill Howe, CMC, CRMS, NAMB President-Elect

Issue: Private investors finding loans in the current market

 

 

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