July 2009 - Community Commentary

A combination of better and simpler disclosures from lenders, combined with the assurance of complete and accurate information from borrowers, would go a long way toward repairing the damage to the lending industry inflicted by the mortgage crisis. That said, I'd have more confidence that workable changes could be imposed if I heard an intelligent and rational discussion from our elected leaders, rather than the empty rhetoric and finger-pointing to which Americans are currently subjected.

In the past year most of us have listened to, or expressed our views, on the need for the mortgage industry to make changes. Why has so much collective interest in making something happen failed to produce any meaningful results?

I posed Jeff's question to the National Association of Mortgage Brokers and they responded with an invitation to the national membership committee. One of the key points I make is that NAMB should stop preaching that they are "saving our jobs" and start to promote the value proposition a mortgage brokerage professional offers to the consumer.

Despite being several months into what equates to the de-construction and re-building of the mortgage industry...there seems to be a distinct lack of leadership. The "subprime meltdown" brought the US economy to the brink of all out Armageddon. Because several market participants chose to turn a collective blind eye on the convergence of the events leading up to this financial tsunami...I think we can all agree that there is no shortage of blame to go around. Like the residents of New Orleans who were victims of hurricane Katrina, we should now be asking...Where are the leaders?

How powerful would it be if, as a mortgage professional, you could tell when someone looking to refinance their home was unsatisfied with their current mortgage broker? Or if another person is questioning something about the rate they got from the broker they are currently with? Or what if you could tell when someone was interested in buying a home in your city? All of this type of information is invaluable to any mortgage professional. These are hot hot hot leads, people that need your help right now. Well these same people are putting this information right out there on the internet for anyone to see; you just have to know where to look.