http://www.mortgagepress.com/Article.asp?id=106486

 

ADMIN NOTE: Signatures are available to Premium Members. Read the rules.

Makes you wonder why it's now a crisis. YSP and broker regulation has been an issue for 5 years. I'm good with a number of the initiatives currently going but I don't think NAMB has done it's job over the past decade to educate our leaders in Washington about the importance of brokers to help the consumer. And while we've taken a brutal beating in the media over the past 18 months I have not seen one leader from NAMB interviewed or on news shows anywhere (and I watch a lot of news).

I've been a member of NAMB and it felt like I was paying union dues that didn't have a benefit at all.  That may be different now but that's the way I see it. And if we do band together what's going to be done. Petitions? Email Messages? Press Releases?

Clem: As President of NAMB, I want to set the record straight, because your comments are completely untrue! I don't know what news shows you watch, but I've been interviewed on CNN, Fox, ABC, NBC, C-Span, CBS and countless regional stations, during the past 5 years. Moreover, I've testified before Congress 6 times on issues related to saving our industry. As far as "educating our leaders in Washington," we have been doing just that for many years. NAMB sends weekly updates to its membership.

Concerning the "union dues" you pay, the NAMB portion of your total dues (state and national), works out to .33 a day!! Furthermore, I don't seem to be able to locate your name in our membership roles. You might want to check on that.

I'd be interested in knowing exactly what you've done as a broker to support your industry? Have you ever attended a NAMB conference? Have you ever contributed to either state or federal PACs? How many times, if any, have you supported any "calls to action?" What have you done other than critize the hundreds of volunteers and staff that fight hard everyday to save your job? Brokers and LO's donate their time and money to the "cause" while you sit back and second quess them!

One of the biggest problems brokers have, are comments like yours from our own! Stop complaining and do something to help.

Marc Savitt, CRMS (NAMB President)

 

Clem,

 

I know a lot of brokers who share your view.  I don't see what they are doing for us other than pointing out issues that we already know about, asking us to write in and make some noise, then ask for memberships.  I really am disappointed in the lack of activity and success that I have seen from them.

It always seems to be the guys who contribute the least, or not at all, that complain the most. If you don't now what NAMB's been doing to keep you in business then you haven't been paying attention. What have you done to support your profession? I'd like an answer!

Please don't jump on this site and be defensive or abrasive.  You will turn off many possible members.

Can you direct me to a citing of NAMB's being in front of Congress during the Option ARM craze?  I believe that to be the Primary reason of where "we" are today.

Thanks-Bob

 

 

Marc,

Welcome to MND. 

First, I would like to know what accomplishments you and NAMB have over the past year?  I honestly want to have good representation in Washington.  Everyone knows we need it.  You have a great opportunity to win us over, please make use of the forum to inform us and you may find a great deal of support here. 

Second, please don't try and turn the argument around.  Have any of us said that we are the voices of our profession?  Do we claim to represent our interests in Washington?  No.  That is why NAMB exists, isn't it? 

And if it is true that "the guys that contribute the least, or not at all, complaing the most," it appears as though you have done a lot more complaining in regard to our comments than you have in giving us straight answers to our concerns.

We too would like an answer.

Respectfully,

Kent and Bob:

What accomplishments has NAMB had over the past year? How about the preservation of indirect compensation (YSP). You know, the same type of compensation lenders and banks have, but don't have a disclosure requirement.

Barney Frank's Bill 3915 started off as a broker bill, which banned YSP. After NAMB took action, which included my testimony before Congress, the bill was changed to ALL ORIGINATORS (from just brokers), and included all indirect compensation. That means bankers and lenders too. This bill passed the House, but was sidelined.

In July of 2008, the FRB announced its new rule for mortgage financing. In the original proposed rule there was a ban on YSP. Numerous meetings with the Fed by NAMB prevented YSP from being banned.

NAMB is currently suing HUD over the finalized RESPA rule. We also have an action against the GSE's and their regulator with respect to the HVCC.

NAMB was also responsible for all originators being included in the requirements of the SAFE Act, specifically, the national registry.

NAMB has lined up a Senator to drop a bill and has wide support for legislation to remove GSE fees on credit scores, etc.

These are just some of the things accomplished. NAMB members receive weekly updates as to our progress on the issues.

Does that give you an idea why brokers are still in business?

In addition to being President of NAMB, I am a mortgage broker. Like many of the volunteers in NAMB, we have shops to operate. We started out supporting NAMB financially and then donated our time. We believe all brokers and LO's should support their profession, if we are to survive.

Now that I've answered your questions, I'd like to know what you have done to support your industry? We all have a responsibility here! NAMB is comprised of supportive brokers and LO's, are you one of them?

NAMB has been praised by the media on the Hill for having almost as much success with legislative matters, as NAR. 

Bob: I testified in 2007 regarding certain loan products. Pay options arms were included. NAMB never supported this product and that's on the record.

Instead of sitting back and knocking those who work hard everyday to protect you, help us!

 

 

Marc,

Just so you know I and many other OWNER Mortgage Broker Shops know what you NAMB Denise Leonard and such are doing for what I LOVE-- The Mortgage Broker  Business and I hope to have my children to take part in my business some day as it has been rewarding and a critical role in our economy for over 25 years.

Please keep up the fight as I will be there to support you  100%!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

THANK YOU -- THANK GOD - THANK USA

Signed,

 

Dana Bain

Premiere Mortgage Services Inc.

 

WATCH THE FOLLOWING

http://www.cbsnews.com/video/watch/?id=4703928n

 

Once again the probelm started at the top BANKS  --- WALL STREET

however the Mortgage Broker takes the HEAT!!!!!!!!!!!

Marc Savitt:

Barney Frank's Bill 3915 started off as a broker bill, which banned YSP. After NAMB took action, which included my testimony before Congress, the bill was changed to ALL ORIGINATORS (from just brokers), and included all indirect compensation. That means bankers and lenders too. This bill passed the House, but was sidelined

I don't recall the exact stance of Mr Frank prior to the introduction of his bill.  It is possible that NAMB had input that enticed the change in the bill to include "other forms of indirect compensation", so I will leave that issue alone.  I am, however, confused how your testimony in May 2008 relates to the change.  NAMB had declared this victory here: http://www.namb.org/namb/NewsBot.asp?MODE=VIEW&ID=221&SnID=855158953 in Nov 2007; this was prior to you even assuming your current position with NAMB.

 

Marc Savitt:

In July of 2008, the FRB announced its new rule for mortgage financing. In the original proposed rule there was a ban on YSP. Numerous meetings with the Fed by NAMB prevented YSP from being banned.

I was under the impression that the FRB was looking to ban YSP on "Subprime" loans.  These loans, we all know, had disappeared long before the proposed ban.  I do not see how that is of any benefit to us.

 

Marc Savitt:

NAMB is currently suing HUD over the finalized RESPA rule

The issue of disclosure of YSP doesn't bother me.  Educating the consumer and explaining that brokers are the most transparent originators in the industry in regard to compensation has not put me at a disadvantage.

 

 

Marc Savitt:

We also have an action against the GSE's and their regulator with respect to the HVCC

This is an issue that I believe most hurts the consumer and would put an unnecessary burden on our businesses.  You have my support here.

 

Marc Savitt:

NAMB was also responsible for all originators being included in the requirements of the SAFE Act, specifically, the national registry.

Most states were on their way to implementing this and it is my belief that the entire industry was moving in this direction.  NAMB and many others were calling for the same requirements.

 

Marc Savitt:

NAMB has lined up a Senator to drop a bill and has wide support for legislation to remove GSE fees on credit scores, etc.

 

Free markets would cause any excessive adjustments to be changed.  Look at the changes in FHA criteria after they lost their market share.

 

Marc Savitt:

Now that I've answered your questions, I'd like to know what you have done to support your industry? We all have a responsibility here! NAMB is comprised of supportive brokers and LO's, are you one of them?

I, for one, do write and call my representative on issues that I believe are important.  This includes pending legislation affecting our industry.  I do not nor have I ever contributed to NAMB.

 

What do you see as the most critical issue(s) facing brokers today?  What do you feel are the most effective ways of dealing with these issues and what actions are you taking to protect brokers?

I look forward to your response and I do want to thank you for opening a dialogue addressing my/our concerns. 

Marc Savitt:

I don't seem to be able to locate your name in our membership roles. You might want to check on that.

I'd be interested in knowing exactly what you've done as a broker to support your industry? Have you ever attended a NAMB conference? Have you ever contributed to either state or federal PACs? How many times, if any, have you supported any "calls to action?" What have you done other than critize the hundreds of volunteers and staff that fight hard everyday to save your job? Brokers and LO's donate their time and money to the "cause" while you sit back and second quess them!

One of the biggest problems brokers have, are comments like yours from our own! Stop complaining and do something to help.

Wow take some time away from the blogs and see what happens. First I'd like to respond simply by saying if this is the leadership of NAMB then I'm glad I'm no longer involved. I simply state my experiences and you take the opportunity to personally insult me and question my involvement as a broker supporting our industry. Shame on you.

As a President representing the entire broker industry I would expect more from you than a rant and personal insults. Is this the way you treated congress when they called the broker community into question. Or when you were interviewed by a reporter blaming brokers on the mortgage meltdown. Probably not. If you directed your frustration and anger toward the people that deserve it maybe we would be united as a community to support NAMB. I'm not alone in my experiences and maybe my state organization had more to do with my opinion of NAMB but either way it is what it is. We look to people like you when they have an opportunity to speak before congress or reporters to say how all of us feel. And instead it's hollow platitudes and accolades.

You're response to all of us we un-presidential and juvenile. You could have take the time to plead the case for involvement and given your successes and struggles in supporting brokers. But instead you insulted several hard working brokers who are active in supporting and educating consumers and others in our industry.

No I do not give money to organizations I openly question. You may be doing a great job but many of us don't know about it. It may be my state organization that's let me down more than NAMB, but either way that's my opinion. I've looked intojoining NAMB and not support our state organization because I don't have the trust that they are doing what needed in our state. But if you join NAMB you join CAMB (Colorado). So I spend my time and money elsewhere.

Yes I am active in supporting my industry. I do make calls, write letters and meet with our states officials. I also openly support advocacy by my peers and call to action many of my brothers and sisters when I can. I've also hosted a radio show for a year that focused on the trials and issues Brokers have compared to Bankers and Lenders. Also if you think my comments were critical of all the volunteers and staff that work for and with NAMB you're even more oblivious to the issues at hand than I thought.

Next time take the opportunity to bring us all together rather than seperate us even more. You're the President of NAMB.

ONCE AGAIN I REPEAT!!!!!!!!

 

I should also add that it is critical that every broker be involved in some way, Local, Regional or National. Our industry as a whole is under attack and it's going to take every one of us (Brokers) to make an impact. The Banks have very powerful lobby groups and special interest groups that want us gone. The future of the mortgage industry is going to depend on what we all do today. We do need a united voice as an industry and we need to look to the future and not the past. Don't let posts and discussions on here keep you from making a difference.

Call your representatives and have your friends and family call their representatives both in your state and federal. Tell them that Mortgage Brokers are more transparent than Banks & Lenders and how important Mortgage Brokers are in keeping a competitive market place for consumers.

http://www.senate.gov/general/contact_information/senators_cfm.cfm

https://writerep.house.gov/writerep/welcome.shtml

Dana,

It is good to see passion in the industry. 

Just like with other sales, objections show interest.  Let's see how it turns out.

https://www.namb.org/images/namb/GovernmentAffairs/Open%20letter%20to%20President%20Obama.pdf

Marc Savitt:

Kent and Bob:

 

What accomplishments has NAMB had over the past year? How about the preservation of indirect compensation (YSP). You know, the same type of compensation lenders and banks have, but don't have a disclosure requirement.

Barney Frank's Bill 3915 started off as a broker bill, which banned YSP. After NAMB took action...

 

 

 

Thanks for the response Marc, very appreciated.  I want to say that you were too late--- but guess what?   I didn't testify at all, so something is better than nothing.

 

 

NAMB Partner - Legal Action Legislative Fund
Donate Now to Save Your Business!
Thank you!!!! to everyone who has donated! Click here for a list of contributors.



https://www.namb.org/images/namb/donation%20list%20_Fab%2010_.pdf

Here is the February 17, 2009, issue of NAMB FIGHTS FOR YOU!

Click on this link to read this issue of NAMB FIGHTS FOR YOU!

Inside this issue:

• NAMB Legislative and Regulatory Conference - Change from NAMBPAC Dinner to NAMBPAC Reception at reduced prices

• An Open Letter to President Barack Obama - Mortgage Industry Issues

• Save Your Business!

• NAMB Volunteers Fight for Your Livelihood in the Media

 

• Register for the NAMB Legislative and Regulatory Conference - February 22-24!

 

WHY YOU SHOULD ATTEND

The number one reason you should attend this event is the satisfaction of knowing you are doing your part to ensure that mortgage broker issues are heard on Capitol Hill. You are the best spokesperson for our issues. Your participation benefits you, the industry and our clients as a whole by strengthening our presence in the halls of Congress.
And if that doesn't convince you, here are some excellent reasons given by last year's attendees:

DEBATE THE HOTTEST ISSUES AFFECTING YOUR BUSINESS TODAY
"I have been attending this conference for the past ten years and each year revitalizes my knowledge of how the political process contributes to the mortgage industry. It is essential for NAMB members to discuss issues and make positive change for mortgage brokers and their customers." -John Marcell

LOBBY YOUR REPRESENTATIVES ON CAPITOL HILL
"There is no better way to build relationships with your Senators and Representatives than to attend Lobby Day. Getting face to face with the decision makers that create important policy is invaluable during such historic and unprecedented times in our industry." - Bill Kidwell

DO NOT MISS OUT ON WHAT THIS CONFERENCE HAS TO OFFER
"If you can only attend on national meeting this year, make it the NAMB 2009 Legislative Conference. It is a great opportunity to meet with fellow NAMB members and work together to formulate NAMB's policy agenda." -Don Fader, CRMS