Today, March 11, 2010, Mike Anderson, CRMS, vice chairman of the Government Affairs Committee for the National Association of Mortgage Brokers (NAMB) will testify before the House Financial Services Subcommittee on Housing and Community Development at a hearing entitled, “The FHA Reform Act of 2010.” The hearing, which will start at 2:00 p.m. EST and be held at the 2128 Rayburn House Office Building, consisting of two panels: Panel I will include Federal Housing Administration (FHA) Commissioner David H.Read more

National Mortgage Professional Magazine recently had an opportunity to chat with David H. Stevens, Assistant Secretary for Housing at the U.S. Department of Housing & Urban Development (HUD), and 27th Commissioner of the Federal Housing Administration (FHA).Read more

Mention the word “mortgage broker,” “bank” or “lender” and many people today cringe. Most are not even sure why because what they hear has not really been their experience with a home loan. How did an industry that dominated the finance arena become such huge targets for every housing issue in the past few years?Read more

As a wrap up to the 2009 NAMB/WEST event held in Las Vegas, I am writing this article to accomplish two things: One, to express my sincere appreciation to all the hard workers who made this event in Vegas a great success, and to give a big heartfelt THANKS. I want to say thank you to all who came out to the conference and fully packed the rooms of speakers for each and every session, and to say thanks for your respect that the National Association of Mortgage Brokers would put on a conference that makes it worthy of attendance like in year’s past.Read more

Primary Capital has announced the addition of Jan Wagner and her team of dynamic professionals to support and advance the company's continued growth. "Jan joins Primary Capital as an exceptionally valuable asset," said Executive Managing Director George Phelps. "Canton Street Mortgage was one of Primary Capital's first wholesale customers; we have formed a winning partnership over the years.Read more

NAMB Enterprises, a wholly-owned subsidiary of the National Association of Mortgage Brokers (NAMB), has partnered with Olde City Lending Solutions to offer mortgage broker appraisal ordering service for Federal Housing Administration (FHA) loans under the guidelines recently issued by FHA. Olde City Lending Solutions and NAMB have been working diligently to put the new system into production. NAMB is eager about this promising partnership that will undoubtedly save consumers millions of dollars on their home appraisals.Read more

December has been a very busy month with the legislative and regulatory issues that we had to address. We had to comment on the Federal Reserve Bank proposed change, the Federal Housing Administration’s (FHA’s) proposed change to allow mortgage brokers to originate loans when sponsored by an approved FHA mortgagee, the increase in net worth requirements for FHA mortgagees and the change for ordering FHA appraisals. On the legislative front, both the House and the Senate introduced their proposed legislation regarding Consumer Finance Protection Act (CFPA).Read more

There are all types of direct relationships: Personal-business-client-lender-etc., in the lending world. But, there are also relationships built within a larger framework of our industry and beyond the scope of your daily connections. Let’s consider the relationship between the residential and commercial mortgage broker. This relationship may take us out of our norms and into a temporary, or even an evolving, association that may lead to a long-term alliance.Read more

It is now January, and our thoughts look back to the holidays as we are often side-tracked by many things this time of year. We are busy changing clocks, changing our wardrobe (well most of us anyway), and especially in our industry, changing our regulations and laws. The media does not have negative stories about us every five minutes, but our regulators have not forgotten how to get media attention using consumer protection as the focus.Read more

NAMB/WEST was a great success. Sure, we all learned about the challenges that we are facing when it comes to the new GFE, HUD-1 and TIL; potential obstacles created from the SAFE Act and more; however, there was lots of positive talk about new and exciting ways to network and find new business. Among the regulatory and legislative seminars and sessions, NAMB/WEST featured the session, “Social Media: How to Use Facebook, Twitter & Blogging to Build Your Business.”Read more