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On the March 14 episode of my Lykken on Lending Internet radio show, we had the opportunity to discuss something from somewhat of a different angle than we were used to. Normally, we discuss issues and events pertaining to lenders—topics of discussion that are directly relevant to the mortgage side of the industry. This time, however, we had the privilege of seeing things from the consumer's side of the industry.
In our conversation with Phil Bracken of America's Homeowner Alliance (AHA), we discussed the importance of homeowners having their own representation in the industry. Of course, we in the industry have trade organizations such as the Mortgage Bankers Association (MBA) that work on our behalf and for our interests. The government has organizations such as the Consumer Financial Protection Bureau (CFPB) that are pushing political interests. But, with the AHA, Phil is arguing that the owners of homes need an organization that represents them directly without any other financial or political incentives.
In our discussion, we talked about the financial crisis and how some of us in the mortgage industry may have contributed to the problem with uninformed consumers. But, it isn't just us; the government often acts in ways that hurt homeowners. For example, Phil shared a story about a tax on the construction of a freeway that was placed on homeowners.
From both the industry and the government, homeowners need protection. It's better for the consumers ... and it's also better for the industry. We need to be held to a higher standard if we want to survive and thrive in a tough economy. The better represented consumers are, the more prosperous they will be. And, as consumers become more prosperous, so can the mortgage industry.
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is David@TMS-Advisors.com.