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Co-Brokering: Is it Worth It?

National Mortgage Professional
May 31, 2004

News from NAMBMortgagePress.comNAMB, National Association of Mortgage Brokers, Fannie Mae National Advisory Council, Joseph L. Falk Falk Named to Fannie Mae National Advisory Council The National Association of Mortgage Brokers 2001-2002 President Joseph L. Falk, CMC, CRMS, has been named to serve on the Fannie Mae National Advisory Council. Franklin D. Raines, chair and CEO of Fannie Mae, named Mr. Falk as one of 23 members to serve on the Council until October of 2002. "The Fannie Mae National Advisory Council is an important industry opportunity to share viewpoints, new initiatives and industry-related challenges with Fannie Mae," says Mr. Falk. "The Council allows Fannie Mae and representatives of the industry to keep abreast of current trends, problems, initiatives and challenges facing the mortgage industry. I applaud Franklin Raines for this initiative. Consumers are best served when industry participants candidly discuss challenging issues that face us in serving the public. This Council can help bring speed and creativity to solving industry problems, including issues such as affordable housing, predatory lending, regulatory initiatives and promoting homeownership." Mr. Falk serves on the NAMB Board of Directors and will take office as 2001-2002 President of the association at the NAMB 2001 Annual Convention and Showcase, to be held Saturday-Wednesday, June 16-20 in Hawaii. He served as President of the Florida Association of Mortgage Brokers between 1994 and 1995. Mr. Falk is currently the president of Irian Mortgage Services in Miami, Fla., and was president of Metropolitan Mortgage Company in Miami, Fla., until January of 2001. Mr. Falk is a graduate of Franklin and Marshall College and received his MBA from the Harvard Business School in 1978. The Fannie Mae National Advisory Council brings together leaders from every segment of the housing and mortgage finance industry and government to address the economic conditions and market dynamics facing Fannie Mae and the nation's housing finance system. Council members meet three times annually with Fannie Mae's senior management to advise the corporation on housing and mortgage finance industry issues and the expansion of homeownership opportunities. The council, formed in 1971, has 48 members, including Mortgage Bankers, commercial bankers, investment banking executives, real estate agents, home builders, government and community leaders and housing authority officials. NAMB Applauds Citigroup for Cleaning House NAMB is applauding Citigroup for adopting and adhering to standards among its ranks that will significantly improve the professional standards for its Mortgage Brokers nationwide. "We look forward to future actions by individual wholesale lenders who are willing to review their policies and standards and take action in an effort to sweep out unethical and abusive lending practices," says NAMB 2000-2001 President Neill Fendly, CMC. "For the past six years, NAMB has hosted a Summit Conference that pulls together the wholesale lenders and our brokers to work on strengthening and creating a better mortgage product for consumers and the mortgage industry. The actions of unethical, abusive and inexperienced brokers have long troubled the industry and resulted in lowering standards and ultimately raising costs to consumers." NAMB has long addressed these issues with its Code of Ethics and Best Business Practices Guidelines. All association members subscribe to a Code of Ethics, which states that the interests of consumers and the mortgage industry are best served through voluntary observance of ethical standards of practice. NAMB's Code of Ethics cites the following: honesty, integrity, professional conduct, honesty in advertising, confidentiality, compliance with the law and disclosure of financial interests. The Best Business Practices Guidelines outline areas that need to be addressed with a borrower, including disclosure, financing options, lock-in options, loan application documents, associated costs of the loan transaction, application fees, the process from application to closing, Good Faith Estimate charges, rates and fees, communication, and broker compensation. Broker of the Year Finalists to be Recognized NAMB Broker of the Year finalists have been narrowed to three regions. More than 20 dedicated volunteers, who put their heart and soul into helping NAMB and the mortgage industry, were nominated for the coveted Broker of the Year Award. This was not an easy decision as the Awards Committee met to decide on the finalists. Congratulations to the following finalists: Jim Nabors, CRMS (East Region); Carol Gardner, CMC, CRMS (Central Region); and Leo Davenport (West Region). NAMB would like to thank all who were nominated and served NAMB graciously over the years. The winner of the Broker of the Year award will be announced on Tuesday, Jun. 19 during the Gala Awards dinner at the NAMB 2001 Convention and Showcase. NAMB Working with Nebraska to Become a State Affiliate On Apr. 30, a preliminary meeting between representatives of the NAMB Membership Committee and a group of Nebraska Mortgage Brokers was held in Omaha, Neb. Topics that were discussed include predatory lending initiatives in the State of Nebraska, the formation of a new state Mortgage Brokers organization to be named the Nebraska Association of Mortgage Brokers (NEAMB), a proposed affiliate with NAMB and a membership promotional meeting to be held in early June. Dorothy Desmond and Sandy Fischer represented NAMB in these important discussions. If NEAMB were to affiliate with the national organization, it would become the 41st NAMB affiliated state association. The West Virginia Association of Mortgage Brokers became NAMB's 40th state affiliate in February.
Published
May 31, 2004
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