Co-Brokering: Is it Worth It?

Co-Brokering: Is it Worth It?

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
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
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
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
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
NAMB Working with Nebraska to Become a State
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.