Mortgage Marketing 101
Mortgage Brokers on the Ropes: NAMB President Cosenza Urges Action From MembershipMichael SimonNAMB, State Affiliates, HUD, Proposed Rule, RESPA In late July, a little more than a month after the unveiling of the National Association of Mortgage Brokers' unprecedented Model State Statute Initiative, the U.S. Department of Housing and Urban Development published its long-awaited revision to the Real Estate Settlement Procedures Act, much to the dismay of the Mortgage Broker community. Officially entitled Simplifying and Improving the Process of Obtaining Mortgages to Reduce Settlement Costs to Consumers; Proposed Rule, but simply dubbed the "Proposed Rule" by the mortgage community, it looks to paint many Mortgage Brokers into a corner, where they will have no option other than to close shop. Therefore, NAMB needs your help. After several weeks of scrambling and an urgent series of meetings at the Annual Leadership Development Conference, NAMB President Armand Cosenza Jr., along with the Board of Directors, have devised a comprehensive plan of action for fighting the broker-biased Proposed Rule. He is urging all of NAMB's nearly 15,000 nationwide members to join the association in its fight against the unpopular and dangerous HUD proposal. Largely found in the "Members Only" section of the NAMB Web site, www.namb.org, Mr. Cosenza outlines the association's strategy into four talking points: 1. This proposal does nothing but widen the gap in the ability to perform in the industry. 2. This proposal disproportionately increases regulatory burden onto small business. 3. This proposal is unworkable as written, as it does not reflect market realities. 4. This proposal limits access to credit for individuals who need it the most. The comment deadline is Monday, Oct. 28. The NAMB Web site currently has six sample letters available for download, along with outlines for preparing original letters, mailing and e-mail addresses for governmental, association and HUD officials, and links to the Rule itself, NAMB comments and economic analyses. Additionally, the association will be sending periodic letters, flyers, e-mails and faxes to its members, as this will likely remain an important issue long after the comment period has ended, as President Cosenza predicts, "A year from now, we're going to be here, talking about the same thing. For now, however, we need to focus on Oct. 28. We have plenty of time to write letters and get the word to HUD." NAMB understands that this is the fight of our life. We are prepared for it, we are on top of it,and we will fight until we win."