A farewell message from NAMB president Bob ArmbrusterBob Armbruster2004-2005 wrap-up, legislative efforts, NAMB, education, membership
It seems fitting that I begin writing this last president's
message on the way home from the West Coast, climbing to 37,000
feet, after an exhilarating week--first in Philadelphia at the
Wharton School of Business, followed by a visit to the Delta
Epsilon Chi (DECA) national convention in Anaheim, Calif., watching
a group of 17,500 high school students from across the land
participate in their final competition for their national awards.
The National Association of Mortgage Brokers participated in
both.
In Philadelphia, I spent a few hours with 30 high-ranking
officials from industry, government, private segments and academia,
discussing the status of our industry and where we might be headed.
Some famous names from the Department of Housing and Urban
Development, Federal Reserve, Federal Trade Commission, Government
Accountability Office, Mortgage Bankers Association,
government-sponsored enterprises, banking and international
communities, private foundations and universities, plus trade and
business press were present. While I was on a panel discussing
RESPA and disclosure of broker fees, to have interface with the
resources in that room was another unforgettable experience. The
topics ranged from RESPA, to predatory lending, to potential models
within the industry in the times ahead.
At our convention last year, I described the presidency of the
NAMB as a very demanding, awesome euphoria. As I leave this
position, I can report that there will not be another opportunity
of its kind in my lifetime, and I am very honored to have
represented each of you and the industry this past year.
At our convention in Minneapolis, we will outline the
accomplishments of each committee along with some visions that have
become realities. All of this activity was the result of not only a
docile legislative year, but also the work of many volunteers who
have become involved and will hopefully stay involved.
Our legislative agenda moved from our utopia of March 22, 2004,
when we celebrated the withdrawal of the HUD proposal at the
legislative conference, to an even more ongoing proactive one,
thanks to the efforts of our seven lobbyists coupled with the
infusion of a great legislative chair and two very competent NAMB
staff attorneys. The recent enhancement of our grassroots effort
will ensure our being able to deliver our messages not only in
Washington, D.C., but also in towns across the country with our own
membership in action.
A review of the wish list outlined in Salt Lake City last June
indicates we are on track in all of those areas. We have built a
series of relationships with both industry and consumer groups, and
our agenda for creating national standards has been introduced
through federal legislation. Our call for a uniform consumer
disclosure is on the table at HUD, as is the yield spread premium
issue and our drive for a level playing field with all lending
groups. Our idea of mortgage brokers originating FHA loans through
an approved bonding process is presently under consideration. Our
call for increased funding for enforcement of current laws has
gained support, and we have been directly responsible for raising
the bar for awareness of mortgage fraud. The rejuvenation of our
Ethics Committee has resulted in providing links for reporting
fraud to authorities, plus has reinforced our commitment to good
business and strong ethical practices.
Our other committees have delivered enhancements in several
areas. The membership numbers continue to increase, and we have
established outreach programs for those affiliates needing
organizational assistance. We have partnered with a public
relations firm, which has promoted the NAMB name and activities
throughout new media sources, including major news services and
personal appearances on CNN and The Today Show. We also started a
very important NAMB resource, a library of "the good stuff" brokers
have done for individuals and their communities around the country.
It will also be used to present beneficiaries of good broker deeds
to the public and to have on-hand information that can support
legislative and public relations efforts.
NAMB received favorable press attention in reports and studies
from J.D. Power and Associates on customer satisfaction in dealing
with mortgage brokers, from the FTC in clarifying consumer
confusion with both the RESPA and TILA disclosures that are a part
of the application process, and recently, a Georgetown University
study concluded that mortgage brokers provide and pass on lower
costs to consumers closing sub-prime mortgages.
We have moved our education program to a higher plateau with a
partnership with the MBA in co-branding e-NAMB University with
their CampusMBA and our partnership with Freddie Mac in being the
only trade association to be approved to carry their CreditSmart
and CreditSmart Espanol programs to the street. Our pilot programs
in Florida, Texas and California have been a huge success and will
shortly enable us to expand these financial literacy programs to a
truly national status. Programs are also underway with DECA for
broker involvement in providing scholarships to both high school
and college students, and for credit education by brokers to both
groups in meetings around the country. Finally, negotiations are
underway for brokers to become involved in meeting the needs of
Native Americans and to again pilot a program through selected
tribes aimed at both financial literacy and clearing the road to
homeownership. We thank Rep. Hinojosa of Texas for mentioning
mortgage broker efforts in these programs on the floor of the House
of Representatives when introducing a financial literacy resolution
for the month of April.
We end the year with expanded membership involvement, increased
financial stability and political strength, venues for carrying the
NAMB story to the streets, and a commitment to self-management of
our association. We will always remember all of the NAMB staff who
worked diligently to carry out some of our visions and help build a
bridge of reality between each member's world in Anywhere, America,
and the national NAMB efforts in Washington, D.C. That bridge has
been built.
In closing, I have just traveled from the Pacific across
mountains, deserts, plains, river valleys and back to Atlanta,
listening to both jazz and classical music on the headset while
writing this feature ... my last as NAMB president. Visiting more
than 60 meetings has enabled me to gain valuable insights and meet
many of you. Your faces and thoughts will remain with me as visions
of reality of America's greatest channel of distribution. I am damn
proud to be a mortgage broker and to have served y'all.
Jim Nabors II, CRMS, it is all yours. Good luck! You have a
great constituency.
Bob Armbruster, President
National Association of Mortgage Brokers
