NAMB puts brokers at the head of the packDonald Fader, CRMSLending Integrity Seal of Approval, national standard, member benefit
NAMB launches Lending Integrity Seal of Approval
initiative
It was over two years in the making, and during that time, we have
heard updates about it, seen the videos and discussed its
implementation. It is the National
Association of Mortgage Brokers Lending Integrity Seal of
Approval ... has a nice ring to it doesn't it? But more than a
ring, it conveys a message of trust and integrity to the borrowing
public who wonder, "Where do we go for one of the largest financial
transactions in our life? Who do we trust to provide us with the
service, price and choices that we expect and deserve?"
The answer has always been an NAMB Mortgage Broker, but we have
been slow to demonstrate why NAMB brokers do it better. In a world
where it is difficult to tell the good guys from the bad, the Seal
becomes our white hat. It allows us to earn the right to wear a
Seal that sets us apart as a true mortgage professional. Was the
Seal in response to the sub-prime issue? No! Was it in response to
Miller, Watt and Frank's HR 3915? No! We have worked long and hard
within the system and decided it was time to take matters into our
own hands with the Seal.
Its genesis originated more than two years ago, before these
issues came to light and when it became apparent to NAMB that we
couldn't count on our legislators, regulators or consumer advocates
to establish national standards for loan originators. For years,
they have been content to allow the borrowing public to fend for
themselves in a complicated and increasingly diverse marketplace,
which predictably resulted in the meltdown we see today. For NAMB,
the Seal was the right thing to do at the right time.
Through a collaborative effort of NAMB's Communications, Ethics,
Education, Membership, Certification and Bylaws Committees, and the
volunteers and staff that comprise these groups, the Seal made its
way through the vetting process to NAMB/WEST. People like Vice
President of Communications Jodi Greenblatt, Ginny Ferguson and
Patti McGill guided the Seal through each step, and their hard work
should not go unnoticed or unheralded.
I was thrilled when asked by Jim Pair, NAMB vice president and
chair of the Communications Committee, to speak to the Delegate
Council about the implementation of the Seal. I reminded those
assembled that the time had come for NAMB to rise up and fulfill
its purpose: "To promote the highest degree of professionalism for
members and to provide ethical and professional standards against
which Mortgage Brokers can be measured." This Seal is the symbol of
the first national standard for loan originators.
For years, NAMB has been sounding the drum— on legislators
to create a national standard for all originators, uniform
licensing, education and a national registry to track all bad
actors. We have opposed all forms of predatory lending, believing
that what harms a borrower, damages the reputation of all
professionals who care, and NAMB Mortgage Brokers care.
Unfortunately, it has taken a crisis to spur the bureaucrats to
action.
Every day you help save a house from foreclosure, refinance a
customer to a better position and say "no" to the customer who is
borrowing trouble, you are creating value for the Seal. While the
public learns the value of the Seal, we look for NAMB Director
Denise Leonard; Joe Falk, NAMB's tireless legislative advocate; Roy
DeLoach, our executive vice president; and Nikki Pastor, NAMB's
senior counsel, to keep the legislative initiatives focused on all
channels of distribution. This Seal will be a seed of substance and
value in our industry, and if it is nurtured and made a part of
whom we are and what we do, its significance will take on a life of
its own.
As a small town Mortgage Broker, I would like to see a $2
million to $3 million rollout in the form of a huge public
relations push. The truth of the matter is that we don't have the
money. So, what good is a Seal if the public doesn't know what it
means? Well, you and I know what it means, and, once earned, I
intend to let my customers and rate shoppers know what it means as
well. As the Seal is earned, information will be made available for
the originator to give to their borrowers. I can assure you that no
one will come through my office without knowing that I am one of
the good guys, and this Seal is indeed my white hat.
It should come as no surprise to those of you who know me that I
wear a coat and tie to the office, and I require my employees to do
the same. However, I must admit, my secretary does look a little
silly. But more importantly, I am reminded everyday when I place
the NAMB pin on my jacket that I am part of a group of
professionals, people that I am proud to know and associate with at
our conferences and meetings. These are men and women who place
service over self and work hard every day to do the best by their
customers and who, in their own way, are building better
communities, one loan at a time.
I believe that this Seal is part of a watershed event in the
history of our association, and that our success is inexorably
linked to the standards it represents. The success of our
association is both personal and profound for me. You see, my
oldest son, Corey, followed me into this business seven years ago.
He and Megan are the proud parents of our only grandchild, Lucy
Abbott. Angela, my wife, and I want Corey to be able to provide for
his family, and for you to be able to do the same by doing the good
work of a Mortgage Broker.
I can think of no better way to earn a living than this
industry, which has done so much good by helping people make the
dream of homeownership come true. You see, we're not in the
mortgage business. Our job is not to make money or even to make a
loan. Our job is to make a difference, and when you do that, you
don't have to worry about the money, the loans will come.
Now it is time to implement the Seal. There is work to be done
by our state affiliates, and the NAMB staff has assembled a great
workbook which covers the implementation process. They have tried
to make it as simple as possible, but for the Seal to have value,
it must have benchmarks. In addition, staff is committed to helping
each state, large and small, in meeting the requirements of the
Seal— give them a call.
When you earn the Seal, wear it with pride. I am told, on good
authority, that you won't be required to wear a jacket; it will
look just fine on a shirt or a blouse. Will you be more of a
professional the morning you wake up after earning the Lending
Integrity Seal of Approval? No, and frankly, I find it difficult to
imagine you being anymore professional than you already are. But we
need to send a message to the borrowing public, legislators,
regulators and media. That message is this: Professionalism,
integrity, honesty and ethics are more than words, and it is how an
NAMB broker does business.
Donald Fader, CRMS is executive vice president of Kinston,
N.C.-based SMC Home Finance and
a 2007-2008 NAMB Director. He may be reached at (888) 921-5800 or
e-mail
[email protected].
