Former Texas Savings and Mortgage Lending Commissioner Danny Payne joins Stone Advisors

NAMB meets with staff from Attorney General Coumo's officeMortgagePress.comOFHEO, NAMB, Marc Savitt, Roy DeLoach, Andrew Cuomo, appraisers, Administrative Procedures Act National Association of Mortgage Brokers President-Elect Marc Savitt, CRMS and Executive Vice President Roy DeLoach met with staff from New York Attorney General Andrew Cuomo's office to discuss a proposed agreement with the GSEs and the Office of Federal Housing Enterprise Oversight (OFHEO) barring Mortgage Brokers from selecting, retaining or paying appraisers for any loans purchased by the GSEs starting on Jan. 1, 2009. NAMB representatives fully explained the unintended consequences of the agreement with mortgage brokers and that the proposal violates the Administrative Procedures Act (APA). Staffers were also provided information on mortgage brokerage licensing in each state and seemed very open to suggestions on improving the agreement. For more information, visit www.namb.org.