NAMB and FHA Commissioner Stevens meet to discuss industry-related issues

The National Association of Mortgage Brokers (NAMB) recently attended a meeting with newly appointed Federal Housing Administration (FHA) Commissioner David Stevens to discuss mortgage broker participation in the FHA program, among other important FHA issues. “NAMB appreciated the opportunity to meet with Commissioner Stevens to discuss the mortgage brokerage industry and its involvement with FHA,” said NAMB President, Jim Pair, CMC. “We believe it was an informative meeting for both parties.” During the meeting, Commissioner Stevens discussed a number of issues and fielded questions from NAMB officials. Implementation of recent changes to the Real Estate Settlement Procedures Act (RESPA), a potential nationwide FHA loan limit, risk-based premiums, reverse mortgages and Home Equity Conversion Mortgages (HECMs), and condominium concerns were all topics of discussion during the meeting. NAMB officials requested that the FHA release additional “frequently asked questions” on the new Good Faith Estimate (GFE) document to avoid further confusion in the industry. “Commissioner Stevens clarified several issues and was able to expand more on FHA policy,” said Pair. “NAMB looks forward to working with Commissioner Stevens in the future.” For more information, visit www.namb.org.