NAMB forms Legislative & Regulatory Action Fund to protect broker industry

The National Association of Mortgage Brokers (NAMB) has announced the launch of its Legislative & Regulatory Action Fund to collect donations that will be used for protecting the interests of the mortgage broker industry. The mortgage broker profession has underwent extensive scrutiny and is being portrayed unfavorably in the mainstream media, as the housing industry undergoes sweeping legislative and regulatory initiatives to stimulate the economy and implement safeguards aimed at preventing another housing bubble. NAMB has worked hard to defend mortgage brokers against deceptive and misleading information, and has been successful in many instances. NAMB continues the fight to protect and preserve your industry. NAMB is committed to a competitive and level playing field among origination channels, combating abusive lending practices, a simplified mortgage process, consumer financial literacy, and fair access to affordable credit. NAMB is faced with a number of current issues, including: the Real Estate Settlement Procedures Act (RESPA), Federal Reserve Proposed Rule on Regulation Z under the Truth-in-Lending Act (TILA), Home Valuation Code of Conduct (HVCC), FHA lending requirements, Consumer Financial Protection Agency (CFPA), Financial Regulatory Reform, the National Mortgage Licensing System & Registry (SAFE Act), Red Flag Final Rule and other compliance issues. For more information on the NAMB Legislative & Regulatory Action Fund, visit www.namb.org/ActionFund.