December has been a very busy month with the legislative and regulatory issues that we had to address. We had to comment on the Federal Reserve Bank proposed change, the Federal Housing Administration’s (FHA’s) proposed change to allow mortgage brokers to originate loans when sponsored by an approved FHA mortgagee, the increase in net worth requirements for FHA mortgagees and the change for ordering FHA appraisals. On the legislative front, both the House and the Senate introduced their proposed legislation regarding Consumer Finance Protection Act (CFPA).
One of the strengths of the National Association of Mortgage Brokers (NAMB) has been its grassroots response when we issued our “Calls to Action.” We had several in December and I want to thank each one of you who participated. Coming together like this when faced with issues that will affect the consumer and our industry has a tremendous influence on the final outcome of a rule. Thank you all again for your participation.
I hope during the holidays you took the opportunity to visit your senators and representatives while they were in district. This is the perfect time to have their undivided attention and explain our industry and the benefits we provide to the consumer. You have the opportunity to talk with them about the various proposed bills and regulations and the possible unintended consequences for the consumer of these proposals.
If you participated in the NAMB Calls to Action, visited with your senators and representatives while they were in district, you are ready for the next important event.
The 2010 NAMB Legislative & Regulatory Conference is scheduled for Saturday-Wednesday, Feb. 21-24 in Washington, D.C. Attending the conference will allow you to hear from the experts on all the latest changes in both the legislative and regulatory arenas. We will have some very important speakers who were instrumental in shaping these issues. We will have the opportunity to visit all our representatives and senators to ask for their continued support. It is impressive to have so many of their constituents from the mortgage industry on Capitol Hill at one time.
Attending the Legislative & Regulatory Conference is the most important action you will take to protect your business, our industry and the consumer in 2010. I know our industry is going through some difficult times and we are all watching our expenses. This is one event that you cannot miss. Do not let this event pass you by. You need to be there with the hundreds of other members to ensure our industry will remain a vital channel of distribution for the consumer. Log on to www.namb.org and click on the “Legislative Conference” button to register for this very important event.
I hope your holidays were a special occasion to be with family and friends and share in the spirit of the season.
See you in Washington this February.
Jim Pair, CMC is with Mortgage Associates Corpus Christi and is president of the National Association of Mortgage Brokers.