Last month, mortgage professionals from across the country convened in Washington, D.C. to participate in the 2012 NAMB Legislative & Regulatory Conference. Not only did these industry volunteers learn the latest news on issues affecting their business, they passionately advocated on behalf of all mortgage professionals, small business and the preservation of consumer choice on Capitol Hill.
Recap
On March 19, NAMB professionals got to hear first-hand from the Consumer Financial Protection Bureau (CFPB) on how our new regulator works, what authority it has, and perhaps more importantly, what they will be looking for during the mortgage originator examination process. Additionally, NAMB members participated in a roundtable discussion with representatives from the National Association of Realtors (NAR), National Association of Home Builders (NAHB) and Mortgage Bankers Association (MBA) to discuss a variety of issues such as loan originator (LO) compensation, the Qualified Residential Mortgage (QRM), Qualified Mortgage (QM), appraisals, the overall economy, fair lending laws and much more. The takeaway from this roundtable was rather amazing … all of the respective trade associations are on the same page. One finds it difficult to remember the last time that Realtors, brokers, builders and mortgage bankers agreed so closely on so many issues. This is a perfect example of why participation in your trade association is so important … because the impact of poorly-written legislation and regulation threatens to further weaken the overall economy by restricting consumer access to credit and consumer choice and harming small business.
On March 20, mortgage professionals took Capitol Hill by storm to lobby on some of the more pressing issues which needed to be brought to the attention of our legislators. The primary focus of Lobby Day was to regain flexibility within the realm of LO compensation via Rep. Gary Miller’s HR 4163 and Rep. Barney Frank’s HR 4076. Both of these bills offer the ability to bring back competition to the market and allow mortgage professionals to help the consumer. In addition, NAMB members proudly lobbied for the protection of non-bank confidential information with reference to CFPB audits; stopping the use of government-sponsored enterprise (GSE) credit risk guarantee fees as “pay fors;” the Medical Debt Responsibility Act which would help consumer FICO scores; and making legislators aware of the dangers of the CFPB’s rule for “Qualified Mortgages.”
The fight continues
Our Lobby Day talking points represent only just some of the issues currently faced by thousands of mortgage professionals and millions of consumers. Mortgage professionals MUST be ready, willing and able to get involved in the legislative and regulatory process along with NAMB to ensure that our industry and consumers are protected from the unintended consequences of ill-advised regulation and legislation. So what are you going to do about it?
The bottom line
NAMB's advocacy has been effective over the years because our members get involved. NAMB members are leaders within the mortgage business because of their experience and expertise. They are widely regarded as leaders within their communities because they recognize the importance of getting involved and making a difference. In order for NAMB to continue to be an effective advocate for mortgage brokers and mortgage professionals, you must participate in the political process.
Your involvement ensures that legislators and regulators hear a perspective that they care most about—a constituent who can communicate the impact of potential legislation on the marketplace, homebuyers and the general public. We must continue to look out for the interests of the customers we serve and for the general good of the American people.
We continue to face enormous change. You need to know the issues, learn about what's on the horizon and what you can do to protect your interest through political action. If you are a member of NAMB, thank you for your support. If you are a future member of NAMB, we looking forward to working with you to protect and promote your profession.
For more information, please visit NAMB.org or e-mail us at
[email protected].
Special Thanks to Provident Funding for sponsoring the NAMB 2012 Legislative & Regulatory Conference. Provident Funding has once again demonstrated their commitment and loyalty to mortgage brokers and all mortgage professionals in the housing industry.
John H. P. Hudson is 2012 Government Affairs Committee Chair for NAMB. He may be reached by phone at (817) 247-4766 or e-mail
[email protected].
Scenes From the 2012 NAMB Legislative & Regulatory Conference
Sunday-Tuesday, March 18-20 at the Capitol Skyline Hotel in Washington, D.C.
NAMB Government Affairs Committee Chair John H. P. Hudson introduces panelists from NAR, NAHB and the MBA
Housing Panel Discussion panelists Ken Markinson of the Mortgage Bankers Association (MBA), Steve Linville of the National Association of Home Builders (NAHB), and Ken Trepeta of the National Association of Realtors (NAR) field questions from the audience
Bart Shapiro, Senior Advisor for the Office of Community Banks and Credit Unions for the Consumer Financial Protection Bureau (CFPB), addresses luncheon attendees
NAMB President Don Frommeyer and NAMB Government Affairs Chair John H. P. Hudson preparing to walk the halls of Congress during Lobby Day
NAMB Directors Fred Arnold and Kay Cleland discuss blogging and reaching out via social media
Herman Churchwell of 2012 NAMB Legislative & Regulatory Conference sponsor Provident Funding welcomes attendees to D.C. for the 2012 Legislative & Regulatory Conference
Roy DeLoach of DC Strategies Group provides attendees with tips on lobbying on Capitol Hill
Allison Brown, Program Manager, Mortgage Supervision, Office of Non-Bank Supervision for the Consumer Financial Protection Bureau (CFPB), discusses LO examinations
California Association of Mortgage Professionals (CAMP) President-Elect Fred Kreger with Rep. Gary Miller (R-CA)
Rep. Raul Labrador (R-ID) (center), meets with NAMB President Don Frommeyer (left) and Chuck Anderson from the Idaho Association of Mortgage Professionals
Mike Anderson from the Louisiana Mortgage Lenders Association (LMLA) and NAMB President Don Frommeyer proudly display their flag that was flown over the U.S. Capitol
Rep. Gary Miller (R-CA) with members of the NAMB board during the 2012 Legislative & Regulatory Conference
NAMB Government Affairs Chair John P. Hudson (right) with members of his Texas delegation prepare to lobby on Capitol Hill
Faith Schwartz, executive director of HOPE NOW, discusses refinance programs
NAMB President Don Frommeyer meets Rep. Todd Rokita (R-IN) in the streets of D.C.
