On March 4, members of NAMB—The Association of Mortgage Professionals from all over the U.S. braved the record cold tempuratures to represent mortgage professionals, small businesses, and most importantly, consumers to lobby for HR 3370, the Homeowner Flood Insurance Affordability Act of 2013 by Rep. Michael Grimm (R-NY). NAMB's lobbying efforts on Capitol Hill helped sway some votes to address the unintended consequences of the Biggert-Waters Flood Insurance Reform Act which would have left consumers facing skyrocketing premiums and downward pressure on home values.
The bill was passed Tuesday night, March 4th, with 238 co-sponsors, and is expected to pass the Senate as is. Special thanks to the California Assocation of Mortgage Professionals (CAMP) and the Florida Association of Mortgage Professionals (FAMP) for their efforts with this legislation and the NAMB members that represented their states this year.
Also, if you have the opportunity, please thank Provident Funding for their sponsorship of this year's Legislative & Regulatory Conference.
This bill's passage is just another example that your voice does count and why it is important to invest in your industry.
In addition to lobbying for the flood insurance fix, NAMB members voiced their concerns over the qualified mortgage's three percent cap and the inclusion of brokerage entity compensation as well as the FHA loan limit reductions. We also had an intriguing discussion with our Keynote Speaker Raj Date, about the non-QM market and the roles mortgage professionals will play serving the underserved. Overall, although it was a little cold outside, but we were successful.
I hope to see you all at the NAMB National Conference in Las Vegas (9/13-9/15). Last year we had more than 2,000 registered attendees. This year is expected to be bigger given the new lending environment and new opportunities.
Just remember, It does not matter if you are a mortgage broker or a mortgage banker, NAMB is here for you ... the mortgage professional.
For more information on NAMB's Government Affairs projects or on how you can get involved, contact Rick Bettencourt anytime at [email protected]
John H.P. Hudson is Communications Committee Chair for NAMB—The Association of Mortgage Professionals. He may be reached by phone at (817) 247-4766 or e-mail [email protected]