Recently, the Government Affairs team of NAMB—The Association of Mortgage Professionals met with the Consumer Financial Protection Bureau (CFPB) to discuss mortgage brokerage compensation, the three percent cap on points and fees, as well as loan origination (LO) compensation. The CFPB provided excellent industry insight and guidance into several of the key areas plaguing mortgage originators and mortgage brokerage entities.
It is obvious the CFPB is a data-driven organization and NAMB is determined to show them that the mortgage broker model is extremely effective in mitigating upfront costs for consumers. We are also determined to show them that thousands of small businesses are being adversely impacted due to the limitation on entity revenue.
So, here we are. Your industry needs your help. Your industry needs you to participate and respond to this survey to the best of your ability.
If you don't have exact numbers, please provide us with your best estimate.
Take the NAMB Survey HERE.
The major data points we would like to see are:
►Total number of loans closed in YTD.
►Total dollar volume of your loans YTD.
►Total amount of mortgage rebates that you gave to the customer to help pay their closing costs YTD. This amount will be the sheet price of the loan, minus your lender compensation, minus any hits and this would be the net amount that you would have given back to the customer to help pay fees and reduce closing costs.
Each survey participant will receive the video Webinar, “Getting More Business With Realtors,” presented by Maximum Acceleration. In addition, Mortgage Educators will be giving away five eight-hour NMLS classes to be used for 2014 or 2015.
Here is the bottom line, NAMB has open lines of communication with our regulators and will continue to work with them to improve the state of housing and do what is best for the consumer and small business mortgage professionals.
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 any time at [email protected].
Please share this with your colleagues.
Thank you for your time and support.
John H.P. Hudson of Premier Nationwide Lending is 2014-2015 Communications Chair and 2014-2015 NAMB Director. He may be reached by e-mail at [email protected].
