Skip to main content

NAMB Leaders Call on Congress to Curb Federal Regulatory Overreach
Apr 20, 2015
Congress Capitol Hill

In written testimony submitted to the U.S. Senate Banking, Housing and Urban Affairs Committee and separately to the U.S. House Financial Services CommitteeNAMB—The Association of Mortgage Professionals called on Congress to put the brakes on rapidly increasing regulatory burdens imposed by the federal government.

Noting that the combined increased costs of regulatory compliance has surged to beyond $7,000 per mortgage loan, NAMB warned that mortgage brokers, small lenders and community banks are increasingly leaving the primary mortgage market to the detriment of consumers most in need of their assistance.

"The NAMB testimony, submitted to the Senate Banking Committee and House Financial Services Committee, explains exactly why consumers seeking to purchase homes valued at under $150,000 are being harmed by the Dodd-Frank regulations," said NAMB President John Councilman. "The avalanche of new federal regulations hits lower and moderate income homeowners the hardest because mortgage professionals cannot offer loan products under the $150,000 loan amount. This is primarily due to the associated costs stemming from the 3% cap set by Dodd-Frank regulations, combined with other regulatory burdens associated with healthcare and labor laws."

NAMB CEO Donald J. Frommeyer said, "With less competition, consumers across the board are facing increased costs and, as a result, we are seeing a particularly disparate impact on low and moderate income borrowers. Less competition in this market segment leads to higher costs for consumers, who are then forced to find loan products being pushed by the large Wall Street banks. We're urging Congress to exercise its prerogative and to take action to stem the tide of regulatory overreach by the current Administration."

Apr 20, 2015
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023 Stays Bullish On Industry Disruption Amid Q3 Losses

Despite a $340 million Q3 loss,'s leadership emphasizes cost reductions, automation, and investment in technology.

Nov 15, 2023
Fannie Mae Extends Rent Payment Pilot

Positive Rent Payment program offers financial stability and opportunities.

Nov 14, 2023