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NAMB recently completed its second Wholesale Summit. This was a very successful event and helped to further cement our partner relationships in this third-party origination (TPO) channel. The wholesalers are looking to NAMB to help in educating loan originators, as well as account executives, and NAMB is looking at what we can do to improve broker relationships.
In an informal setting, we bring originator problems to the investors and they bring their challenges to us. This open line of communication helps each side understand the other better.
The primary topic of discussion this time was TRID and how each wholesaler is going to handle the Loan Estimate and the Closing Disclosure forms. Obviously this will probably change by the time we meet again, but it helps us to coordinate solutions. They explained their technology issues. One item that came up was only one originator may disclose per borrower. So if your borrower is shopping and the other competitor is using the same source as you the first to input the data will get the disclosures and the other is out of luck. If your borrower decides to go with you, but another disclosed through their site the borrower will need to request you so they can delete the other file—similar to what has always happened for dual loans, but something that will arise more often in the new era of TRID disclosures.
We also asked our partners to participate in our legislative efforts. They agreed to pass on our requests for grassroots participation and local contacts with members of Congress to help get our mutual concerns addressed with laws and regulations.
They, in turn, asked us to help them with a certification for their account representatives that they could use to show our members their knowledge and dedication for our industry. Wholesalers are also concerned with bringing new workers to our field and are working to provide a path to new entrants to learn and be successful in the loan origination business.
Topics we are looking at working on in the future include a more uniform and reasonable broker agreement, sales training for originators, and joint efforts to solve regulation issues. We are all really on the same team trying to increase the TPO channel, while best serving the consumer. It has, and will continue to be, a profitable channel for wholesalers and brokers, while providing a knowledgeable and lower-priced option for the consumer. Please support our wholesale partners as they are supporting you through numerous efforts to better our industry and organization.
Rocke Andrews, CMC, CRMS of Lending Arizona LLC in Tucson, Ariz. is president of NAMB—The Association of Mortgage Professionals. He may be reached by phone at (520) 886-7283 or e-mail [email protected].
This article originally appeared in the October 2015 print edition of National Mortgage Professional Magazine.