It's been nearly two weeks since Jonathan Haddad was named as Katie Sweeney's successor to head up the Association of Independent Mortgage Experts (AIME), and according to an open letter Haddad sent to AIME members, it's already become "challenging, to say the least."
Haddad said he was criticized for using mortgage trigger leads, a practice the association said it's against. It's also one Broker Action Coalition will be lobbying for at the Congressional level.
"Please know I am fully committed to addressing these issues head-on and I intend to match my words with action," Haddad wrote.
He said he's read every comment and every message posted within Facebook groups, such as Brokers Are Better, that criticize his use of trigger leads to accrue business.
"No, it hasn't been easy, but no one said it would be," Haddad added.
"When it comes to credit triggers. I will tell you that it is the environment I grew up in being on the retail space for as long as I was," Haddad said in a video posted on the Brokers Are Better Facebook group. "However, I am for, and I will say this multiple times, I am for the banning of credit triggers."
Haddad went on to explain in the video that he's shifting Next Door Lending to "outside sales."
"In the event, if you as a broker, get any kind of issue with a credit trigger because of Next Door Lending, all you have to do is reach out to me directly and it will get handled right away. Only if you are an AIME approved member," Haddad said.
Haddad, who still hasn't given an interview about his new position, did say in the letter that they are taking steps to enhance transparency. Historically, the organization has been criticized in the past for its lack of transparency and policing of Facebook groups it operates.
"This is a membership organization," Haddad wrote. "For us to thrive as a community, I agree that your voices must be heard and you deserve to have a say in the direction of the organization."
Part of that begins with updating the Code of Conduct for the Facebook groups and expanding its board of directors through open nominations and democratic elections. He said they would also review the current membership structure and benefits.
Evan Wade, former vice chairman of partnerships at AIME and president and CEO of Epoch Lending, said in an AIME Facebook post that it was a good first step to finally expand the board of directors. "Curious to see the powers given to the board per the bylaws, up to & including the ability for that board to terminate executives — if they so choose."
Fredo Rivera of AIME responded on Facebook that the plan is for expansion to happen this month.
And while the organization has largely supported wholesale brokers, Haddad reached out to retail in the letter, but saying they are "committed to enriching the mortgage broker space by attracting more retail-specific loan officers."
They are also looking to negotiate a deal with a credit vendor to reduce the costs of credit reports for AIME members. And find a "free pricing engine" for all AIME members.
It's still unclear how many dues paying members the organization has, but the lowest annual membership fee is zero and the highest is $2,499. AIME has declined to say how it calculates its membership fees.
