The Broker Action Coalition (BAC), a 501(c)(4) organization created to advocate for legislative reform and educational advancement within the independent mortgage broker community, has taken its first step by appointing its inaugural board of directors and leadership council.
The 10 voting members are drawn from a diverse pool of industry experts. The board includes four lenders, four brokers, and BAC's executive leadership.
Elena Boland of Wholesale Mortgage Services, Joseph Dionne of appli Home Loans, Major Singleton of Edge Home Finance, and Daniel Iskander of West Capital Lending will represent the broker sector. On the industry side, Eddy Perez of Equity Prime Mortgage (EPM), Phil Shoemaker of The Loan Store, Chris Vinson of Windsor Mortgage, and Kevin Peranio of Paramount Residential Mortgage Group (PRMG) represent the lending sector. Rounding out the board are BAC's Chief Advocacy Officer and Co-Founder Brendan McKay, and Chief Executive Officer and Co-Founder Katie Sweeney.
“As the market improves, there will be expanded opportunities for independent brokers and homebuyers and our job at BAC will be to ensure that government policies at the state and federal level are in line with the best interests of our industry,” Sweeney said. “This board of leaders from across the industry, combined with BAC’s governance structure, will reflect our commitment to fulfilling the essential mission, which is engaging on policy issues that will protect and enhance opportunities for the independent brokerage community and consumers alike.”
Each board member brings extensive experience and expertise to their roles. Boland was recognized as one of the top mortgage brokers in the country. Dionne has forged a successful career through leadership roles in the industry. Major Singleton is a decorated US Navy Veteran dedicated to educating families during the homeownership process. Iskander led his company to become one of the top-producing brokerages nationwide.
In an effort to prove that its an organization advocating for all brokers, not just brokers who send their loans to one company or another, Iskander, one of Rocket Mortgage's number one partners, agreed to join the board.
"I aligned with their agenda," Iskander said.
He said he wants to see changes made to how wholesale brokers are compensated because "TPO loans perform just as well if not better," than retail. He's also on board with the VA initiatives and believes it's important to have a dedicated group to address the concerns of the broker community.
In addition to establishing its new board, BAC also created seven non-voting roles which include vendor advisories and leadership council members. The three vendor advisories are Brian Vieaux President and COO of FinLocker, Sam Parker, owner of My Credit Guy, and Sofia Rossato, president and general manager of Floify.
The leadership councilors will focus on specific consumer groups. Gay Veale, mortgage loan originator at Epoch Lending, will chair the Veteran Homeownership Leadership Council. Mortgage Broker Whitley Cooper from Advocate Home Loans will lead the Black Homeownership Leadership Council, while Amorette Hernandez from CMS Mortgage Solutions will be chair of the Hispanic Homeownership Leadership Council. Additionally, Jerry Robinson will chair the Government Affairs Leadership Council focusing on federal legislation.
BAC says that state legislative leadership will be announced in the coming weeks.
