Katie Sweeney, CEO of the Association of Independent Mortgage Experts (AIME), is taking on a new role in the broker community, but she says helping people and brokers will still be at the center of her work.
Sweeney, who has been on “team broker” for the last four years and is stepping down as AIME’s chairman and CEO on March 31, is moving over to dedicate herself to the Broker Action Coalition as its co-founder and CEO. A selection committee has been established to appoint a new CEO for AIME. Brendan McKay, former AIME president of advocacy, will join BAC as the chief advocacy officer to expand its advocacy network.
In addition, Sweeney will head up BACPAC, a political action committee that collects contributions to support public policy initiatives that benefit independent brokers and homebuyers.
In a statement, Sweeney said, “BAC and BACPAC are separate organizations from AIME. However, both organizations remain committed to the broker community. They will work together towards the shared goal of increased wholesale market share but with different areas of focus, separate operations, and independent leadership. They will all co-host an April event in Washington D.C., Advocacy in Action.”
Sweeney said there is no obligation for AIME members to donate to BAC or BACPAC. “As separate entities, support for each is completely voluntary. Regardless, BAC and AIME will continue to partner, and BAC will advocate for causes that can benefit AIME members,” she added.
According to tax documents filed with the IRS, Sweeney was paid $240,000 in 2021, which grew to $479,990 in 2022. BAC declined to provide salary details for the new position.
The broker community is trying to understand the changes being made.
Mike Kortas, CEO of NEXA, who has been critical of how AIME was being run, said he plans to re-affiliate with the group if he can get some questions answered.
In a Facebook video Wednesday, Kortas said it looks to him like "somebody is stripping one thing down for their own personal gain for another thing."
"I'm excited about the changes, but I'm a little skeptical about why," Kortas added.
Sweeney said now is a good time to transition to BAC and BACPAC because she has completed the milestones she hoped to meet at AIME, and her focus has shifted to advocacy with BAC. One milestone she cited was the establishment of 300+ female, minority, and veteran-owned small businesses under the Spark Small Business Grant Program and Leadership Academy. AIME raised over $2 million in private funding.
“There is a severe lack of thoughtful, strategic representation that focuses on fighting for all potential homebuyers and the mortgage brokers who serve them,” Sweeney said. “The BAC and our advocacy initiatives, from legislation to regulatory reform to simple education and awareness campaigns, have grown to the point where it can and should have a dedicated leadership team to focus on industry, evolution, innovation, and accountability.”
Sweeney said that in the less than two years since starting BAC, it has “grown to be the leading policy advocate for over 50,000 independent mortgage professionals nationwide and has raised over $1.5 million in advocacy funding.”
In her new advocacy role, Sweeney said trigger lead reform is the number one item on the agenda. However, out of the three trigger lead reform bills that have been introduced to Congress over the past year, Sweeney did not specify which bill the group supports. In an MPA article, McKay said AIME does not support an outright ban on the practice and deemed the bill introduced by Richie Torres, a New York congressman, as imperfect.
Additionally, Sweeney said BACPAC will focus on the disabled veteran tax exemption bill and efforts to address the third-party originated (TPO) surcharge by the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac. The aim is to demonstrate that brokered loans are not riskier than other channels and advocate for equitable treatment in loan origination.
She said they will also aim for state-level reforms.
“AIME has been the backbone of the independent mortgage broker community since 2018, and that’s not going to change,” Marc Summers, president of AIME, said in a press release. “As wholesale market share continues to grow, we’ll welcome new leadership to move the organization into the next level, and we’ll continue to leverage the political advocacy work of BAC in support of our members and the industry.”
