Now that the Consumer Financial Protection Bureau has become established and actively writing new regulations, there are those that are seeing a surprise benefit—growth in the mortgage broker industry. That is being seen in Florida, where the state trade group’s annual convention recently took place in Orlando. The Florida Association of Mortgage Professionals (formerly the Florida Association of Mortgage Brokers) is the oldest trade group in the business; it helped to form the National Association of Mortgage Brokers. While no longer having as large of a show as during the boom time of the brokers in the 2000s, the Florida Association of Mortgage Professionals has managed to sustain the organization by becoming an educational and regulatory resource for its members. Now as the qualified mortgage rule and other requirements are impacting the business, anecdotal reports state people are looking to move down from mortgage banker shops and become mortgage brokers. At the Florida Association of Mortgage Professionals’ convention, Origination News managing editor Brad Finkelstein sat down with Florida Association of Mortgage Professionals president Valerie Saunders, an industry consultant with Origination Compliance and Consulting in Jacksonville; president-elect David Kane, senior loan officer at Fairview Lending in Cape Coral; and government affairs chairman Kimber White, managing partner at United American Mortgage, Oakland Park. The first part of the discussion appeared in the Aug. 19 issue of National Mortgage News.
FINKELSTEIN: Has the new regulatory environment taken a toll on the number of members in the organization? Or has the opposite happened and people are deciding they want to be mortgage brokers again?