The president of the National Association of Independent Housing Professionals is seeking a meeting with the Federal Deposit Insurance Corp.'s ombudsman to discuss the issue of the agency going after loan brokers on buyback claims.
Marc Savitt said he has not yet secured a meeting but is hopeful. He added that he's heard “credible” reports about the agency seeking claims against brokers even though these third-party salesmen are not involved in the underwriting process.
“I think the broker has had enough,” he said. “We will urge any brokers to fight this.”
Recently National Mortgage News reported that the agency has hired an outside law firm, The Mortgage Recovery Law Group, Glendale, Calif., to press its claims against a loan broker who facilitated a mortgage at a now-defunct Florida thrift. (Two years after being originated, the loan went into default.)
An FDIC spokesman confirmed that the agency will pursue brokers on certain transactions, but could not quantify how frequently. “Some failed banks were big players in mortgages,” he said. “Don't be surprised to see more of these.”
NAIHP is a small trade organization that represents brokers and other housing professionals. Savitt is a past president of the National Association of Mortgage Brokers and manages a small brokerage operation in West Virginia.
