NAMB: Program Doesn't Complete With States

The Commercial Mortgage Professional Program of the National Association of Mortgage Brokers is designed not to compete with the states for members, according to program director Kristi Wallace. At the group's NAMB/Southeast conference in New Orleans, Ms. Wallace said that to be eligible for commercial mortgage membership, the mortgage broker must do commercial mortgage loans exclusively and not have a residential mortgage broker's license (except where state law applies). Commercial brokers will become direct members of the national organization and not of the state affiliate. They will have the right to participate in voice votes on bylaw changes but cannot elect or serve on the NAMB's board or delegate council. State affiliates will receive $150 per commercial member to help defray costs for serving as contact points for these members. Commercial members are not eligible for the Lending Integrity Seal of Approval program, Ms. Wallace said. The NAMB will have a full-day commercial program at its forthcoming NAMB/West show, and a two- or three-day commercial symposium is being planned for 2009.