NAMB Sounds Congressional Alarm

The president of the National Association of Mortgage Brokers, A. W. Pickel, has reiterated his call for all in the industry to contact their senators and representatives over labor-related provisions of the Harkin Amendment.The amendment would prevent the Department of Labor from reviewing standards for exempt employees, Mr. Pickel told the Southeastern Mortgage Brokers Conference in Destin, Fla. Former NAMB president Neill Fendly, also speaking at the conference, said "it's going to change the way you do business" if the Labor Department is unable to review the standards. Mr. Fendly explained that if loan officers are found to be non-exempt employees, it will raise brokers' operating costs significantly because of the overtime salary and related payments that will be due to workers. Mr. Pickel noted that President Bush has threatened to veto the bill that the Harkin Amendment is attached to, but he said a veto is highly unlikely because of the appropriations contained in the bill.