New NAMB President Says Regs Could Have Been Worse

If anyone in the mortgage broker industry thinks that the bills being proposed and/or passed by Congress are bad, they should have seen what the National Association of Mortgage Brokers' lobbying team and staff were able to keep out of them, newly-installed president Bill Howe told the audience at the group's annual meeting in Phoenix. In his final speech as president, Jim Pair elaborated on some of those successes during the past 12 months. They included changes in the Federal Housing Administration program that takes away the need for audited financials and opens up the program to more mortgage brokers. The SAFE Act created national education standards and the loan originator registry system, both of which Pair pointed out, were long-held positions by NAMB. As for the Home Valuation Code of Conduct, Pair lauded the results of the financial services reform bill conference committee and said that it will be likely that in the future, mortgage brokers would once again be able to order appraisals. The future of the industry is good, he said, declaring, "consumers still need us, wholesalers still need us." Brokers are the originators who need to meet education standards and be licensed, and they need to take pride in NAMB's Lending Integrity seal. As for NAMB itself, Howe said the organization has downsized and now operates out of a virtual office. It is working on several initiatives to improve communications with its members, including the use of video e-mails. Howe also announced a deal with the University of Phoenix, where members who hold the CMC and CRMS designations would be able to receive school credit for them towards a degree.