A. W. Pickel, the outgoing president of the National Association of Mortgage Brokers, has issued a personal challenge to mortgage brokers to fill the needs of certain underserved communities in America.At the group's annual convention in Salt Lake City, he quoted a line from the movie Spiderman that said with great power comes great responsibility. Mortgage brokers, by virtue of their dominant market share, "have a great responsibility," he said. His first challenge to fellow brokers involved Native Americans. "These people need home loans," he said, noting that just 1,269 loans have been made on Native American lands as of 2002. "We need to help these people." Mr. Pickel's second challenge called on brokers to supply homes to rural America. "The key is, brokers can go where banks cannot," he said. "It takes a lot of money to put up a brick-and-mortar branch for a bank. But all I need and all you need is a laptop and a car." Finally he called on mortgage brokers to help expand homeownership in the colonias, Hispanic communities along the Mexican border. While singling out those three areas, Mr. Pickel added that there are other groups and other ethnic minorities that mortgage brokers need to reach out to. Mr. Pickel also used the opportunity to denounce the use of the terms subprime, nonprime, and alternative loans, saying these should really be called "choice" loans. Conforming loans fit into a small box, while choice loans fit a larger definition, he said, holding his hands wide apart.
-
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
7h ago -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
7h ago -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
7h ago -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
7h ago -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
9h ago -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
9h ago