Welcome!




Expand Your Education with These Courses from
Bundle 1: CIPS Core Courses (Non-US Version).
Time Management: Skills for Sales Success: Part Two.
Bundle 3: CIPS Institute (US Version).
Territory Management: Skills for Sales Success: Part Eight.
Effective Presentation Skills for Sales Professionals: Skills for Sales Success: Part Five.

NAMB Responds to Sen. Clinton’s Remarks about Mortgage Industry

Have a comment on this article? Share on Facebook!

RISMEDIA, August 9, 2007–The National Association of Mortgage Brokers (NAMB) responded yesterday to Sen. Hillary Clinton’s criticism of the mortgage brokerage industry. Sen. Clinton made the remarks during a speech she delivered on abusive mortgage lending practices yesterday in Derry, N.H.

NAMB regrets that Sen. Clinton has chosen to single out small business America in a problem that encompasses everyone. The entire mortgage system needs to be examined from stem to stern – from the home shopping phase, bankers, brokers, and lenders, all the way to Wall Street and the rating agencies.

NAMB welcomes Sen. Clinton’s proposal to create a registry database, but it needs to go one step further – it should be applied to all mortgage originators, not just mortgage brokers. All consumers should be protected, regardless of whether their loan comes from a bank, lender or mortgage broker.

Bad actors should be removed from the mortgage industry, but that is only one piece of the puzzle. In addition to the registry, NAMB has consistently called for an increase in professional standards, education requirements, and criminal background checks for all mortgage originators.

To facilitate clear communication with consumers, NAMB has also called for mortgage disclosure reform. The Federal Trade Commission has already highlighted in two separate studies that our entire mortgage disclosure system is broken and it needs a comprehensive fix.

The Association invites Sen. Clinton to join NAMB in our long-standing efforts to enhance consumer protection through the creation of a federal national registry that will generate funds for enforcement and financial literacy activities; industry standards that cover education and criminal background checks for all loan originators regardless of who they work for; and an improved disclosure that requires every originator to disclose what they earn on a loan and the nature of their relationship to the consumer.

We look forward to meeting with Sen. Clinton and her advisors at the earliest possible moment, so that we can ensure consumer protection for all Americans, not just those who select a mortgage broker for their home loan.

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.




Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com