Agenda Set By NAMB

April 6, 2008

An activity agenda for the year has been announced by the National Association of Mortgage Brokers. It’s a plan that strongly targets abusive lending practices, addresses the need for mortgage reform and continues their commitment to financial literacy for consumers.

The group’s key policy positions for the year include (1) a call for an independent, government sponsored study or investigation of consumer disclosures that may be contributing to or enabling deceptive sales and marketing practices in the mortgage industry. Also (2), it will promote efforts that ensure direct or indirect compensation received by any originator, regardless of distribution channel, to be treated equally and in similar fashion to avoid competitive inequities and consumer confusion. And (3) NAMB will support the establishment of a nationwide registry that mandates the inclusion of all loan originators. It would provide tracking control and strengthen the industry and consumer protection. It supports the establishment of professional standards for all mortgage originators that will mandate minimum pre-employment and continuing education, testing and complete criminal background checks.

Posted in Lending, Real Estate