What brokers must know about the latest on critical issues
Even with two housing bills still being debated in Washington and a housing executive order signed by President Donald Trump, the work on mortgage-related legislative issues is never complete.
While some of the issues deal with current pressing issues like housing affordability and rising credit costs, other issues, like loan originator compensation reform, have been debated for years. New issues are popping up as well, as FHFA condo rule reforms have drawn a strong reaction from the industry.
Last year, the mortgage industry and its various trade groups all joined forces to push through a ban on trigger leads. Despite some disagreements on other issues, one thing they all agree on is that there is a better chance of a positive outcome for the mortgage industry with a united front than with a divided one.
With the work continuing on Capitol Hill, one mortgage veteran is hopeful that the industry can come together once again to fight to make the dream of homeownership a reality for more Americans.
Kimber White (pictured top), president of the National Association of Mortgage Brokers (NAMB), discussed some of the issues he and others in the industry are discussing on a daily basis.
“I think some of the broad topics right now deal with affordability,” White told Mortgage Professional America. “We're still dealing with affordability and programs for affordable housing. Also, one of the initiatives that we're talking about is credit costs. Those are major initiatives that we all need to discuss. There are different ways. Each trade group has its different initiatives, but we’re working together and trying to come up with a solution.”
Trade groups coming together
With the idea of working together being a better plan than working separately, NAMB and the Broker Action Coalition (BAC) will come together for an event in Washington DC from April 20 to 22.
White said the idea came together pretty quickly after a conversation with BAC’s chief advocacy officer and co-founder, Brendan McKay.
“We're really excited,” White said. “We have a good group, and it should be a good event. My big initiative is working together and bringing the industry together, and trying to do what's best for the industry. Brendan McKay and I had talked in Vegas about possibly doing work together in the future at the MBA conference.
“This opportunity came up to pick up the phone, and I called him, and I said, ‘Hey, would you ever consider doing this together?’ We started working on logistics, and we're coming together to have a voice for the mortgage brokers, for the industry, and showing that people can work together and that division is not something that this industry has to have all the time.”
He said that different trade groups can have differences of opinion, but events like this one are a chance to focus on the things they agree on and find common ground where possible to send a unified message to Capitol Hill.
“You can agree to disagree on how we get there,” he said. “Trigger leads are a good example. We all went in our different directions, but then came together to make it happen. That's when the industry wins. That's when the mortgage broker wins. That's when the consumer wins.”
Getting involved in trade groups
White said he was excited about some of the speakers lined up for the event, including members of Congress, representatives from the credit bureaus, and more.
But the most important attendees that White wants to see there are mortgage brokers. The larger the voice they have with decision-makers in the country, the more seriously the message will be taken.
“It's very important to be at this, because your voice counts, your voice matters,” he said. “I first got involved in this 16 years ago. When I went to my first one in 2011, I had never lobbied on the Hill. When I was up there, I was amazed that they were meeting with me. I got to network, and I learned that my voice matters.
“People say, ‘Why is it important for me to go?’ There is strength in numbers. There are over 300,000 mortgage originators, and if only 50, 100, or 150 people show up, that's not a strong voice. For me, it's been a passion all of my life, since I've been in the mortgage industry. When we're heard is when we show up in DC, walk the halls, and be a part of what's going on.”
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