The National Association of Mortgage Brokers (NAMB) is up in arms over the recently updated Real Estate Settlement and Procedures Act (RESPA). The U.S. Department of Housing and Urban Development’s (HUD) revision to the Good Faith Estimate (GFE), a simplified three-paged document designed to help borrowers better understand the terms and conditions of their home loan, has the NAMB President Marc Savitt promising, “We are not going to stand for this,” wrote National Mortgage News.
When NAMB came into the mortgage wholesale seen, as I remember, they walked, talked and acted like hard money lenders. NAMB put their hard money arms out and while trying to go their membership, swallowed up the business of wholesale origination and took the framework of traditional and reputable mortgage brokers with them.
NAMB whether you encouraged bad practices or simply did nothing to stop them, I don't give a darn. All I can say is that you marched the business of mortgage brokerage to a cliff and played the horns till everyone fell off.
You are not needed here anymore. Go away. Mortgage lenders can try to re-build wholesale mortgage lending without anymore of your bright ideas. Consumers were not well served by your counsel or your membership. I hope you have no political pull with the new administration. I hope the Obama administration puts the interests of consumers first and your greedy needs last.
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