Knowledge Tree
National Association of Mortgage Brokers
Also known as: NAMB
Facts (13)
Sources
Predatory Lending Practices - House.gov commdocs.house.gov 12 facts
claimThe National Association of Mortgage Brokers (NAMB) is collaborating with the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac to develop a universal registry of loan originators to eliminate abusive lending practices.
procedurePhase I of the National Association of Mortgage Brokers' (NAMB) 'Best Business Practices' (BBP) initiative established 11 mandatory principles for members that define consumer expectations for loan originators.
procedurePhase II of the National Association of Mortgage Brokers' (NAMB) 'Best Business Practices' (BBP) initiative involves creating a universal registry of individual loan originators and companies to track and report improper practices.
claimThe National Association of Mortgage Brokers (NAMB) is the largest organization exclusively representing the mortgage broker industry.
claimThe National Association of Mortgage Brokers (NAMB) and the Mortgage Bankers Association of America developed a model loan origination agreement that discloses how mortgage brokers operate, how they are compensated, and whose interests they represent.
claimThe U.S. Department of Housing and Urban Development (HUD) commended the model loan origination agreement developed by the National Association of Mortgage Brokers (NAMB) and the Mortgage Bankers Association of America in Policy Statement 1999-1.
perspectiveThe National Association of Mortgage Brokers argues that new laws regarding mortgage lending would only increase the compliance burden for legitimate businesses while failing to deter those who already ignore existing regulations.
claimThe National Association of Mortgage Brokers is currently active in the Department of Housing and Urban Development (HUD) and the Treasury Department's Joint Task Force on Abusive Lending Practices.
claimThe National Association of Mortgage Brokers (NAMB) initiated a 'Best Business Practices' (BBP) initiative in 1997 to encourage industry self-regulation and remove bad actors.
perspectiveThe National Association of Mortgage Brokers asserts that abusive lending is practiced by a tiny minority in the mortgage origination industry who routinely ignore state licensing and consumer protection laws, as well as the Federal Home Ownership and Equity Protection Act.
perspectiveThe National Association of Mortgage Brokers advocates for a two-part solution to abusive lending: increased enforcement of existing laws and industry self-regulation.
claimThe National Association of Mortgage Brokers (NAMB) supports the Consumer Mortgage Protection Act of 2000 (H.R. 4213), which was authored by Congressman Bob Ney of Ohio.
LexisNexis(TM) Congressional - Document fbaum.unc.edu 1 fact
accountThe National Association of Mortgage Brokers (NAMB) participated in the Mortgage Reform Working Group during 1997 and 1998 to seek consensus among industry and consumer advocates on reforming RESPA and TILA.