IMMAAG Alert: Fed & NAIHP/NAMB Appeal Briefs Filed with Circuit Court

IMMAAG Alert: Fed & NAIHP/NAMB Appeal Briefs Filed with Circuit Court

I’ve been a fan of Bill Kidwell & his efforts at IMMAAG for a long time. Bill & I served on the Colorado Association of Mortgage Brokers (CAMB) board back in the mid 2000’s. In fact, the first mortgage registration bill for Colorado was passed when we were serving as CAMB’s President & President-Elect respectively. Bill is a tireless source of effort and passion for the small independent mortgage originator industry. Successfully getting felons kicked out of the business in Colorado, Bill now focuses on legislative advocacy through his company, IMMAAG. IMMAAG advocates to stop unfair and unjust regulations being thrust on the small independent originator channel.  I consider Bill Kidwell a top resource for analysis and commentary, especially with respect to issues like Compensation. His most recent email post is particularly good and I wanted to share it with my readers. I encourage you to join his mailing list and support his efforts. He’s one of the good guys. ~ […]

Email Sent to Colorado Senators Udall & Bennet

A copy of an email I sent to Colorado Senators Udall & Bennet today. Feel free to copy & share with others. Please help…the Federal Reserve is driving my industry out of business. Dear Senator Bennet, Small business mortgage broker companies have been under attack and need your support. The majority of banking regulation & specifically the Federal Reserve’s pending compensation mandates (Going into effect April 1, 2011) have been aimed squarely at the mortgage broker. Being a mortgage broker I can say I consistently beat the banks in offering better, less expensive financing options to Coloradoans. Please become educated about the unfair conditions that pending regulation will create for these small businesses in Colorado and across the country in being able to deliver lower cost options to consumers. Please support changes to preserve our livelihood. Below is a brief video overview of the questionable justification for just one piece of regulation negatively affecting mortgage brokers and consumers. The effects […]

Informal Evidence on Why Small Independent Mortgage Professionals Don’t Support NAMB

I’ve been watching a comment thread develop over at Think Big Work Small. The daily video blog by Frank Garay & Brian Stevens is a popular destination for originators in the mortgage industry. This particular piece was about NAMB & NAIHP each filing their own respective lawsuits to stop the Fed from implementing the new compensation regulation for mortgage originators which is set to begin April 1st, 2011. To gain some perspective, I thought it would be interesting to collect some of the “inspired” comments from the peanut gallery and group them by category. Valid feedback that NAMB & NAIHP should ponder “I have looked into joining NAMB in the past but haven’t because they make you go through your local/state organization that charges a very steep membership fee. Additionally, when NAMB sent out an email link asking for contributions a few months ago I was willing to give, but the link had a minimum donation amount of $200. That […]

Colorado Board of Mortgage Originators to Inactivate LO’s not NMLS approved by January 31, 2011

Within a few weeks we should get updated figures on the number of licensed mortgage originators in Colorado.  This notice from the Colorado Division of Real Estate showed up in my inbox a few days ago and indicates that by January 31st, we will have an updated data set on how many mortgage originators are left in business: In the December 15, 2010 meeting of the Board of Mortgage Loan Originators, it was decided that all active licenses issued through the Colorado Division of Real Estate will be INACTIVATED on January 31, 2011 for all individuals that do not maintain an approved and active registration through the NMLS. On … Colorado Board of Mortgage Originators Colorado has traditionally been friendly to business interests. As it relates to mortgage regulation, Colorado was one of the last in the union to accept any type of regulation. Notably, the mortgage industry was effective at keeping government out. The problem was that a housing environment […]

Is the Mortgage Industry Ready for the NMLS Call Report?

Welcome to the new world of lending. As the industry is trying to catch it’s breath from the December 31st, 2010 deadline for registration & testing, the next bureaucratic landmine is already waiting to further confuse & occupy the licensed originator community. The NMLS has created the NMLS Call Report, which requires companies to produce production data from any mortgage activity by any mortgage licensee working for the company, every 90 days. Additional financial reporting requirements are incumbent upon larger lending institutions. Keep in mind, federal and state chartered banks have no compliance obligation to NMLS. Take a look at a few of the field IDs that NMLS asks for in the report. Every lead and application generated by any licensed originator must be measured, every 90 days. Inquiries amongst my colleagues suggests that few are aware of the NMLS Call Report and fewer still have systems in place that are capable of tracking and reporting all of the information […]