NATIONAL ASSOCIATION OF MORTGAGE BROKERS MAGAZINE APRIL 2023
Greetings NAMB Members and Friends,
The first quarter of 2023 was exciting & memorable for NAMB. As we reflect on these past three months, NAMB is very enthusiastic about the future. In January, NAMB had a successful FOCUS 2023; in March, NAMB introduced a new website and hosted its first Industry Partner Retreat since 2018. NAMB also held road shows with Freddie Mac in St. Louis, Mo., and Louisville, Ky., with several new locations planned for 2023.
The month of April showcases NAMB’s 2023 Legislative & Regulatory Conference in the nation’s capital. If you have not made plans to attend, please do so! Do not miss this event – the amazing line-up of speakers includes:
★ Director Sandra Thompson, Federal Housing Finance Agency
★ Rep. Patrick McHenry (R-NC), Chairman, House Committee on Financial Services
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INDUSTRY PARTNERS & BENEFIT PROVIDERS IN THIS ISSUE
Liberty Reverse 5
Lending Pad 11
Black Knight 12
LiveSwitch Video 13
PreApproveMe 14
Goosehead Insurance 15
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★ Rep. Ritchie Torres (D-NY), House Committee on Financial Services
★ Rep. Warren Davidson (R-OH), Chair, Housing and Insurance Subcommittee, House Committee on Financial Services
★ Assistant Secretary Julia Gordon, U.S. Department of Housing and Development
Thanks for reading this issue of NAMB’s monthly magazine; please share it with other industry professionals. If you’re not a NAMB member, visit NAMB at namb.org/membership to join the association, which has been the voice of the mortgage industry, representing the interests of mortgage professionals and homebuyers, since 1973. NC
NAMB’s Flood Insurance Subcommittee has been working toward obtaining affordable flood insurance for homeowners across the country. We are monitoring legislative actions by senators & representatives including Senators Kennedy, Cassidy & Hyde-Smith as well as Representatives Davidson, Castor & Luetkemeyer. Many of these bills include positions that may reduce the price for flood insurance.
Subcommittee members are working in conjunction with other associations & NAMB’s lobbyist, The Williams Group, to put together our own legislation which we believe will be passable by Congress. This legislation includes a 5-year means testing program to assist low-to-moderate income homeowners with a premium they can afford.
The disclosure & calculation of the full risk rate has been requested by Congress; obtaining a forward-facing tool would be best. The short-term solution to current high-priced flood insurance will be limited to 2 percent of the Area Median Income of the property’s county. Finally, this coverage would be considered continuous coverage for the purpose of pricing in the future.
The subcommittee is determined to find a solution to the high price of flood insurance so that the dream of homeownership is not out of reach. The bill that NAMB is
working on and the legislation sponsored by other members of the House & Senate can make this goal obtainable. NAMB’s support of affordable flood insurance legislation will benefit the mortgage broker community & homeowners across the country – Ross Miller, Flood Insurance Committee Chair, ross.miller@namb.org
NAMB’s Veterans Committee functions in two roles; the first is education. The committee keeps abreast of changes in the VA home loan program in order to maintain & update the NAMB Certified Veteran Lending Specialist (CVLS) training certification for mortgage loan officers. This program is considered the premier program for MLOs and was co-written by the former VA Home Loan Guaranty Officer for the Phoenix Regional Loan Center. It’s not the run-of-the-mill certification you’ve seen from most of the industry; it’s a full 8-hour block of instruction covering every aspect of the VA home loan program. No other program benefits our industry MLOs as this one does.
The second role of the Veteran’s Committee is that of legislative stewardship. The team on this committee keeps their attention on what is best for the VA home loan program to assist veterans with home ownership. In past years we have helped rewrite the VA loan program
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NAMB is pleased to announce its new community partnership with Liberty Reverse Mortgage (Liberty). This new relationship includes the newly launched Certified Reverse Mortgage Specialist certification program (CREV), with classes to be presented by NAMB and Liberty throughout the country.
Each day, more than 12,000 Americans turn 65 years old. This newly developed reverse mortgage certification will provide mortgage professionals the information & tools necessary to successfully navigate the product, process & conversation with potential borrowers.
“NAMB is thrilled to be working with Liberty, one of the nation’s largest and most experienced reverse mortgage experts,” says NAMB President Ernest Jones, Jr. “Liberty has assisted more than 65,000 senior homeowners & 1,500 business partners over the past decade. We look forward to this new community partnership in 2023 and many years into the future.”
Before venturing out to the many planned CREV courses across the country, the course will launch online to ensure convenience for registrants. During the classes attendees will learn: age/property/equity requirements, how loan amounts are determined, the role product type plays in how much a borrower is allowed to access, how a credit report is viewed, sales tips & best practices for working with borrowers 62-plus, and overcoming objections & working through underwriting issues.
“Our team is excited to partner with NAMB by offering its members a robust & comprehensive reverse mortgage certification program,” agrees Robert Ross, Vice President, Third Party Originations at PHH Mortgage/Liberty Reverse Mortgage. “Together we will build mortgage professionals’ proficiency in reverse mortgages along
with the confidence to originate the program, ensuring borrowers across the nation are receiving the very best advice on how to responsibly access home equity to meet their individual retirement needs.”
Immediately following the CREV class, a test is given, and upon passing, attendees are presented with a certification & the marketing materials needed to promote the new certification to potential clients.
In addition to the new certification opportunities, Liberty will be showcased in the fall during NAMB National 2023. “We are eager to honor Liberty’s great work during our conference which also celebrates NAMB’s 50th year in the marketplace, our golden anniversary,” Jones, Jr., added. NC
Learn more: namb.org/education; register: namb.org/events
NAMB’S AGENDA FOR 2023
Visit our newly relaunched website to learn more about NAMB’s Advocacy. Learn about NAMBPAC, which raises money to elect & re-elect candidates who have a clear understanding of the topics at the forefront of the mortgage broker industry. NAMB’s Legislative Action Fund provides much-needed additional financial support. Our Call to Action page allows you to speak up on issues that will impact your career.
Ahead, NAMB’s five policy priorities for 2023:
NAMB believes that the act of applying for a mortgage should not be made public. NAMB believes contacting consumers during the complex mortgage process could be harmful and confusing and opens the possibility of fraud and unfair and deceptive practices.
By treating the small business mortgage broker as a large business, the consumer and, in particular, the lowto moderate-income borrower has fewer options for
financing. This definitional error causes unintended consequences for consumers by removing competition.
NAMB supports a full reauthorization of the National Flood Insurance Program, including provisions that allow for the most affordable rates and effective coverage.
NAMB supports legislation that would restore non-monetary survivor benefits to the remarried spouses of fallen U.S. service members. This legislation applies to surviving spouses who are eligible for the Gold Star Lapel Button without regard for whether they have remarried.
NAMB has discovered that increasingly sellers are being encouraged not to sell to veterans who are utilizing VA mortgage loans because of the enhanced standards these loans contain. NAMB supports a federal investigation into these discriminatory practices. NC
Download the policies document at namb.org/advocacy.
CONTINUED FROM PAGE 4 to remove the guaranty cap on home loans. We have championed other legislative initiatives but the most important one to date is the Gold Star spouses legislative support.
This new legislation, supported by NAMB, will allow Gold Star surviving spouses to be able to maintain their home loan benefits, even if they decide to remarry before age 57. Under current legislation, these surviving spouses would lose their home loan benefits if they were to remarry before that age. In large part due to the extended war time of 30-plus years, the number of surviving spouses has increased dramatically, and especially at young ages. It is unfair that they should lose this benefit if they remarry.
– Jeff Wilson, VA Committee Chair, jeff.wilson@caliberhomeloans.comNAMB’s FHA committee provides an avenue for NAMB’s membership to consolidate and voice its concerns to HUD & FHA. Additionally, the FHA committee reports back to our membership any changes in policy or procedures made by FHA that affect how mortgage professionals, originate, process, approve & fund FHA loans.
Through various advocacy efforts & input from our membership, the committee recently worked with FHA to change the dual employment policy and reduce the MIP premiums.
The FHA committee most recently partnered with NAMB’s Education Committee on two exciting new courses. Our Certified Reverse Mortgage (CREV) class, sponsored by Liberty Reverse Mortgage, provides the information & tools necessary to successfully navigate the reverse mortgage process & conversation with potential borrowers, and offers members who successfully complete the class a professional designation.
Our FHA certification class, sponsored by Freedom Mortgage, covers both basic & advanced topics on working with FHA loans and soon will be launched.
NAMB’s FHA committee welcomes & encourages NAMB members to actively participate in committee meetings which are held on the third Tuesday of the month. Email us to join in!
– Ray Edwards, FHA Committee Chair, ray.edwards@namb.org NC
Learn more: namb.org/committees
