With mortgage brokers having trouble pricing loans and making a profit due to consumers deferring mortgage payments, NAMB has taken this hardship and developed a simple way to get in touch with their local congressman and take action.
WASHINGTON (PRWEB) May 05, 2020
National Association of Mortgage Brokers (NAMB) announced today the development of a campaign that supports the financial burden mortgage brokers are experiencing due to the CARES Act - a law meant to address the economic fallout of the 2020 coronavirus pandemic in the United States.
With mortgage brokers having trouble pricing loans and making a profit due to consumers deferring mortgage payments, NAMB has taken this hardship and developed a simple way to get in touch with their local congressman and take action. This action will request the requirement of Freddie Mac and Fannie Mae to purchase these loans without overlays.
Since the inception of the campaign that was developed on Wednesday, April 29, 2020, NAMB has seen a significant increase in growth from its supporters, rising 60% in just six days.
“I would like to thank all those that lobbied Congress asking them to fix the non-bank servicer problem they created in the CARES Act,” said Roy Deloach, Washington D.C. based attorney and lobbyist. “Did you know that almost 20,000 NAMB members and loan originators exercised their First Amendment right to petition the government for redress of grievances? We have a lot of grievances and this situation harms the mortgage broker channel and we need it fixed.”
To take action and help your profession and businesses, you can access the petition form here and get into contact with your local congressman and make a change.
About the National Association of Mortgage Brokers (NAMB)
NAMB is a trade association of mortgage professionals with membership in all 50 states and the District of Columbia. Since 1973, NAMB has been the voice of independent mortgage professionals nationwide. NAMB offers professional education and certification programs for its members, and advocates for common sense legislation and regulation aimed at helping consumers and improving business conditions for small businesses, independent mortgage companies and licensed mortgage loan originators. For more information, visit NAMB.org.