NAMB worthless or not

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mganovsky

2038 Posts

Posted - 01/23/2008 : 09:10:11 AM

I have been wondering for months why the NAMB has not spoken out in the media concerning all the blame for the mortgage crises being blamed on the mortgage broker. They even praised Barney (Fife) Frank on H.R. 3915. Is it the NAMB is more into signing up new members then spending a little money and placing the blame correctly on the entire Industry to include Banks and investors and Hedge Fund managers at the top of the list, sure the MB did most of the loans, that is because the majority of non-prime loans are done by MB's. But simply stated the Mortgage Broker would not have done any of the loans if the loan products were not developed by the Investors and Banks and forced down our throats by the AE's with e-mail after e-mail, and do not leave out the Realtor they are also to blame for pushing a house that the buyer could not afford with a conv 30 year fixed loan, then tell the MB to find a way to get the loan done, and tell the MB I have spoken to the clients and they want an Int Only or Pay Option so they can afford the home, and the niche loan products provided by the lenders did not qualify the individual at the fully indexed rate and I can go on and on. And now the lenders wonder why they can not make the new reseted payment coupled with the declining property value's make it impossible to refi to a fixed lower rate.

What is done is done we can not go back in time; but instead look to the future of our industry and the NAMB should be doing something, I have started to educate Realtors in the area so they do not waste thier time with folks who can not prove thier income and have low Fico scores and need 100% financing. In Florida we do have an avenue to still do 100% even in a declining market by using the State Bond program for FTHB as well as firefighters, Police and health care workers, as well as FHA using a DPA source. But for the State Bond Program there are income limitations and they have to be full Doc and DU approvable. I try to educate the borrower also in changes to our industry over the last 6 months, now we have to face the next hurdle; the LLPA (loan Level Price Adjustment) on Agency loans for Fico's below 680, and who knows what changes the MI companies are going to put down to make it more and more difficult to get an approval for an LTV above 80%. Who else feels the same way I do.

Carlsbadd

756 Posts

Posted - 01/23/2008 : 10:00:05 AM

Compared to the national association of Realtors the NAMB is a bunch of monkies. They don't do squat for us.

mortgagemessiah

8003 Posts

Posted - 01/23/2008 : 10:47:58 AM

They're as politically impotent as a Nevada Boxing commissioner

MisterVA

6550 Posts

Posted - 01/23/2008 : 11:05:38 AM

I suspect that this organization, like many state organizations, is losing membership and dues money, rapidly. But take a good hard look at the appearance of the head of the organization. Would YOU trust this guy? I know we should not base things on appearances, but first impressions are lasting ones. How much influence would he carry do you suppose?

walding714

379 Posts

Posted - 01/23/2008 : 11:24:21 AM

WORTH AS MUCH AS A WOODEN NICKEL