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GWaldkirch
86 Posts |
 Posted - 05/15/2008 : 8:56:46 PM
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To whom it may Concern;
This is a follow up letter in regard to concerns I addressed in a phone conversation with a member of the board Patrick Esse. I addressed the reasons why I have not renewed my membership with WAMB. I have not for various reasons which I will address in this letter. I would like to point out that some of my reasons may be cynical in nature, but I do so with all due respect to parties and to individuals I don’t know and whom I never met. I take the time to criticize only to make everyone realize that many others share my opinions. I do not wish to exemplify a “Monday Morning Quarterback” stereotype or to make excuses. Running my company in difficult times and a recent battle with cancer has not afforded me the luxury to be as proactive as I would like. Moreover; I don’t feel my contribution would be effective with all things considered, especially in an organization that allows a hierarchy of recognition to companies that contribute more money. Companies that have some of the worst predatory practices to date have been Gold Members. How about giving Silver and Gold standards to companies who have contributed to the community? Seems like a much more worthy and noble cause that would deserve recognition.
The most important issue in my opinion we face is trigger leads. I was told by a member that we lead the nation in legislation against this practice, which is a lie. I know for a fact that they have been banned in some state(s) and our accomplishments have been a joke. To my understanding it has been mandated that the callers must not use deceptive practices in identifying themselves, a lot of good that will do against the most deceptive and desperate people in the industry. In a recent loan application, I must’ve received 40 calls in about 2 days. Some callers have identified themselves as loan officers that work for companies that are represented / owned by board members of WAMB, and I am supposed to believe that every effort has been exhausted to impede this practice? Seems more like it has been protected than impeded.
Rumor has it that WAMB is a good ol’ boy club. I am not one that puts much value in rumor, but it seems suspect when I see the former president of WAMB win the Loan Officer of the year award. He may very well deserve it with all due respect to him. It doesn’t make me feel any better when I pay $450 dollars a year for the purchase of a plaque so he can tell my clients that he is a better L.O. than me. I have a hard time supporting this and I didn’t vote for him. I didn’t even know there was an election. I plead ignorance in this case, but what makes loan officer of the year? I’m sure it has something to do with being an active member of WAMB which is volintary duty and a privlage in itself. I dont know, but strongly suspect past Loan Officers that have recieved this award were also board members.
I am also appalled that all this bad press that we receive making false accusations that we steer clients into high priced loans with out any proof and WAMB has done absolutely nothing about this. There are no statistics that verify how or why people have lost their homes, divorce, death, illness, job loss, fraud ( by the client) the price of gas, price of food, credit card payments doubling . Not to mention that it has never been verified if these loans were done by Brokers or internal loan officers at lenders. I would like to know why a class action law suit has not been initiated against the Journal Sentinel for their slanderous and outrageous remarks. Bad press is confusing the general public and making the situation worse for the public by ruling out viable options because reporters need a juicy story. Bob Moore of Fox 6 ran a story on the news about the mortgage crisis and sub-prime loans. He claimed that he had friends that did sub-prime loans and refused to come on camera. I emailed him eager for an interview to set the story straight and received no response.
It’s my opinion that WAMB is failing miserably and on its current course will not prevent our demise. Losing members and members losing faith is a testament to this. All loan officers in the state should automatically be members. In a previous letter that was emailed to me from WAMB that was going to DC stated that Wisconsin has 6000 L.O.’s and 1000 members of WAMB. This does not sound impressive in any way. In an industry that is rapidly changing, we have an association that is not changing rapidly enough. What do my fees contribute to? Can WAMB lower the fees to get more people involved and make it beneficial to all parties? I have contributed 2 years and have only ever received calls looking for membership fees, not opinions or concerns. Board member or appointees should be visiting the people they want support from instead of having golf outings. Reaching out to the very people they want support from. If they don’t have time for this, they shouldn’t be in office.
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mantixmortgage
2541 Posts |
Posted - 05/15/2008 : 9:01:49 PM
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| too....many....words........ |
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GWaldkirch
86 Posts |
Posted - 05/15/2008 : 9:06:41 PM
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| Then.........dont .............read ...................it |
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syndicator
88 Posts |
Posted - 05/15/2008 : 9:10:42 PM
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| Bad press. The Illinois Association of Mortgage Brokers (IAMB)changed their name to Illinois Association of Mortgage Profesional (IAMP). When I asked what was behind this change, in a nut shell they said the word broker is stigmitized". Which is true but they need to do more to help our industry, and set the record straight, this mortgage meltdown was not due solely based on a few brokers whom acted in their own interest. |
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clearwaterny
232 Posts |
Posted - 05/15/2008 : 9:10:46 PM
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| I read it and it's a really good. Now let's hope that this will help. |
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mantixmortgage
2541 Posts |
Posted - 05/15/2008 : 9:10:49 PM
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| i didnt but please dont mock me |
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assassin17
2898 Posts |
Posted - 05/16/2008 : 12:54:49 AM
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I called Mr. Moore at Fox 6 and he responded with a voice mail that said he was done with the story, but if he did more in the future he would talk with me.
To date, I have seen at least 10 more stories on Fox 6 complaining about mortgages, but he's never called me. The story I remember was "So-and-so lost her job and didn't pay the mortgage the mean ole broker put her into." Well, unless the broker was her employer I fail to see the connection, because it hadn't even adjusted yet! Here's a hint: GO FIND ANOTHER JOB!
He did a classic hit-and-run on Brokers and allowed ZERO of us to speak in his stories. WAMB has never said one word about any press in our State, they focus solely upon letting NAMB do the work while WAMB rakes in dough from licensing and electing Lender AEs as board members to allegedly represent brokers. |
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GWaldkirch
86 Posts |
Posted - 05/16/2008 : 07:35:14 AM
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| Thanks Clear........one can only hope |
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george-1st
118 Posts |
Posted - 05/16/2008 : 09:01:17 AM
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| Same thoughts about the Florida Association of Mortgage Brokers [FAMB]. I only get emails seeking membership, or emails to inform me when the next convention is going to take place. Worthless. |
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