The mortgage industry was bracing for Finreg implementation Friday but it was delayed by the efforts of NAMB, a mortgage broker lobby. Long story short, NAMB bought more time but their last appeal was denied this afternoon. It was a valiant fight, but the bank lobby is more powerful than the broker lobby, and new
NAMB
Not sure when but the National Association of Mortgage Brokers has changed the logo on their homepage to read “National Association of Mortgage Professionals,” but still with the NAMB abbreviation. And no press release (that we saw) to explain it. They’re a good industry group that fights for responsible mortgage loan originators, but as messengers
The National Association of Mortgage Brokers says new appraisal rules will cost consumers at least $2.8 billion in extra fees created by long delays (extended lock-in fees) and higher appraisal costs. New appraisal rules, called the Home Valuation Code of Conduct (HVCC), prevent loan originators from talking to appraisers. Here’s NAMB’s full memo on the