AIME Lobbying for Mortgage Brokers!

By Anthony Casa, Chairman of AIME

When I took the stage at AIME Fuse a couple weeks back, I made a big promise.

 I told the 2,000+ mortgage brokers in attendance that AIME was going to do something that had not been done before in the mortgage industry – we were going to take our “Brokers Are Better” mentality on the road to somewhere it could make an unprecedented difference: Washington, D.C.

 I said that AIME would begin lobbying on behalf of mortgage brokers effective immediately – even despite, just one year earlier, saying that we would not get involved in such a thing.

 Well, just like with any loan originator, processor or mortgage company, one of the biggest keys to sustained success in the mortgage business is adaptability to change and an open mind. The industry is too fast paced and subject to many external influences to maintain a one-track mindset.

Over the last year, I learned that lobbying is a necessity if we want to initiate and continue the type of change that protects independent mortgage brokers. Despite some organizations saying in the past that they have lobbied on behalf of mortgage brokers, it has become abundantly clear over the last 12 months that no one has been looking out for brokers.

Regulated elements that our relevant to our profession, like L.O. compensation and tax law (as small business operators), are a really big deal. And the only way we can ensure that a broker-friendly business environment is strengthened and upheld is by lobbying in Washington.

Our lobbying efforts began yesterday as we hosted Congressman Steve Stivers, a member of the U.S. House Committee on Financial Services and Ranking Member of the Subcommittee on Housing, Community Development, and Insurance, at our AIME office in Philadelphia. The Financial Services Committee oversees banking, insurance, real estate, public and assisted housing, and securities. It also reviews housing and consumer protection legislation and has jurisdiction over Fannie Mae and Freddie Mac, the Federal Deposit Insurance Corporation, the U.S. Department of Housing and Urban Development and the Federal Reserve Bank.

In short, Mr. Stivers is a great person to open a dialogue with and explain the goals that mortgage brokers hope to achieve when best-serving consumers. That is just the beginning, as we have upcoming engagements scheduled with other high-level politicians.

Additionally, in the foreseeable future, AIME’s Government Relations Counsel, Matt McGinley, will host bi-weekly conference calls with the newly formed AIME Advisory Council to discuss legislative priorities, areas of focus, how pending and new legislation impacts our members, and to establish a consistent dialogue between our members and our lobbyist.

Current members of the AIME Advisory Council include:

 · Christopher Griffith, Owner at Debt Does Deals, Texas

· Dan Lourenco, Mortgage Broker at Mortgage Navigators LLC, Colorado

· Melinda Payan, Owner at The Truth About Lending

· Brendan McKay, Owner at McKay Mortgage Company, Maryland

· Matt Oliver, Mortgage Broker at Lund Mortgage Team, Arizona

· Evan Wade, Owner at Philadelphia Mortgage Brokers

· Isabel Williams, Mortgage Broker at We Save Loans, Florida

Additional Advisory Council members to be named later...

In addition to the bi-weekly conference calls with the AIME Advisory Council, McGinley will be hosting a webinar once a month (open to all AIME members) to provide a monthly update to all of our members on legislative efforts being made on behalf of AIME, any grassroots efforts requiring member support, to cover feedback shared by the AIME Advisory Council, and do a Q&A with all who are in attendance.

 We’re excited to kick off of expanded lobbying efforts, and I want you to know and feel confident in how driven we are, as an organization, to fully protecting and supporting the independent mortgage broker channel.

 Please stay tuned over the coming weeks and months as we ask our members to support the cause by reaching out to their elected officials with relevant and appropriate calls to action.