The Consumer Financial Protection Bureau's (CFPB) new rules on loan originator compensation will inevitably raise prices for consumers and harm small business, according to the National Association of Mortgage Brokers (NAMB). NAMB president Donald J. Frommeyer noted that the majority of the 10,579 mortgage brokers in the United States have five employees at most, and a large portion of the commission they receive on loans goes to paying overhead to operate their business.
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NAMB Calls for Review of QM Rule’s Impact on Small Businesses
The National Association of Mortgage Brokers (NAMB) is calling on the Small Business Administration to review the Consumer Financial Protection Bureau's (CFPB) new rule on qualified mortgages, saying the provisions might drive out smaller lenders.
Read More »The Bond Exchange to Offer Exclusive NAMB Mortgage Bonds
The National Association of Mortgage Brokers, NAMB, recently announced a partnership with The Bond Exchange to offer mortgage license bonds to all members and their companies. The Bond Exchange has a reputation for negotiating bond prices that are at least as low and sometimes lower than other bond issuers.
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