What Is the National Association of Mortgage Brokers?
The National Association of Mortgage Brokers (NAMB) is a professional association that represents the interests of mortgage brokers in the United States and promotes professionalism and ethical standards for its members. In addition to mandating that members adhere to a professional code of ethics, NAMB provides mortgage brokers with professional education opportunities and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
Understanding the National Association of Mortgage Brokers
The National Association of Mortgage Brokers (NAMB) was founded in 1973 and boasts a membership of more than 39,000. The NAMB bylaws outline a number of purposes of the organization, including the creation of opportunities to bring together professionals in the industry to network and discuss best practices. To that end, NAMB hosts one annual convention each spring and sponsors or co-sponsors several additional meetings throughout the year.
The organization also strives to collect and disseminate information about the industry to its members, in an effort to make them more productive. One example of this is a monthly survey it conducts of its membership, in which it asks members questions about the state of the industry, as well as asking them to describe obstacles to a healthier housing market.
The National Association of Mortgage Brokers also serves as a lobbying group for mortgage brokers, which will fight for the interests of the industry in Washington D.C. and in state capitals around the country. The NAMB also collects information about pertinent legislation under consideration and disseminates that information to its members.
There are five types of membership in the National Association of Mortgage Brokers. These include professional, professional-newly licensed, associate, and corporate memberships.
Priorities of the National Association of Mortgage Brokers
The NAMB has been active in pursuing the interests of the housing and mortgage finance industries since the bursting of the housing bubble in the late 2000s. That event ushered in the most important era of reform of the industry in decades, as Congress considered legislation to prevent another real estate crisis. The National Association of Mortgage Brokers weighed in on Dodd-Frank legislation, which made significant changes to housing finance through Title XIV Dodd-Frank. This section of the act set up new minimum standards for what sorts of mortgages could be originated. Dodd-Frank also established the Consumer Financial Protection Bureau, which was given wide latitude to regulate the practices of the mortgage finance industry, and levy heavy penalties on mortgage brokers in certain situations.