The association head outlines a number of key focus areas
It’s long been a focus for the National Association of Mortgage Brokers (NAMB) – and helping push forward legislation to ban trigger leads remains a key priority for the organization, according to its president.
Speaking this week with Mortgage Professional America, Valerie Saunders (pictured top) underlined NAMB’s continuing commitment to eradicating the practice, which involves the sale by credit bureaus to data brokers of leads signaling a consumer’s interest in applying for financing.
A bipartisan bill advanced by Senators Bill Hagerty and Jack Reed would require third-party consent for a credit agency to advertise those leads to interested parties.
Saunders said the association remained optimistic the legislation would be added to the Senate’s National Defense Authorization Act (NDAA) and picked as an amendment in the House, which already passed the bill earlier in the summer.
Even if that doesn’t transpire, “we’ll continue to work on trigger leads,” Saunders said. “If it passes this year, great – if it doesn’t, we’ll work on it in the next congressional session that starts in January.”
Strategic sponsorships a key focus
Saunders also noted the association’s recent emphasis on bringing strategic sponsorships with benefit providers to the table, adding value and offering discounts to members, with over 25 coming on board.
That’s included discounts on Wi-Fi and cell service through AT&T, discounts on office equipment through HP, and other offers on compliance, marketing, licensing, software and education. “We’ve really tried to make sure that we’re mindful of what our members and the industry is going through,” Saunders said.
“We continue, as an industry, to need to be mindful of our expenses and who we’re doing business with, so that’s a big part of what we’ve focused on.”
As Saunders outlined in a recent MPA Talk podcast, strategic relationships with like-minded associations have also been top of mind for NAMB in 2024. It’s entered partnerships with the National Association of Minority Mortgage Bankers (NAMMBA) and 10K Minority Appraisers Foundation, with further announcements on new alliances expected.
Educating borrowers on an increasingly complex mortgage market and economic environment has been a significant concern for brokers throughout 2024, with the shifting landscape continuing to present challenges and opportunities in equal measure.
That educational tilt is equally prominent at NAMB, particularly on the coming renewal cycle., while the association is also set to host its annual conference at Caesars Palace in Las Vegas from October 18-21. A “robust” speaking session agenda is lined up, Saunders said, with two certifications available at the conference and a sold-out exhibit hall set to welcome over 115 exhibitors and sponsors.
What’s in store for the market in the remainder of 2024?
Preparations for the fall market have been boosted in recent weeks by falling mortgage rates in advance of an expected interest rate cut by the Federal Reserve at its next meeting, scheduled to take place next week (September 17-18).
Marty Medve of Trident Home Loans noted that the market reacted sharply three weeks ago, anticipating Fed rate cuts due to low inflation and a misrepresented jobs report.
— Mortgage Professional America Magazine (@MPAMagazineUS) September 11, 2024
Read more: https://t.co/HOcrFfyjSx#marketupdates #economicoutlook
That likelihood, and the expectation of further cuts in the coming months, could spell plenty of opportunity ahead for brokers, according to Saunders. “We should be starting off 2025 with a really good position in our interest rates,” she said, “and of course, it’s always a great time to refinance if that’s something that a consumer would find beneficial.”
November’s looming presidential election has thrown each candidate’s policies on the housing front into sharp focus, with Saunders welcoming conversations around improving homebuying prospects and the affordability outlook for Americans.
Strong housing policy is a core interest of NAMB. “We as an association are very focused on housing – making homes more affordable, making lending opportunities more available,” Saunders said.
“We have a lot of millennials who are entering into that first-time homebuyer market, and so anything that can be done to make it more palatable for people to transition from being a renter to a homeowner and investing in their future, building equity and wealth through homeownership, is something that we hope happens with whoever wins.”
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