Mortgage Brokers Respond to Today’s Congressional Hearing

Mortgage Brokers Respond to Today’s Congressi

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i want management level
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Mortgage Leadn Processi

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Mortgage Brokers Respond to Today’s Congressional Hearing

Mortgage Brokers Respond to Today’s Congressional Hearing On “Mortgage Fraud and its Impact on Mortgage Lenders”
A Statement by NAMB President Bob Armbruster

October 7, 2004 – “The National Association of Mortgage Brokers (NAMB) applauds Congress in its efforts to determine the impact of mortgage fraud on not only consumers and the mortgage industry, but our nation’s financial institutions. We commend law enforcement and Congress for working diligently to shed light on this important issue.

NAMB is concerned about the proliferation of mortgage fraud. Mortgage fraud hurts everyone. Those who perpetuate such schemes ultimately increase costs for consumers and taint our entire industry. These criminals should be brought to justice. We advocate protecting consumers through stronger enforcement of current laws and the enactment of a uniform federal lending standard that combats abusive lending and improves the overall competency of the mortgage industry.

NAMB believes legislation that would create a nationwide registry for all mortgage originators will help eliminate fraud in the marketplace. Such a registry will give mortgage professionals an avenue to report unscrupulous actions and eliminate bad actors for our business. NAMB’s best lending practices and code of ethics holds its members to a higher standard, ensuring consumers are treated fairly.”

The National Association of Mortgage Brokers is the voice of the mortgage broker industry with more than 24,000 members in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage broker industry, which originates two of every three residential loans in the United States.

NAMB
8201 Greensboro Dr. #300
McLean, VA 22102

Source: 10/07/2004 MMag 410_027
Company: National Asso of Mortgage Brokers
Contact: Karen Tyson , karen.tyson@namb.org , Phone: (703) 610-0260

Mortgage Mag
San Antonio, Texas 78255
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