Veteran: Mortgage industry needs to take notes from Realtors

by Justin da Rosa14 Dec 2015
The mortgage industry needs one united voice, according to one industry veteran who suggests taking a page out of another industry’s book.

“There are things outside the four walls of our respective companies and organizations that influence how we interact with customers and how we conduct business,” Bill Cosgrove, CEO of Union Home Mortgage and past chairman of the MBA, told Mortgage Professional America. “If we are able to better unite as one voice, it will help the industry and consumers.

“I think the industry is taking note and we need to take a page out of the playbook of Realtors.”
According to Cosgrove, mortgage bankers at all levels should be pushing for clearer guidance from the regulators – and one way of doing so is by better uniting as one to ensure all voices are heard.
And at least one industry association is making inroads in achieving that.

“It’s difficult to run an organization when you don’t have clear guidance from the regulators,” Cosgrove said. “The Mortgage Bankers Association is working with the CFPB to open up the dialogue so the industry has a better idea of what (the regulator) plans to enforce.”

This initiative will hopefully allow the industry to better prepare for any pending regulatory changes. And avoid any confusion brought on by new changes, as was the case for many originators with the recently implemented TRID.

“We would like more information prior to enforcement,” Cosgrove said. “We’re all assessing risk every day; there’s a lot to deal with and the more guidance from regulatory agents, the easier we will stay in the swimming lane of what is acceptable.

COMMENTS

  • by Anonymous | 12/14/2015 11:46:16 AM

    That sounds good on paper but it will never work until we, as an industry, stop being so antagonistic and combative towards each other. It is astonishing to me that after my 18 years in this business, every single mortgage officer, banker or broker, still views each other as a competitive threat. That is where we fail as an industry. The realtors are operating on a higher level of thinking in that regard. Somehow, during the course of their existence, they realized that they need to be collaborative and they all need to work together to get their voices heard. As a direct result, they now have one of the largest and most influential lobby associations in Washington.

  • by National Strike Supporter | 12/14/2015 12:34:08 PM

    EXCELLENT comment and points from Anonymous! It would be great if it could happen. I hope one day it will.
    The truth is that now that all the small players are knocked out of the game n only correspondents & big banks are left w little competition, they just do not want us uniting.
    They have us where they want us: underpaid n commission only since draws have to be paid back even if carried months, no real benefits unless your lucky enough to get medical, we have to pay for n bring our own leads, no expense reimbursement, no match 401k's , and much more work, time involved, effort, n way longer to get to closing - IF something doesn't kill your deal first. The smart, more experienced mortgage officers have had it. They are all trying to or have left the industry. You can't cut our pay down to netting about $15 per hour, if your lucky, and expect educated, knowledgeable people to continue to put up with SHIT. We, our time, and education are worth a professional salary just as an attorney, accountant, or a doctor. They need to realize it!

    A national strike with ALL of us coming together n walking out for a month or longer would send a huge message to the cheap execs holding all the money for themselves AND the government who forced all small players out n raised the cost to customers by sometimes double. I don't appreciate my 12 years of building a good, honest business being wiped out because it was small... or my income dropping to about $30k.

  • by | 12/14/2015 12:35:19 PM

    Correct does sound good on paper; but when you walk into that Keller Williams, Nothnagle office and they have your competitions Mortgage Bank flyers all over the place (including posters) you tend not want to get involved with that RE office and those who chooses to violate the law accepting kickbacks. Who needs that kind of fine and it seems these days it is not the RE office getting fined. When we can get these offices to understand that then let us know about your united voice....

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