obviously lack the political sway the big banks enjoy, but that just means more unity is needed among the smaller players to improve their collective clout.
"I've been an IMB for the past 30 years," Bill Cosgrove, CEO of Union Home Mortgage Corp., told the Mortgage Bankers Association. "We are reaching a tipping point. In the next five years, with everything going on in Washington, we are either going to be winners or losers."
Cosgrove approached The Mortgage Bankers Association five years ago with a plan to organize an independent mortgage bankers conference. The idea was executive, and the first conference drew 200 attendees.
This year’s – which took place last week in Nashville – attracted over 700 mortgage players.
The current state of regulation was a hot topic at the conference, with the CFPB being one of the main targets.
"We continue to need clarity," MBA Chairman Bill Emerson said. "The [Consumer Financial Protection Bureau] has decided to do more compliance through enforcement. We need clear rules; but that is not happening. We have a business that has been shaped by 20 years of rulings and policies that have been turned on their head. We need clarity."
Emerson argued the industry needs a stronger, unified voice to ensure mortgage originators are being properly represented and listened to by the government.
"As IMBs your business is on the line every day," Emerson said. "As IMBs your business is impacted by what happens on Capitol Hill. More needs to be done. We need to understand the impact of your voice in Washington. We need to let legislators and regulators know about the positive impact you have every day on your communities. We need to have a stronger voice; we need to be more engaged."