urged mortgage brokers
to get more involved if they want to see the CFPB change compensation rules.
NAMB Government Affairs chair Rick Bettencourt, speaking at the association’s annual conference, said the CFPB wasn’t taking brokers seriously because they weren’t making their voices heard.
“We have 5,300 members, and we recently did a survey where we went out to our members and we got 75 responses,” Bettencourt said. “That’s pretty bad.”
Well, that certainly got MPA readers talking.
“75 responses from 5,300 members!? This speaks loud and clear. Mortgage brokers have always been and always will be complacent and LAZY!!!” wrote MPA reader Michael. “They just will NOT get involved, they want someone else to do it for them. This has been their history during the 30 years I have been in this business. I hate to say it but the questions I heard from those attending the Las Vegas convention were an embarrassment! Questions that only demonstrated that all too many in this industry DO NOT know the rules that regulate us, and do not know product guidelines. Many of the statements made by these attendees, and sadly some of the speakers, demonstrated that many of them are still operating on the dark gray side of honesty, integrity, and ethics.”
But other readers defended brokers.
“A level playing field would be nice, by requiring the banks and credit Unions to disclose their (compensation) on the GFE & TIL!” wrote Mortgagedan. “Although, now that I think about it, customers may see those huge numbers and run away, in favor of us ‘tricky’ brokers.”
“What can I say....Small broker originators do not have the financial strength and clout, that which bankers and banks enjoy,” wrote Mary. “Both Institutions have beaten the broker/originator down so hard and for so long that the public perception of our industry is very negative.”
What do you think? Is it a case of lacking the ability to be heard, or lacking the willpower? Has the industry gotten too lazy to defend its own interests? Let us know your thoughts in the comments below.
On Monday, an industry leader