NAIHP president announces Congressional run

by Ryan Smith08 Jan 2014
The president of a nationwide mortgage industry group has announced that he will run for Congress.

Marc Savitt, president of the National Association of Independent Housing Professionals, has announced his candidacy for the 10th District of Virginia. The seat is currently occupied by 17-term Congressman Frank Wolf, a Republican. Savitt will formally file for the Republican nomination within the next few weeks, according to a statement released today.

Savitt, a mortgage broker, has been one of the leading voices for the industry for the last 15 years, having served as president of both the National Association of Mortgage Brokers and the NAIHP. He’s been invited to testify before Congress numerous times and has met frequently with regulatory agencies to represent the interests of the mortgage industry.

“In my 15 years in Washington, I’ve met with the FHFA at least a dozen times. On several occasions, I’ve also met with the FDIC, HUD, the White House and the National Economics Office,” Savitt said. “As to the new regulator, the CFPB, I’ve had no less than 25 meetings. I’ve had two face-to-face meetings with the director, Richard Cordray. … Keep in mind, I’ve been doing this since Clinton was in office. There are probably not many agencies that I haven’t met with.”

Savitt said his focus in Congress would be on helping small businesses, particularly with issues related to over regulation. For the mortgage industry, he said, that means pushing for equal compensation disclosure.

“I would be pushing for small business and the consumer. The best way to achieve that is equal disclosure,” Savitt said. “…If you give the consumer all the information up front, and everybody discloses the same way – mortgage brokers and big banks – that’s going to be good for the consumer.”

Savitt said pushing to help small business also meant making sure individual consumers were getting a fair shake.

“I believe the most important issue for individuals is their own personal economy,” he said. “When Clinton was running for president, what did he say? ‘It’s the economy, stupid’ – and he was on target. The average person wants a good job so they can support their family. If their hot water heater goes, they don’t want to have to make a choice between repairing it and putting food on the table or making their mortgage payment. … As someone with a track record for solving problems, I’ll reach out to all my colleagues, regardless of party, for the benefit of all Americans.”


Should CFPB have more supervision over credit agencies?