NAMB President Invites Consumer Reports Editors to See  How Industry Actually Works


Plano, TX, March 16, 2015: John Councilman, President of the National Association of Mortgage Brokers, has challenged the editors of Consumer Reports to spend some time with him “in the field” to see the real value mortgage brokers bring to the real estate transaction process. Councilman made the invitation following a recent article published in Consumer Reports that asserted potential homebuyers should avoid using mortgage brokers, shop for mortgages online, and deal directly with large banks.

The Consumer Reports article advised against the use of mortgage brokers while making unsubstantiated allegations of mortgage brokers steering consumers and not making the effort to find the best deal for the consumer. The NAMB has sought to publish a rebuttal on the Consumer Reports website, where the original article appeared, but have not received a response to date.

“In its March issue, Consumer Reports magazine recommended that borrowers not go to mortgage brokers. That is an amazing statement from a magazine that purports to be a resource for consumers.  The story is based on misinformation and outdated concepts.  In truth, recent surveys show consumers would have saved money, received better service, and had greater consumer protections had they gone to a mortgage broker rather than to one of the too-big-to-fail banks the story recommends. NAMB will not stand idly by while misleading information is spewed into the media, no matter what the source.” stated NAMB President, John Councilman.

“While it would be great to be able to trust all large banks, and to believe everything you read on the internet, we believe it makes infinitely more sense for a prospective homebuyer to work with a highly qualified and credentialed mortgage professional when purchasing a home,” said Councilman.

“I have not heard of any government actions taken against brokers who are violating the laws referred to in the unfortunate Consumer Reports article, but there have been severe sanctions and huge fines imposed where lenders were allowing their retail originators to steer clients to more profitable loans,” added Councilman.

The National Association of Mortgage Brokers has proactively engaged in legislative and regulatory lobbying efforts to clean up the mortgage industry. As part of those efforts, mortgage brokers have advocated successfully for making their profession the most highly qualified in the mortgage origination process.

“Consumers should be aware that bank originators are not licensed, tested, or required to have the same amount of education as non-bank originators,” said Councilman. “They have even less stringent criminal background standards.”

“The leadership of NAMB and I are willing to host the editors of Consumer Reports in seeing how it really works out in the field and we also hope they will publish our rebuttal to the ill informed piece they published in the March issue of their publication,” concluded Councilman.

To read John Councilman’s full response to the Consumer Reports article please follow this link:  Consumer Reports Gives Bad Mortgage Advice

To read the Consumer Reports article please follow this link:




About NAMB – The Association of Mortgage Professionals:

Since 1973, NAMB-The Association of Mortgage Professionals has been the voice of the mortgage broker industry, representing the interests of mortgage professionals and homebuyers. Its mission is to promote the highest degree of professionalism and ethical standards for members through programs and services such as education, professional certification and government affairs representation. In addition, NAMB members subscribe to a specific code of ethics and best lending practices that foster integrity, professionalism and confidentiality when working with consumers. For more information, visit Follow NAMB @NAMBpros



Monday, March 16

What a week this has been. Business is really getting better and I am looking at a lot of customers getting pre-approved for new home purchases. It looks like 2015 is off to a great start for the mortgage business. If you are not busy, you need to get out there and start visiting real estate brokers and agents and expand your sphere of influence. In my opinion, rates are good and this is an excellent time to refinance and buy that new home.

We held a NAMB Delegate Council meeting this past week and I must say, I was a little disappointed that we didn’t have more people on the conference call. All of the states have the ability to have 2 delegates attend the meetings, either in person at the 2 meetings we have annually or on the teleconferences scheduled at other times. I hear that the reason some states do not attend the in person meetings is because of cost, but a teleconference? It is only about time invested. We should have had over 100 people on the call and we only had 38 plus Board Members. States need to devote time for this meeting and those chosen to represent their states need to take this seriously. NAMB Delegate Council is the way that NAMB keeps the states involved and provides a conduit for the states to communicate with NAMB. Even if you do not have a state association, get the NAMB members in your state together and elect 2 people to represent you in the meeting. It is not a waste of time. You pay your dues to have a voice and you should demand this of your state or other state members. And if no one wants to do it, step up and do it yourself. It is very hard to conduct business is no one attends and asks the questions and add your input. If your state does not have an association please contact me at and I’ll be happy to provide you with the contact information of other NAMB members in your state. Together we can make a difference!

Valerie Saunders and her NAMB Bylaws Committee are in the process of updating them to reflect up and coming changes. To pass these, we need our NAMB Delegate Council to approve them so we can take them to the NAMB membership to approve them them. That will happen with a discussion at the NAMB Regulatory and Legislative Conference (for more information on this conference please CLICK HERE ) in April and to the membership at NAMB-National in Las Vegas in October (for more information on NAMB-National please CLICK HERE ). So if you are feeling like you are not being represented, talk with your state leadership and hold them accountable for their attendance. It is your right as a State member and a member of NAMB.

Some startling information this week was that we received a list of new state members from a state of 46 new members. That was great, but only 3 were adding NAMB with their membership. I am asking that every state promote the ability to join NAMB with their state membership. NAMB sends all new members that sign up on the NAMB website for NAMB, information on joining the state they live in. We need the states to be equally pro-active in promoting that new state members concurrently join NAMB with their state membership. I thank you in advance for your support on this issue.

Next weekend is the first NAMB Wholsale Summit in Orlando, Florida. We have 15 wholesale lenders and 1 compliance company participating with over 60 people attending. Our agenda is to grow market share for wholesale lending, compliance and profitability while concurrently working on ways to improve how mortgage brokers and correspondents do business with wholesale lenders. It is going to be a very intense and comprehensive day working together for you. So next week, make sure you read my Monday Morning Messenger for information on this outstanding event and what went on. My thanks to Joel Berman of the National Mortgage Professional Magazine and Vince Valvo of Agility Resources for all of their help in putting this summit together.

As I stated last week, the NAMB Nominations have been extended to April 3, 2015. One of the reasons is that we have scheduled a training class to take your CRMS (Certified Residential Mortgage Specialist) and CMC (Certified Mortgage Consultant) test. If you are going to do this, please go online into the certification area of our website and print out the requirements and application and get this completed to make sure you qualify. Then you take the class during the NAMB Legislative and Regulatory Conference scheduled for Saturday 4/11/14 to Tuesday 4/14/15 in Washington, D.C. (for more information on this conference please CLICK HERE ) then schedule to take the test. I took this class years ago and I assure you that it will help you understand what is on the test and what information you need to study to pass the test. So don’t wait. Go complete that application and submit it today so you are ready to take that class. For more information on CRMS and CMC exams please CLICK HERE.

There is still time to get your name into the NAMB Nominations Committee to be considered for election to the NAMB Board. We need good people. We currently have 9 people that have submitted their names for the positions that are open. The nomination form can be completed by you. For the nomination form please CLICK HERE. Please scan and e-mail me the completed form at and I will get you on the list. You will get a letter from me after nominations close and will have until May 1, 2015 to get me all of the required documents to be considered by the NAMB Nominations Committee.

I was given some interesting information this week about our FaceBook results. We have had a 3000% increase in our Facebook looks and this is great. Please continue to follow all of our social media areas for the most up to date information on what is going on in our industry today.

I would be remiss if I didn’t wish everybody a safe and enjoyable St. Patrick’s day. Being part Irish myself, I plan on enjoying a little of my heritage with my wife. So go have some fun, but be careful. Do not overdue it and get yourself in trouble. I want to make sure that you are around to get my MMM next week. Be safe!!!

Just a reminder if you are renewing your membership, don’t forget to go and renew your NAMB Lending Integrity Seal of Approval. Please CLICK HERE for more information.

It has to be renewed every year when you renew your membership. Here is hoping that you all have a great week this week in business. And just a THANK YOU to all of our members. You really are the lifeblood of the mortgage industry and we appreciate your membership.

Until next week!

Donald J. Frommeyer, CRMS, CEO
NAMB—The Association of Mortgage Professionals



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State Capitol - Long

CAMP State Lobby Day


Tuesday, May 12, 2015

Sacramento, California



A one-day event open to all CAMP members.


Why Lobby Day? Formal lobbying is more than just advocating for favorable outcomes, it is about educating those who make decisions that affect us.


Lobby Day participants will be briefed by CAMP’s Advocacy Team in the morning, covering all topics and questions relative to our activities at the State Capitol. Following lunch, participants will take the short walk to the State Capitol for pre-arranged meetings with the State Legislators that represent your jurisdiction. By meeting with the Senators and Assemblymembers that represent your district, you are showcasing the work of your profession in the community, while forging important relationships. 


Schedule of Events

May 12, 2015

8:30am – 9:00am Check-In & Coffee Available

9:00am – 11:30am Legislative Briefing

11:30am – 12:30pm Lunch & Group Strategy

12:30pm – 4:00pm Prearranged Meetings in State Capitol

4:30pm – 5:00pm Debriefing


If you have any question please feel free to contact Kelly Sherfey at or 916.448.8236.



NAMB Annual Legislative and Regulatory Conference

Saturday, April 11 – Tuesday, April 14, 2015

Register Now

Come help us fix some of the problems written into Dodd/Frank.  This is important to every originator, mortgage lender and especially mortgage brokers.  We need a large turnout to march on Capitol Hill with an agenda that is good for industry and consumers.  No consumer should be forced to pay more a mortgage simply because of poorly drafted legislation.  The dates are April 11-14, 2015 at the Hyatt Place hotel in Washington, DC.  This is a beautiful, brand new hotel that is convenient to Capitol Hill and federal agencies. Make your flight plans and reservations early because this could sell out. You also need to start contacting your member of Congress to get an appointment. Please don’t delay register today. For additional information on this conference please click here.

California Association of Mortgage Professionals | 1022 G Street | Sacramento | CA | 95814




NAR Study Finds Millenials LeadAll Current Homebuyers

Wednesday, March 11, 2015 – 17:28

Despite the economic and financial challenges young adults have braved since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent homebuyers and sellers. The survey additionally found that an overwhelming majority of buyers search for homes online and then purchase their home through a real estate agent, with millennials using agents the most.

For the second consecutive year, NAR’s study found that the largest group of recent buyers was the millennial generation, those 34 and younger, who composed 32 percent of all buyers (31 percent in 2013). Generation X, ages 35-49, was closely behind with a 27 percent share. Millennial buyers represented more than double the amount of younger boomer (ages 50-59) and older boomer (60-68) buyers (at 31 percent). The Silent Generation (ages 69-89) made up 10 percent of buyers in the past year.

“Over 80 percent of millennial and Gen X buyers consider their home purchase a good financial investment, and the desire to own a home of their own was the top reason given by millennials for their purchase,” Lawrence Yun, NAR chief economist said. “Fixed monthly payments and the long-term financial stability homeownership can provide are attractive to young adults despite them witnessing the housing downturn and subsequent slow recovery in the early years of their adulthood.”

With millennials entering the peak buying period and expected to soon surpass boomers in total population, Yun believes the share of millennial purchases would be higher if not for the numerous obstacles that have slowed their journey to homeownership.

“Many millennials have endured underemployment and subpar wage growth, and rising rents and repaying student debt have made it very difficult to save for a downpayment,” said Yun. “For some, even forming households of their own has been a challenge.”

According to the survey, 13 percent of all home purchases were by a multi-generational household, consisting of adult siblings, adult children, parents and/or grandparents.

The biggest reasons for a multi-generational purchase were cost savings (24 percent) and adult children moving back into the house (23 percent). Younger boomers represented the largest share of multi-generational buyers at 21 percent, with 37 percent of those saying the primary reason for their purchase was due to adult children moving back into their house.

“Even though the share of first-time buyers has fallen to its lowest level since 19871, young adults in general are more mobile than older households,” said Yun. “The return of first-time buyers to normal levels will eventually take place in upcoming years as those living with their parents are likely to form households of their own first as renters and then eventually as homeowners.”

The median age of millennial homebuyers was 29, their median income was $76,900 ($73,600 in 2013) and they typically bought a 1,720-square foot home costing $189,900 ($180,000 a year ago). The typical Gen X buyer was 41-years-old, had a median income of $104,600 ($98,200 a year ago) and purchased a 1,890-square foot home costing $250,000 (same as last year). Seventy-nine percent of all buyers considered their home purchase a good financial investment, with millennials (84 percent) and Gen X (82 percent) having the highest share, followed by younger and older boomers (both 77 percent), and the Silent Generation (72 percent).

Generation X buyers (68 percent) were the most likely to be married, younger boomers had the highest share of single female buyers (23 percent), and millennial buyers were more likely (compared to other generations) to be an unmarried couple (14 percent).

When asked about the primary reason for purchasing a home, a desire to own a home of their own was highest among millennials at 39 percent. Younger boomers were the most likely to buy because of a job-related relocation or move, and a change in a family situation—likely the birth of a child—was the highest (13 percent) among Gen X buyers. Older boomers (at 15 percent) were the most likely to buy because of retirement.

Regardless of their age, buyers used a wide variety of resources in searching for a home, with the Internet (88 percent) and real estate agents (87 percent) leading the way. Millennials were the most likely to use a real estate agent, mobile or tablet applications, and mobile or tablet search engines during their search; Gen X buyers were the most likely to use an open house.

Although the Internet was the top source of where millennials found the home they purchased (51 percent), they also used an agent to purchase their home at a higher share (90 percent) than all other generations.

NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says the survey results highlight the fact that while the Internet is widely used during the home search process, the local market knowledge and expertise a Realtor provides is both valued and highly sought by buyers of all ages.

“Nothing can replace the real insights and guidance Realtors® deliver to help consumers navigate the complex buying and selling process,” said Polychron.

Although most purchases by all generations were in a suburban area, the share of millennials buying in an urban or central city area increased to 21 percent in the past year (19 percent a year ago), compared with only 12 percent of older boomers (unchanged from a year ago). Older boomers and the Silent Generation were more likely to buy in a rural area (18 percent each). Buyers’ median distance from their previous residence was 12 miles, with older boomers moving the furthest at a median distance of 30 miles.

The majority of all buyers (79 percent) purchased a detached single-family home. Gen X buyers represented the largest share of single-family homebuyers (85 percent), and the Silent Generation was the most likely to purchase a townhouse or row house (10 percent). A combined 7 percent of millennial buyers bought an apartment, condo or duplex in a building with two or more units.

Among the biggest factors influencing neighborhood choice, millennials were most influenced by the quality of the neighborhood (75 percent) and convenience to jobs (74 percent). Convenience to schools was most desired by Gen X buyers and proximity to health facilities by the Silent Generation.

Millennials plan to stay in their home for 10 years, while the baby boom generation as a whole plans to stay for a median of 18 years.

NAR’s study found that 88 percent of all buyers in the past year financed their purchase. Millennials (97 percent) and Gen X (96 percent) were more likely to finance than older boomers (72 percent) and the Silent Generation (61 percent). The median downpayment ranged from 7 percent for millennial buyers to 20 percent for older boomers.

Younger buyers who financed their home purchase most often relied on savings for their downpayment, whereas older buyers were more likely to use proceeds from the sale of a primary residence. Younger buyers also were more likely to receive a gift from a relative or friend, typically their parents, cited by 25 percent of millennials and 15 percent of Gen X.

Twelve percent of all recent buyers had delayed their home purchase due to outstanding debt. Among the 22 percent of millennials who took longer to save for a downpayment, 54 percent cited student loan debt as the biggest obstacle – down slightly from 56 percent a year ago.

Younger buyers were more likely to finance their purchase with a low downpayment Federal Housing Administration (FHA)-backed mortgage, whereas older buyers were more likely to obtain a mortgage through the Veterans Affairs loan program.

Gen X homeowners represented the largest share of sellers in the past year (27 percent), followed by older boomers (23 percent) and younger boomers (20 percent). The older the seller, the longer he or she was in the home. Millennials had been in their previous home for a median of five years, while older boomers and the Silent Generation stayed for 13 years.

Younger sellers were more likely to need a larger home or move for job relocation. In comparison, older buyers wanted to be closer to family or friends, said their home was too large, or were moving due to retirement.

The survey additionally found that Gen X sellers were the most likely to have wanted to sell earlier but were stalled because their home had been worth less than their mortgage (23 percent compared to 16 percent for all sellers).

Sellers moved a median distance of 20 miles, with boomers and the Silent Generation moving further distances and downsizing to a smaller-sized home.

A combined 60 percent of responding sellers found a real estate agent through a referral by a friend, relative or neighbor, or used their agent from a previous transaction. Eighty-three percent are likely to use the agent again or recommend to others.

While all sellers wanted help in marketing their home to potential buyers, younger sellers were more likely to want their agent to help with pricing the home competitively or selling within a specific timeframe.

NAR mailed a 127-question survey in July 2014 using a random sample weighted to be representative of sales on a geographic basis. A total of 6,572 responses were received from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 9.4 percent. The recent homebuyers had to have purchased a home between July of 2013 and June of 2014. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent.


The CFPB identifies 6 compliance violation trends

Number three bodes ill for TILA-RESPA problems

March 11, 2015

The Consumer Financial Protection Bureau pulled back the curtain on what investigations go on inside the regulator and what mortgage violations the industry is likely to make.

The bureau’s seventh edition of supervisory highlights covers activities between July 2014 and December 2014, resulting in remediation of $19.4 million to more than 92,000 consumers.

“We are sharing our latest supervisory highlights report with the public so that industry can see trends, examine their own practices, and be proactive to make needed changes before consumers are hurt,” said CFPB Director Richard Cordray.

“The CFPB will continue to monitor both bank and nonbank markets to ensure deception is rooted out, deficiencies are corrected, remediation is given to consumers, and violations are stopped in their tracks.”

Although the bureau is willing to share findings from these examinations, it maintains the confidentiality of supervised entities.

In all cases where CFPB examiners find violations of law, they alert the institutions to their concerns and outline necessary remedial measures. The CFPB often finds problems during supervisory examinations that are resolved without an enforcement action.

Here are the six mortgage violations that the CFPB said it saw on one or more examinations:

    1. Loan originations cannot receive compensation based on a term of a transaction. Regulation Z prohibits a loan originator from receiving compensation based, directly or indirectly, on the terms of a consumer credit transaction secured by a dwelling.


  • Improper use of lender credit absent changed circumstances. Regulation X requires that a loan originator be bound, within the applicable tolerances, to the settlement charges and terms listed on the Good Faith Estimate provided to the borrower, unless a revised GFE is provided prior to settlement.



  • Failing to provide the Good Faith Estimate in a timely manner. Regulation X requires that a lender provide a GFE not later than three business days after it receives an application, or information sufficient to complete an application. Regulation Z also requires creditors, in certain mortgage transactions secured by a consumer’s dwelling, to provide a good faith estimate of the Truth in Lending disclosure not later than the third business day after the creditor receives the consumer’s written application.



  • Improperly using advertisements with triggering terms without the required additional disclosures. Regulation Z requires advertisements to include disclosures when certain triggering terms are advertised.



  • Adverse action notice deficiencies and failure to provide the notice in a timely manner. Regulation B requires a lender to notify an applicant of action taken within 30 days after receiving a completed application regarding the creditor’s adverse action on the application.



  • Deficiencies in compliance management systems. A sound and robust compliance management system is essential to ensuring compliance with federal consumer financial law and preventing associated risks of harm to consumers.



Click here for the full report, which also delves into areas of payday lending, overdraft practices and student debt violations.







Michelle’s Echo


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Wednesday, March 11, 2015

It has been fun writing a weekly newsletter and sharing fufacts. I like to try to share information – probably useless but fun facts that you may not know. We all know that next Tuesday is Saint Patrick’s Day. A day that you get to pretend to be Irish, drink green beer, and eat corned beef but did you know that Saturday is National Pi Day (3/14 = the value of Pi)? Another fun day this month is Sunday – Everything You Think is Wrong Day or how about Monday – Everything You Do is Right Day? So don’t worry if you have a bad Sunday because life will be good on Monday!

We are always talking about changes that are coming up. Sometimes good but mostly stuff that makes you say, “Do I really want to continue doing this?” Many times, we think about what our exit strategy will be. On a positive note, it was reported last week that the CFPB will most likely modify its Qualified Mortgage rule if reform efforts for the nation’s housing finance system remain at a standstill. The part of the rule that may change is in regard to the carve out for Fannie and Freddie. With the legislators inability to advance GSE reform, the CFPB may reach the carve out deadline with no fix for the large amount of GSE backed loans that might lose their QM status. Click here for the full story: Full Story

You know there are big changes coming up on August 1 with the integration of TILA- RESPA but do you know all the details of the changes? I read a lot of articles and I came across something that I think is important to share. You probably know the basic info about the changes but you probably don’t want to miss any important details. Click here to get more info and sign up for a free webinar: Webinar Information

On a lighter note, it seems that with all the changes going on loan officers are still satisfied with their jobs. I have seen a few articles that talk about how being a loan officer is one of the better career choices. Loan Officers ranked in the top 10 amongst the happiest careers in the United States! Click here to read more: Full Story

You may be aware that NAMB is holding a wholesale summit. They are gathering fifteen of the nation’s top wholesalers to discuss the direction and future of wholesale mortgage lending. They will spend the day exploring regulatory, legislative, marketing and compliance issues facing wholesalers and their clients. If you are a wholesaler and want to attend, Click here to register: Registration Information

NAMB is also seeking loan officers input with respect to what matters most to you and where you want to be in the mortgage industry. NAMB is looking to make things better for you. There is a 16 question survey that leaves room for comments. We have been advised that your personal information will not be shared with any of the wholesalers or any other third party. You may just fill in the state where you work if you wish. National Mortgage Professional Magazine is offering a free subscription delivered to your door each month (a $59.95 value) for those who provide their address information. Click here to respond to the survey: Participate in the Survey

Legislative Update:

CAMP has given our support to H.R 650 – Preserving Access to Manufactured Housing Act of 2015. Manufactured housing has come a long way with respect to the features and benefits it provides homeowners. They now seamlessly blend into any market or neighborhood. The Dodd/Frank Act regulations mistakenly result in manufactured homes becoming less available as an affordable housing option. H.R. 650 clarifies the difference between manufactured housing manufacturers and loan originators, and insures that low-dollar manufactured housing loans are exempt from HOEPA standards.  View CAMP’s Letter of Support

Join CAMP as we travel to Washington DC for the 2015 NAMB Legislative Conference. The room block has been extended until this Friday, March 13, 2015. If you decide to attend, let us know by sending an email to Kelly Sherfy at so she can set appointments for you. Your CAMP and NAMB Government Affairs committees are working hard on talking points for the NAMB Legislative Conference. We will help you with talking points and you would not have to walk the halls alone. Mark your calendars for the NAMB Legislative Conference. It is amazing to get a chance to be a part of the legislative process. The conference will be April 12-14, 2015 and it will be held at the Hyatt Place.  Click Here to Register


Chapter Events





Greater Sacramento Chapter CAMP Presents Networking Mixer at Stones Gambling Hall on Thursday, March 12, 2015 from 4:00pm to 7:00pm at Stones Gambling Hall, 6510 Antelope Rd, Citrus Heights, CA. Go to for more information.

Silicon Valley CAMP Presents Secondary Markets with Rob Chrisman on Friday, March 13, 2015 from 8:30 to 10am at Three Flames Restaurant, Banquet Room 1547 Meridian Ave, San Jose, CA. To RSVP and more info, go to

San Francisco Peninsula CAMP Presents Tax & Financial Planning for Mortgage Professionals on Wednesday, March 16, 2015 from 4:30 to 7:30 at Dominic’s @ Oyster Point, 360 Oyster Point Blvd, South San Francisco, CA. Contact for more information.

East Bay CAMP Presents the annual Mortgage Marketplace on Thursday, March 19, 2015 from Noon to 6:00. They are offering several seminars as well as Marketplace Exhibits. You can contact their sponsors for a free pass code (Land Home Financial Services Wholesale Division, Freedom Mortgage, Guild Mortgage Company, National MI or Manhattan Financial Group). Click here for more info: Click Here


Greater Sacrament Chapter CAMP Presents Not Your Same Old VA Loans (Lunch and Learn) on Thursday, March 26, 2015 from 11am to 1pm at Sacramento Association of Realtors, 2003 Howe Avenue, Sacramento, CA. Click here Register

Greater Sacramento Chapter CAMP Presents the Annual Lender Fair with Rob Chrisman and Steve Richman on Thursday, April 16, 2015 from 4pm to 7pm at Sacramento Association of Realtors, 2003 Howe Avenue, Sacramento, CA. Go to for more info

Greater Sacramento Chapter CAMP Presents TRID – Train the Trainer with Ginger Bell on Thursday, April 23, 2015 from 9am to 11am at Sacramento Association of Realtors, 2003 Howe Avenue, Sacramento, CA. Go to or more info


CAMP Statewide Calendar

If you would like me to include upcoming events

please send me an email.

Until next week,


US justices side with DOL in mortgage broker overtime pay dispute

By: Associated Press March 9, 2015 11:58 am

WASHINGTON (AP) — The U.S. Supreme Court has sided with the Obama administration in upholding a rule making mortgage brokers eligible for overtime pay under federal labor law.

The justices unanimously agreed Monday to throw out a lower court ruling that faulted the administration for trying to change overtime rules without following proper procedures.

The case turned on rules put in place by the Department of Labor that would make the mortgage brokers eligible for overtime pay under federal labor law. The rules were changed twice in a four-year period that spanned the Bush and Obama administrations.

In 2006, the Labor Department said the mortgage brokers were like executives and thus not covered by the overtime provision. In 2010, the department reversed itself.



 March 6, 2015


To:All NAMB Members

From:Donald J. Frommeyer, CRMS

Nominating Committee Chair

Re:Call for NOMINATIONS for 2015-2016 Board of Directors

It is that time of year when NAMB must again ask their membership for Nominations to the Board of Directors for the year 2015-2016.  There are a several openings  that we must fill this year.  You must be a member of NAMB to be nominated.  The positions that are open:

President – Elect, Vice President, Secretary, Treasurer, (In order to be nominated for these positions, you must have served on the Board, in the capacity of a current Director or Past Director, for at least 1 year.

Director – To be elected to this position, you must be a member in good standing with NAMB, and hold a valid and active designation through NAMB. (CRMS or CMC)

Please click here and complete the nomination form and send it to me at and I will send the nominee the required documentation to send in.  The schedule for nominations is as follows:

  Nominations Open 02/12/2015

Nominations Close 04/03/2015

All completed forms, Resume, Picture and additional information must be submitted by 5/01/2015

Interviews for positions will begin around 5/15/2015

Nominations Ballot will be sent to the Membership for a Vote on Jun 12, 2015


The Newly Elected Board will be sworn in at NAMB National on October 18, 2015.

If you have any questions, please feel free to contact me at


 Donald J. Frommeyer, CRMS




2701 West 15th Street     Suite 536    Plano, Texas  75075     Phone 972-758-1151

 Please click here to be removed from this email list


Bill Introduced to Replace CFPB Director With Committee

Posted By Samantha Guzman On March 5, 2015 @ 12:39 pm

U.S. Representative Randy Neugebauer (R-Texas) introduced a bill this week intended to replace the director of the Consumer Financial Protection Bureau (CFPB [1]) with a five-member commission. He announced his plan to support legislation in his testimony [2] at a House Financial Services Committee (HFSC [3]) hearing held on Tuesday, March 3.

U.S. Rep. Randy Neugebauer [4]U.S. Rep. Randy Neugebauer

“As we approach the five year anniversary of the Dodd-Frank Act, which created the CFPB, now is a good time to reflect on the Bureau’s impact on the American consumer,” said Neugebauer, who will be the keynote speaker at the Five Star Government Forum [5] in Washington, D.C. on March 18. “Over the last several years, the Bureau’s actions and record have proven it can’t function in a sustainable manner. Perhaps, more than any other Washington agency, the CFPB has demonstrated a lack of transparency and a lack of accountability. It has proven it is susceptible to political influence – bringing into question its independence. This is all the more troubling because the Bureau has an important mission: to protect consumers.”

HFSC Committee Chairman Jeb Hensarling (R-Texas) warned of the overreach of the CFPB in his opening statement [6]at Tuesday’s hearing and showed support for a five-member committee.

“The CFPB undoubtedly remains the single most powerful and least accountable Federal agency in all of Washington. When it comes to the credit cards, auto loans and mortgages of hardworking taxpayers the CFPB has unbridled, discretionary power not only to make those less available and more expensive, but to absolutely take them away,” Hensarling said. “Consequently, Americans are losing both their financial independence and the protection of the rule of law.”

Neugebauer’s proposal would replace the CFPB director with a bipartisan, five-member commission appointed by the president for five-year terms, with no more than three from a single political party. According to the draft legislation [7], the CFPB would also be renamed as the “Financial Product Safety Commission” and would no longer be funded by the Federal Reserve, but by its own budget appropriation.

“The Bureau is fundamentally unaccountable to the president since the director can only be removed for cause. Fundamentally unaccountable to Congress because the Bureau’s funding is not subject to appropriations,” Hensarling said. “Fundamentally unaccountable to the courts because Dodd-Frank requires courts to grant the CFPB deference regarding its interpretation of federal consumer financial law. Thus, the Bureau regrettably remains unaccountable to the American people. That is why we need the CFPB on budget and led by a bipartisan commission; mere testimony is not the equivalent to accountability.”

Credit unions and organizations representing banks have expressed support for the bill as well. A letter signed by the American Bankers Association, American Financial Services Association, Consumer Bankers Association, Credit Union National Association, Financial Services Roundtable, Independent Community Bankers of America, National Association of Federal Credit Unions, and U.S. Chamber of Commerce spoke of their shared belief in Neugebauer’s plan.

“We believe that a five-member commission, as Congress originally intended, will better balance consumer access to financial products with the need to ensure a fair marketplace,” the bankers wrote in a letter on Wednesday. “In 2009, then-House Speaker Nancy Pelosi, then-House Financial Services Committee Chairman Barney Frank, and Ranking Member Maxine Waters led passage of legislation in the House with strong Democrat support to create a five-member commission to oversee the CFPB, which is nearly identical to what your legislation proposes to do.”

A similar bill was introduced in the House a year ago but it failed in the Senate. Last month, Senator Rob Portman (R-Ohio) revived legislation that would appoint an independent Inspector General to the CFPB in hopes to improve oversight. Representatives Steve Stivers (R-Ohio) and Tim Walz (D-Minnesota) revived a similar bill [8] last month in the House.

(Editor’s note: The Five Star Institute is the parent company of The MReport and



NAMB Annual Legislative and Regulatory Conference

Saturday, April 11 – Tuesday, April 14, 2015


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Come help us fix some of the problems written into Dodd/Frank.  This is important to every originator, mortgage lender and especially mortgage brokers.  We need a large turnout to march on Capitol Hill with an agenda that is good for industry and consumers.  No consumer should be forced to pay more a mortgage simply because of poorly drafted legislation.  The dates are April 11-14, 2015 at the Hyatt Place hotel in Washington, DC.  This is a beautiful, brand new hotel that is convenient to Capitol Hill and federal agencies. Make your flight plans and reservations early because this could sell out. You also need to start contacting your member of Congress to get an appointment. HOTEL ROOM RATES GO UP $100 MARCH 10th. Please don’t delay register today. For additional information on this conference please click here.

NAMB Government Affairs Team

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