2009-03-17housingwire.com

" The National Association of Mortgage Brokers is mad as hell, and they’re not going to take it anymore. At least, that’s the message that NAMB president Marc Savitt sent last week in responding to comments made by JP Morgan Chase & Co. (JPM: 23.59 +2.17%) CEO Jamie Dimon after the well-known banking CEO appeared to denigrate broker-based mortgage originations in a speech last week."



Comments:

mortgagemess at 12:03 2009-03-17 said:
LOL..where was NAMB when brokers were getting paid 20K commission from the front and back for a single loan!!!! They should direct some of that anger at themselves for being more worried about membership dues over the last fews years than about their members!!! Permalink
BIGTXLENDER at 12:20 2009-03-17 said:
what about realtors making 6%, is that fair? they dont do half the work a good LO does and the buyer ends up paying 6% more for a house not 6% more for a loan... Permalink
BIGTXLENDER at 12:21 2009-03-17 said:
what about realtors making 6%, is that fair? they dont do half the work a good LO does and the buyer ends up paying 6% more for a house not 6% more for a loan... Permalink
Do_the_math at 13:29 2009-03-17 said:
No doubt NAMB wasted a lot of time, money, and respect in trying to avoid regulation, disclosure, and fiduciary duty. However, now is the time for them to really earn their dues.

I'm glad to see NAMB get active about this. Hopefully, their legal team is researching antitrust laws to see if they can take action to stop Dimon from elbowing out brokers. Chase's comment about being able to handle 70% of US loan production with the acquisition of WaMU makes my blood run cold. JP Chase and other banks could easily weed out broker competition and gain market share by terminating TPOs.

This situation needs to be monitored closely. I encourage NAMB members to get on the phone or email ensure this remains NAMBs top priority. I also hope that they will start talks with the MBA to discuss reform. Permalink

Snets at 14:11 2009-03-17 said:
$20,000 commission!!! - I don't think I've ever got that much on a deal in 20 years of doing this Permalink
mattfoley at 17:15 2009-03-17 said:
So long brokers!

The banks never needed you in the first place, why would you think they need you now? Your arrogance and greed got your where you are.

NAMB? You think anyone is going to really put confidence in anything those fools have to say? Wow. Permalink

candleinthewind at 17:22 2009-03-17 said:
I agree that the NAMB has taken a passive approach up until now. All the comments posted here are true! Realtors make way more than they earn and I can't understand why the huge commissions they charge have not been investigated thus far. Or the Realtors that told clients that they can afford a bigger home so they can make a bigger commission and that the home would be worth 25% more in two years and to "just refinance" then. Those folks are so upside down now because of that. To add to the fire, Chase can make all the claims they want but the borrowers I have had in the past few weeks can't even get through to Chase and they are customers!! Permalink

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