Exclusive Offer from NAMB and Lowe’s!

NAMB and Lowe’s have joined together to offer customers of NAMB members an exclusive 10% discount on all Lowe’s products and services. To get discount information click here and enter in your NAMB membership ID number as well as your customers' information. (If you do not know your NAMB member ID number, you can get it by clicking here.) Once you have submitted this information, you will receive an e-mail with the coupon included. *Please note that this new benefit is only for loans closed in 2008. There is no cost to participate in this program.

Members will need your member number, which is located on your member card sent out in NAMB membership packets. If you cannot locate your member number on the card, please go to the NAMB Web site. Under "Membership" you can click "Get your member number," and enter your email.

MAMB Honors Homeowners Preservation Task Force, Several Others with 2008 Awards

In recognition of its efforts to protect and preserve homeownership for Maryland’s working families the Maryland Association of Mortgage Brokers (MAMB) has announced the Maryland Homeowners Preservation Task Force as its 2008 Legislative Award recipient. MAMB also honored several other professionals for their hard work and dedication to the industry. Click here to read more.

MAMB Legislative Report - March 2008

MAMB's Legislative Committee has been hard at work in Annapolis protecting the mortgage industry. Click here to take a look at a legislative update on the myriad of issues the profession has been facing during the 2008 General Assembly Session.

Maryland Association of Mortgage Brokers Adopts Revised Code of Ethics

Mortgage brokers and their loan originators who want to belong to the Maryland Association of Mortgage Brokers (MAMB) are going to be required to abide by a Code of Ethics and Professional Standards/Best Lending Practices or face removal from the Association, announced MAMB President Charles DiPino today. Click here for more details!

Click here to download the MAMB Code of Ethics

MAMB Code of Ethics Profiled in Baltimore Sun

HR 3915 Passed in the House of Representatives

Success! YSP PRESERVED. The U.S. House of Representatives passed the final version of H.R. 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007" on a vote of 291 to 127. This bill includes three important provisions that offer effective consumer protection without favoring any market competitor. Click here to read the full article!

Policy Alert – RESPA/FHA Existing Policy Regarding Non FHA Approved Mortgage Broker Fees in FHA Mortgage Transactions

The subject alert reconfirms existing FHA policy regarding the use of non FHA-approved mortgage brokers. FHA loan origination services must be performed by a FHA-approved lender or FHA approved mortgage broker (loan correspondent). A loan correspondent may be compensated for the actual loan origination services it performs either directly by the consumer or indirectly by the FHA approved lender without being in violation of either the RESPA statute and regulations or FHA regulations. Click here to read the full article.

Important News from NAMB: October 1, 2007 Deadline Approaching and NAMB’s Harry Dinham Testifies Before the US House Financial Services Committee

The NAMB has important news you need to know regarding the release of the revised Consumer Handbook on Adjustable-Rate Mortgages and NAMB testifying on FHA and Foreclosure Assistance.
Click here to read the news stories now!

New Employment Requires New License: Online Best For Securing LO License

With today’s changing mortgage market, an unexpected high number of licensed Maryland loan originators (LO) have found themselves seeking new employment. It is important that they remember what they must do in terms of updating their license with the Division of Financial Regulations. Click here to read the full article.

Directing Consumer Complaints

Consumers wishing to submit a complaint about a mortgage broker or loan originator who is violating state laws and regulations are encouraged to do so. If you have been contacted by someone wishing to submit a complaint please direct them to the following link: www.dllr.state.md.us/finance/frcomplaints.htm.

ARM Twisting - Rising Interest Rates Prove Painful for Adjustable Rate Mortgage Holders

If you are an adjustable rate mortgage holder it may be prudent to consider going to a fixed rate mortgage before rates rise appreciably. Find out More!

What Happens When Your Credit Report is Requested?
Stop the Calls. Stop the Junk Mail. Protect your Credit. Protect you Identity.

The National Association of Mortgage Brokers (NAMB) is offering tips and answers to frequently asked questions to help you avoid identity theft when your credit report is requested.

Click here to view answers to frequently asked questions regarding identity theft.

Click here to visit the NAMB Web site to find more information.

When Can a Loan Officer be Properly Classified as an Outside Sales Employee?
For the past two years, the National Association of Mortgage Brokers (NAMB) has led efforts to assist members in complying with the Department of Labor (DOL) wage and hour laws, including the minimum wage and overtime requirements.

Access MAMB's Members Only Area for additional information regarding steps that mortgage brokers can take to properly implement the Outside Sales employee exemption. Click here to access this crucial information!

Federal Reserve Board Offers Helpful Consumer Information Handbooks on Mortgages

The Federal Reserve Board is offering handbooks on Adjustable-Rate Mortgages and Interest-Only Mortgage Payments and Payment-Option ARMS geared toward consumers. These handbooks offer information on consumer cautions, types of ARMs, payment options and more.

Click here to view the handbook on Adjustable-Rate Mortgages.

Click here to download the Interest-Only Mortgage Payments and Payment-Option ARMs handbook.