Feature Article #1
The Financial Crisis Inquiry Commission is Interviewing the Wrong People
The Financial Crisis Inquiry Commission is currently interviewing bank CEOs in order to examine the cause of the current financial crisis. So far, it sounds like the bankers are very concerned about their bonuses and are shirking off the cause of the financial crisis as a nothingburger.
We keep hearing the bankers say “We need to pay out big bonuses [...]
Feature Article #2
Paramount Equity Consent Order
Paramount Equity has settled their case with the Washington State Department of Financial Institutions. Read the Consent Order here. The Statement of Charges outlined many, many violations of state and federal law:
Using the term “mortgage bank” in their radio ads. Paramount Equity is not a bank and they are not permitted to use the words [...]
Feature Article #3
Fiduciary Duties for Mortgage Brokers and LOs
In October of 2007, Andrea Negroni wrote an article for Mortgage Banking Magazine titled “Mortgage Brokers–What Fiduciary Duties Exist?” Negroni provides a framework for mortgage brokers to begin learning about case law already on the books where courts have imposed fiduciary duties on brokers.
The National Association of Mortgage Brokers has been quite insistent that brokers [...]
Feature Article #4
Reverse Mortgage Loan Originations Caught up in New State Law Changes
This memo was sent to me by a member of the National Reverse Mortgage Lenders Association:
Member Alert: NRMLA Trying to Resolve Licensing Issues in Washington State
June 2, 2008
Washington state recently passed legislation (SB 6471) that may impact non-depository lenders, as well as the correspondents, subsidiaries and affiliates of depository lenders who make reverse mortgage loans [...]
Feature Article #5
Mortgage Industry Codes of Ethics
Read the Code of Ethics from these three trade organizations. Don’t worry; it will be a very fast read.
National Association of Mortgage Brokers
National Association of Mortgage Women
For the Mortgage Banker’s Code, follow this link and click on “cannons” from the menu on the left.
What’s missing?
Could some of these phrases be re-worded? If so how?
For example from [...]
About this Site
The National Association of Mortgage Fiduciaries was formed primarily to educate and guide mortgage lenders into fiduciary status. We recognize that the mortgage lending industry is undergoing dramatic change. The current global economic crisis which began with the subprime meltdown in 2007 has historic roots in mortgage lending securitization and the eventual relaxation of underwriting [...]

