National Association of Mortgage Brokers – Definition

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National Association Of Mortgage Brokers Definition

The National Association of Mortgage Brokers (NAMB) is a leading national trade association for the mortgage industry in the United States. It was established in 1973 for promoting the interests of mortgage professionals and homebuyers.

A Little More on What is the National Association of Mortgage Brokers

The NAMB is committed to promoting the professional code of ethics for its members. It also provides education opportunity to its members to enhance their knowledge regarding mortgage business. They offer certification programs to its members to recognize the member with the highest degree of professional knowledge and education.
It is mandatory for all NAMB members to adhere to a high degree of professionalism and code of ethics. The members of the NAMB comprise small business owners, loan originators, account executives, and other professionals engaged in the mortgage business.

The NMLS mortgage industry report, 2016 suggests the NAMB members include 910, 000 licensed and registered Mortgage Loan Originators and 39,000* licensed mortgage broker and mortgage lender businesses. Five types of membership are offered by the NAMB: professional, associate, corporate, honorary and provisional.

The NAMB is affiliated with the State Associations all across the United States. NAMB focusses on national and state issues in their lobbying and advocacy efforts. It fights for protecting the interest of the mortgage industry in Washington DC and state legislatures.
NAMB hosts the convention of the organization in the spring each year. Apart from that central convention, it organizes several meetings for its members throughout the year. It collects and disseminates important legislature and other information regarding the mortgage industry regularly to educate its members. The members are also entitled to several benefits which aim at increasing productivity and decreasing business cost.
NAMB supports a consumer education and fraud reporting program for safeguarding the interest of the home buyers. There are three subsidiary companies associated with the NAMB. Those are NAMB Association Services, NAMB Plus, and NAMB Foundation. The first one is a full-service association and event management consulting firm. The second one works for establishing and providing member benefits through relationships with approved endorsed providers. NAMB foundation provides educational resources and tools for loan originators.

References for the National Association of Mortgage Brokers

Academic Research on National Association of Mortgage Brokers

MortgageĀ Electronic Registration System, Slesinger, P. K., & McLaughlin, D. (1994). Idaho L. Rev.,Ā 31, 805.

Third party originators andĀ mortgageĀ prepayment risk: an agency problem?, LaCour-Little, M., & Chun, G. (1999). Journal of Real Estate Research,Ā 17(1), 55-70. The focus on this paper is on an agency problem that is encountered by investors and mortgage lenders in backed securities when third parties originate the underlying collateral. Third parties like mortgage brokers develop economic incentives to aid borrowers to refinance and their actions may, in turn, affect asset values. The principal-agent problem is sketched, and two sets of data examined greatly to likely prepay after other known determinants are controlled by termination risk. However, third-party loans are almost three times as sensitive to refinancing incentives when compared to retail loans.

The pricing of subprime mortgages byĀ mortgage brokersĀ and lenders, El-Anshasy, A., Elliehausen, G., & Shimazaki, Y. (2006). George Washington University WP.

MortgageĀ origination fraud and the global economic crisis: A criminological analysis, Nguyen, T. H., & Pontell, H. N. (2010).Ā Criminology & Public Policy,Ā 9(3), 591-612. The responses of 23 subjects are analyzed in this article comprising both previous and current employees in the subprime lending industry which leads to understanding the role and implications of white-collar crime in the contemporary subprime mortgage crisis and also for documentation of the rationalizations that can be used by offenders to explain their involvement in crimes relating to mortgage.Ā  Five sectors of the primary mortgage market are represented which includes lender, brokerage, escrow, appraisal offices, and titles. Secondary means of data used include government reports, industry studies, and media accounts.

The sub-primeĀ mortgageĀ crisis: a synopsis, Weaver, K. (2008). Global Securitization and.

Mortgage brokerĀ regulations that matter: Analyzing earnings, employment, and outcomes for consumers, Kleiner, M. M., & Todd, R. M. (2009). InĀ Studies of labor market intermediationĀ (pp. 183-231). University of Chicago Press. The growth of the role of mortgage brokers increased in the 1980s to dominate recently. There have been questions raised about its services help or customer harm. The response given was that states have increased in regulating the business. This is done by largely creating and tightening occupational license required for mortgage brokers. Thereā€™s a question of if increased occupational licensing of mortgage brokers increase consumer outcomes. This is theoretically ambiguous and has a little empirical study. A database is introduced by this study of mortgage broker licensing requirements and also assessing the relationships between these requirements.

Compensation and incentives in theĀ mortgageĀ business, Quigley, J. M. (2008). The Economists’ Voice,Ā 5(6).

Marketing and financing home ownership:Ā MortgageĀ lending and public policy in the United States, 1918-1989, Weiss, M. A. (1989).Ā Business and Economic History, 109-118. In the United States, homeownership has more political significance than any other state in the world. This is due to the sheer scale of the stateā€™s involvement in expanding and sustaining homeownership and because the platform by which the Federal government has structured the state intervention has been politically contested. For over 70 years, there have been support from the American state for homeownership both materially and institutionally, and in doing so, this has shaped the terms of the mortgage market which makes ownership viable for most households.

A short history of the subprimeĀ mortgageĀ market meltdown, Barth, J. R., Li, T., Phumiwasana, T., & Yago, G. (2008). GH Bank Housing Journal,Ā 2(2), 2-8.

The dualĀ mortgageĀ market: The persistence of discrimination inĀ mortgageĀ lending, Apgar, W. C., & Calder, A. (2005).

Mortgage brokersĀ and the subprimeĀ mortgageĀ market, El Anshasy, A., Elliehausen, G., & Shimazaki, Y. (2004).Ā  George Washington University Working Paper.

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