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Forging Ahead: The New York Association of Mortgage Brokers is using a new state law to promote the professionalism of originators in these times of turmoil.

Article Excerpt
BRAD: It was just one year ago that the New York Association of Mortgage Brokers achieved its long-standing goal of getting the Mortgage Loan Officer registration and education bill passed. While many provisions go into effect Jan. 1, 2008, has what has been happening with this law from regulatory standpoint been to your liking?

JOHN: It has been well received by the broker community. Obviously, a further educated broker is better for the customer. We wrote the bill, so we've been pushing it from the get go. We are more than pleased that it went through. The changes that are being made to implement it have not hurt us at all. Some people wanted an exemption (to the education requirements), that didn't happen.

GREG: I think that John is right. My concern is that I think it is going to come as a shock to a significant amount of registered mortgage brokers and their employees in New York State.

CHRIS: Who are not members of our association.

TODD: I think there is a lot of work that remains to be done both on the Banking Department's side and on our side in order to get the implementation of the law done properly and efficiently.

BRAD: Right now, the mortgage broker industry is getting a lot of bad press. Is this law something NYAMB can take to the public and say, "Listen we are not these unregulated scavengers that we are being made out to be?"

GREG: Yes, I think that is it a banner we can hold up, it our biggest asset, to our elected officials, our press, who are looking for answers to why we are in the challenges we are in. When they look to us, one of the things we can talk about - us being not only being the broker community but the association - one of the things we can hold up strong is that we have been trying to do this (get the bill passed) for 15 years and we...

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