Consumers shopping for homes have a new ally with The National Association of Mortgage Brokers (NAMB) launching an ambitious plan designed to curtail predatory lending in the subprime market. NAMB’s new consumer protection initiative, which was designed to prevent foreclosures, is a significant portion of its 2007 policy agenda.

A few of NAMB’s suggested policies include increased consumer education, full disclosure during the lending process, and the establishment of uniform stardards for all mortgage originators who sign a 1003 residential application that will mandate minimum pre-licensure and continuing education requirements, and complete criminal background checks.
NAMB President Harry Dinham says the new policy agenda was created with the consumers’ interests in mind. “A home is the largest purchase most people will ever make,” said Dinham. “We have to do everything in our power to make sure the home buying process is clear, fair, and provides consumers with the right information they need to make informed decisions.”
In its report, NAMB has decided to focus on key areas such as mortgage reform, consumer privacy and data security, government sponsored enterprise reforms, RESPA reforms and affiliated business arrangements, and Veterans Affairs Reverse Mortgages.
Click here read NAMB’s complete policy agenda for 2007.