Frequently Asked Questions
Comparisons
Q. How does NAMP differ from the Better Business Bureau (BBB), the Mortgage Banking Association (MBA), or the National Association of Mortgage Brokers (NAMB)?
A. The BBB is an organization that rates or “grades” other organizations. The BBB will rate any type business. As it is not a governmental agency, its capabilities are confined to reporting bad, or allegedly bad, business practices to the public and the proper authorities.
The National Association of Mortgage Professionals™ is a trade association; specifically one that promotes our members to the general public ….
A. The MBA is a great association whose mission is to provide professionals with networking and educational tools geared specifically within the industry, as well as act as a political action committee (PAC). We may look to form an alliance with MBA in the future as we share many of the same core beliefs. We differ in that NAMP efforts and focus is on reaching the general public directly …
A. The NAMB is a great association whose mission is to provide mortgage brokers with networking and educational tools geared specifically to the industry while NAMP invites and encourage all industry members i.e., originators, processors, funders and underwriters etc. to become NAMP Associate members, allowing them to have a voice in the profession they have dedicated themselves to and helping them to advance their careers. We may look to form an alliance with NAMB in the future as we share many of the same core beliefs however we differ in our commitment and our focus on reaching the general public directly …
A. (Cont. ANSWER ALL) Specifically, NAMP is a mortgage trade organization, “Advancing the Mortgage Professional’Y” is the motto of the Mortgage MTM (www.mortgagem.org), our member site.
NAMP is the only mortgage trade association that has a “direct touch” to the consumer. This is accomplished through NAMP’s Mortgage MTM (please check the site www.namp.org) and allows differentiation for NAMP originators, letting the consumer know that the person that they are dealing with is licensed, in good standings, continues their education, and adheres to a code of ethics.
Membership and Longevity
Q. How many Members does NAMP have?
A. NAMP has been in the making for the last several years. We are now launching our membership campaign and our membership is increasing daily. We anticipate 7 to 10 thousand members by year end.
Q. How long has NAMP been/will be in existence?
A. We have been in the developmental and planning phase for several years. We have established a Washington D.C. presence (our “M” street location) and received support from the some of the highest levels of government pertaining to our industry. (see public/political support Q&A) There is not a want for NAMP – there is a NEED for NAMP public and industry-wide.
Marketing Campaign
Q. How will NAMPTM get the industry and public to recognize THE MORTGAGE MTM?
A. We are launching our INSIST ON THE MTM campaign for which we have scheduled nationwide radio interviews including Bob McCormick on Money 101 and press releases, the LA Times, NY Times, and numerous others. Our Non-profit arm THE LIME LIFE will directly connect the consumer to the MORTGAGE M by not only educating them but by helping them to realize they should accept no less than true professionals to handle their mortgage needs.(see LIMELIFE Q&A). In addition each member we have incorporates the MORTGAGE M into their own marketing helping to get NAMpTM and the level of professionalism we represent out to the masses. Lenders and Brokers should INSIST ON THE M for their employees and the public should INSIST ON THE M from their mortgage providers.
Public and Political Support
Q. Who supports NAMPTM?
A. The experiences the consumers are provided by their NAMpTM professionals are resulting in consumer referrals not only to their loan originator but to our consumer geared site www.namp.org .
From a political and industry standpoint we have addressed and been well received by:
The Financial Services Round Table
President, Housing Policy Council, Former Secretary of the Navy John Dalton,
Director of Housing Policy Council -Paul Leonard
Homeownership Preservation Foundation
Walt Fricke, founding President and Executive Director of the HPF. Serves on our Board of
Directors.
ResCap
USA Cares
Q. How does NAMP differ from the Better Business Bureau (BBB)?
A. The BBB is an organization that rates or “grades” other organizations. They do this on a scale, AAA being best, F being worst. The BBB will rate any type business. The BBB has been said to be less effective in complaint resolution than governmental consumer protection agencies (DRE, etc). As it is not a governmental agency, its capabilities are confined to reporting bad, or allegedly bad, business practices to the public and the proper authorities. In its role as a “grader”, criticisms against the BBB include the fact that their revenue comes from members, raising the question about its partiality on handling disputes and complaints.
The National Association of Mortgage Professionalsr» is a trade association and the BBB is not. Specifically, NAMP is a mortgage organization, “Advancing the Mortgage Professionalw: is the motto of the Mortgage MTM (www.mortgagem.org ), our member site. NAMP is the only mortgage trade association that has a “direct touch” to the consumer. This is accomplished through NAMP’s Mortgage MTM (please check the site www.namp.org) and allows differentiation for NAMP originators, letting the consumer know that the person that they are speaking with is licensed, in good standings, continues their education, and adheres to a code of ethics.
Q. What is the LIMELIFETM?
A. The LIMELIFE ™ is an acronym for the Learning Initiative for Mortgage Education= and the Learning Initiative for Financial Education>.
The LIMELIFETM is NAMP’s non profit arm which is an industry sponsored non-profit organization designed to help educate the general public. This non profit arm will provide free consumer education to the mortgage buying public in the form of monthly education classes presented one weekend a month in major metropolitans. LIMETM will be presented on Saturday, education regarding purchases, refinance, home improvement, etc. LIFETM will be presented on Sunday, education on regarding your new home, how to correctly invest/spend the cash out just received, living trust, etc.
Q. What is NAMP’s mission? How you think NAMP’s mission will impact the industry?
A. The mission of the National Association of Mortgage Professionals is to promote the public’s confidence in our member’s abilities and ethics and to establish the significance of the Mortgage “M”TM and M Advocatet'”. We encourage and enable our members to attain the highest level of mortgage competency and conduct business with the highest level of integrity. NAMP encourages our members to have much higher level
of involvement and awareness of the industry.
As a result of NAMP efforts, our impact will enhance the image, professionalism, and
quality of the “Mortgage Professional” to the benefit of both the public and the industry.
Q. How many members does NAMP have so far?
A. We just officially launched in May and we are growing at 15 a month – We hope to have 1,000 members by the end of the year and go from there
