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While homes are now exponentially more costly than in 1973, some metrics have improved: Back then a 30-year fixed rate mortgage was at 8.04%, with inflation at 6.16%. Today, the mortgage rate hovers at around 7% against the backdrop of inflation at around 3.18%.
Jones told MPA the group was started by industry professionals in the commercial real estate space before it transitioned to represent the interest of some 45,000 members today. In its literature, NAMB boasts of an even wider outreach given its affiliation with state associations throughout the US representing the interests 993,000-plus licensed and registered mortgage loan originators and 68,000 licensed mortgage broker and mortgage lender businesses.
While much has changed since 1973, the one constant is the offerings NAMB provides in the way of advocacy, education and innovative certification programs toward ensuring high levels of professional development and service. Additionally, the association engages in active and advocacy efforts focused on national and state issues, protecting the interests of its members and borrowers alike.
Going out with a bang
Talk about going out with a bang: In his last month as president, the association is slated to gather in Las Vegas for NAMB National 2023 Sept. 8-11 for its annual conference attended by members, educators, government officials and industry partners. Concurrently, NAMB will host the International Mortgage Brokers Federation (IMBF) for the Inaugural World Summit. Mortgage professionals from across the globe will be in attendance from the US, Australia, Ireland, Canada, and the United Kingdom.
Jones knows about global challenges, having ascended to the presidency on the heels of a global pandemic amid inflation and higher interest rates. He noted the annual conference had to be canceled in 2021 because of the COVID-19 pandemic. Given the market downturn, Jones said he focused heavily on ushering in educational opportunities for members – an FHA certification class with partner Freedom Mortgage, a reverse mortgage primer with Liberty Home Mortgage, and a veterans’ loan certification.
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