One of the most compulsive things I have noted within the Mortgage Field Services Industry, besides fraud, is the obscene amounts of money National, Regional and Otherwise Unspecified Order Mills spend to become Members of given Association. The two Associations which seem to be the most popular are the National Association of Mortgage Field Serivces (NAMFS) and the Mortgage Bankers Association (MBA).
My mother always used to tell me people are judged by the company that they keep. MBA is no stranger to bribery or corruption. A House Oversight Committee Report in 2012 spelled out precisely what MBA Members were doing.In an internal e-mail from September 29, 1998, Kay Gerfen noted that McKeon was referred to Countrywide by “Mike Farrell/MBA.” Farrell was the chief lobbyist and legislative strategist for the Mortgage Bankers Association of America (MBA). At the time, Farrell was working on “leading the industry’s successful campaign . . . to raise the maximum loan amount for FHA single-family insured mortgages.” Mozilo served as the President of the MBA from 1991 to 1992 and remained closely connected to the association, which represented the interests of the real estate finance industry. – See more at: http://www.republicreport.org/2012/bigger-than-countrywide-bribes-were-coordinated-by-the-mortgage-bankers-association/#sthash.39XFS0kW.dpufThe report notes that the Mortgage Bankers Association, a sprawling lobbying association for the biggest names in home lending, played a role in at least some of the bribes. For instance, the cut-rate mortgage offered to McKeon was recommended by the chief lobbyist of the Mortgage Bankers Association at the time, a man named Mike Farrell: – See more at: http://www.republicreport.org/2012/bigger-than-countrywide-bribes-were-coordinated-by-the-mortgage-bankers-association/#sthash.39XFS0kW.dpuf