Scotsman Guide > Residential > September 2010 > Department

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Residential Department: From the Editor: September 2010

 

From the Editor

Being the most significant piece of financial legislation in more than 70 years, the Dodd-Frank Wall Street Reform and Consumer Protection Act certainly brings with it a slew of changes for mortgage industry. But while researching it for this month's Scotsman Guide, we noticed another industry adjustment — one that's not in the act's more than 2,300 pages.

As you'll notice in Richard Smith's comprehensive analysis of the financial-reform bill in this issue, the National Association of Mortgage Brokers, long third-party originators' lobbying and education outlet, now prefers to be called "NAMB — The Association of Mortgage Professionals."

Acronym affectations aside, the name change is the latest in a shift we've seen for at least a year. Proof? Just look at our Events Directory: Numerous state associations have been ditching "brokers" from their name. State groups that prefer "professionals" now include those in:

  • Arkansas
  • California
  • Florida
  • Georgia
  • Idaho — which also reverts to acronym-only and "professionals" in the tagline
  • Illinois
  • Kansas
  • Kentucky
  • Maryland
  • Michigan
  • Mississippi
  • Missouri — which uses MAMB, MAMP and MAMPB on its Web site
  • New Mexico
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • South Carolina
  • Tennessee
  • Texas
  • Washington state
  • Wisconsin

Contrary to rumors, the financial-reform bill does not ban the word "broker." But in many minds, it does put brokers' duties in jeopardy — not great news for the nonprofit orgs they support. Smith's article breaks down the fact and fiction of the reform act.

Another reason for these associations' nomenclature tweak: simple marketing, which is the focus of September's Scotsman Guide. From our Lead Article through our Tools and Tips section, this month's authors share numerous ways mortgage folks can promote and grow their business — no matter what they call themselves.

Speaking of changes: This marks my final issue of Scotsman Guide. Please welcome new editor Ivanna C. Sukkar (ivannas@scotsmanguide.com) to this space, beginning with October's magazine. Until then, thank you for your support — and stay in touch (I'm not going far): stasiektony@gmail.com.


 

Tony Stasiek was an editor at Scotsman Guide. For questions on this article, call (800) 297-6061 or e-mail articles@scotsmanguide.com.

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