Mary Kladde
Approximately 2 weeks have passed since Ruth and I attended the MBA Policy Conference. This was my first experience with this particular conference, and overall I was pleased with the experience. The MBA setup approximately 170 appointments with different members of the federal legislature and their staff. After an overview of industry topics and MBA positions on those topics, we were split into state delegation groups and set out to personally lobby for our industry. It was fascinating to participate and gain insight into exactly how the game is played. As far as any results, that remains to be seen.
Things I learned while in DC:
- Most members of the legislature and their staff do not understand the intricacies of our industry;
- The ones that do understand are actively trying to make changes without necessarily thinking through all the ramifications of their actions; and
- It is incumbent upon us (the experts in the mortgage industry) to speak up, reach out, and attempt to educate when and where we can.
It is a little known fact that as a constituent you have direct and open access to your State’s federally elected officials. Knowing this, YOU/ALL OF US should be actively seeking to educate our elected officials in our home States. Many of the decisions currently being made are being made in a box and do not reflect the “needs” of the many of lenders still persevering in today’s market.
Washington doesn’t seem to understand that those of us left behind are the “GOOD GUYS.” We’ve survived because we were doing it right in the first place. It astonishes me to no end that our state and federal legislators continue to look to the leadership of larger banking institutions, who actively participated in the creation and expansion of the subprime markets and who in turn had to accept Federal Bailouts in order to survive, to provide the solutions to fix the current mortgage market issues. AMAZING! And I might add, counterintuitive.
With this statement, a call to action follows. Let us not be complacent allowing others to determine our destinies. It’s time for the voices of ALL lenders to be heard (big and small)…”DO NOT GO QUIETLY INTO THE NIGHT.”
While I applaud and support the MBA’s efforts to setup appointments with as many legislators as possible to create a concerted lobbying focus on topics of concern to the mortgage industry, this event only lasted one day. Imagine what a “grassroots movement” by mortgage lenders within their own communities and States could accomplish. If every independent mortgage banker in a given State made the effort to see just one of their federal and State elected officials, the movement would span months and would become preeminent in the minds of those elected to office. Make yourselves and the issues we face known so that we as a whole are being properly represented.
Remember you don’t have to go to Washington. They all come home eventually, if for nothing else to campaign for the next election. Seek out your State representatives. Educate them on the state of the market and your pain points as a lender. Help them make informed decisions on your behalf. Let your voices be heard.
