Patricia Vlasis, President, IAMBThe IAMB BoardThe IAMB President's Message
The IAMB President's Message          April, 2004

    As I’m sure you all know by now, the HUD proposal to reform RESPA has been withdrawn. Quite obviously, this is one of the most significant victories that the mortgage broker community has ever experienced. The efforts of both the Illinois Association of Mortgage Brokers and the National Association of Mortgage Brokers epitomized what a successful grassroots lobbying campaign can achieve. Just as important, however, is the fact that this tremendous accomplishment once again supports the position that there is strength in numbers…that the importance of becoming an IAMB member is not just rhetoric; rather it is a decision that will go a long way toward protecting the very livelihood that we all enjoy.

    To our current members, I say thank you for your unwavering devotion, and for allowing the mortgage broker industry to continue its growth and prosperity. For those mortgage professionals that have yet to take this important step, I encourage you to do so. It’s a great feeling to know that you made an impact on an entire industry…a feeling I hope you have the opportunity to experience in the very near future.

    While we all deserve to take a moment and be proud of what has been accomplished with the HUD proposal, during our recent Lobby Days in Springfield and Washington DC, it became clear that when the door to one victory closes, the door to another challenge opens. In this case, that challenge is the minimum wage issue as it applies to loan originators.

    When the IAMB met with our state and federal legislators, we made it very clear that while we do not oppose an increase in the minimum wage, we are strongly opposed to the continued exemption for loan originators, which causes small broker-owners to face undue burdens. Loan originators work very hard, and like any commissioned sales person, they deserve to be properly compensated for their efforts. However, these same hard-working and dedicated loan originators also know that during any given pay period, it is their responsibility to earn income.

    During the coming months, the IAMB will continue to pursue this worthy battle, and I look forward to the opportunity of working with all of you as we embark on this journey, which has the potential to be another great victory for the mortgage broker industry.

   At this moment in time, I feel proud and honored to serve as the IAMB President, and I wish you all continued success now and in the future.

Patricia Vlasis
President, Illinois Association of Mortgage Brokers

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