New York's Brokers On the Upswing
Mortgage brokers have been through a lot over the past few years and a lot of people have left the business. But those that remain in the business are “totally committed to their jobs and we are now on the upswing in terms of growth,” said newly installed New York Association of Mortgage Brokers president Louis Borsellino. His aim is to get those people active in the state organization.
He wants to bring everybody together and work collectively, because with more people involved, those in Washington and Albany are more likely to listen to your case, he said, continuing with so there is value in what NYAMB does as an organization.
NYAMB is going to reach out to other industry groups such as the regional Realtor associations in the state (especially Westchester County and Long Island) “to see if we can work collectively with them,” said Borsellino. NYAMB plays a critical role in addressing problems in the industry through communication and interaction with regulators, he said.
Borsellino wants to improve upon that during his term of office. He said NYAMB has been very successful in its lobbying efforts both in Washington and in Albany. Last year, the group had the largest representation during the National Association of Mortgage Broker’s Washington lobbying day and was able to visit all of then-29 New York House members.
It is important, Borsellino said, to make sure “our representatives know what is going on in our industry.” On the other hand it is also important as a group to do what it can do to help the people in the mortgage industry with the problems that are arising because of the large amounts of change.
On the state level, NYAMB tries to meet at least once a quarter with its regulators in the Department of Financial Services (successor agency to the state’s Banking Department). These meetings have been “extremely successful,” he pointed out because the organization “can take vital information back to our members on what’s coming up with respect to policies and changes.”
One example is spreading the word that mortgage loan officers in the state needed to get their education requirements met by the end of 2012; if those were not met, there would be a problem with remaining licensed. Some people were not aware of this “because they’re not looking at the right outlets and we want to make sure people are aware of what [the regulators] are expecting from us,” Borsellino said.
As for the group’s relationship with the federal Consumer Financial Protection Bureau, he pointed out that they have been at NYAMB’s last two statewide events. The organization would like to have open lines of communication with CFPB as well, and that is a work in progress at this point.
Obviously he is looking to increase membership—both originator and affiliate—and is looking to hold more networking events.
The goals on the state front is to make sure that if any new legislation comes out that impacts the mortgage business, NYAMB is aware of it and able to examine whether it would be detrimental or not.
Borsellino has been in the mortgage business for over 22 years and a broker for over 16 of those. He has been a NYAMB member for 14 years and on its board for over 12. He has his own shop, Paramount Capital Services in Brewster, a village in Putnam County which is between New York City and Albany.
“I love what I do, on Sunday night I always look forward to going to work on a Monday. I always have, no matter how hard this industry gets, and believe me, it has gotten a lot more difficult. That’s why I believe in our industry, I believe in what we do and the service that we provide and the service we provide people. I am going to take that same passion and drive and put that into the New York Association of Mortgage Brokers as president,” he declared.
Borsellino said what he does for a living is to help people; he is not in sales, but help people get loans and improve their quality of life.