Two of the largest mortgage broker trade groups are joining forces in Washington this month to press lawmakers on a shared agenda, with credit score reform at the center of the push. The three-day summit, billed as Advocacy in Action: Better Together, begins April 20.
The event is co-led by the National Association of Mortgage Brokers and the Broker Action Coalition, and it is built around one top policy concern: comprehensive credit score reform to help reduce the rising costs of credit reports. Kimber White said the conference is focused on credit score reform. Brendan McKay said the key part of the gathering will be teaching brokers how to speak directly to legislators about the soaring cost of credit scores and reports.
Participants are expected to take part in policy briefings, legislative strategy sessions and face-to-face meetings with members of Congress and their staff. McKay said every broker will be talking to congressional offices about how out of control credit report costs have become. That kind of coordinated lobbying is the point of the summit, which is designed to give mortgage brokers a single message in the capital rather than a series of disconnected appeals.
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The partnership took shape after McKay and White spoke at a conference in Las Vegas last October about working together. White said mortgage professionals have to move past differences of opinion if they want to present a strong, unified front in Washington. McKay said the arrangement sends a clear message to the rest of the industry. He also said he has always gotten along with White, and that the two sat down to talk about working together rather than in parallel before this event came together.
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For both leaders, the effort is also a sign of how the industry has changed. White said that in the past four years, a lot has changed, and McKay pointed to the passage of the trigger leads bill as proof that broker groups can still move as one when the stakes are high. NAMB and BAC will keep their separate operational identities outside the summit, but for three days in Washington they are trying to act like one lobbying front. The question now is whether that unity can translate into pressure strong enough to move credit score reform from industry demand to congressional action.
