from NAMB President A.W. Pickel III, CRMS : September 2003

Recently, I was quoted by an industry publication about the HUD proposal on guaranteed packaging as saying, "Brokers do not support guaranteed mortgage packaging because it cuts out the little guys, but we are exploring our options." That quote is accurate. NAMB does not support guaranteed mortgage packaging. However, the article's headline described mortgage brokers as being willing to go with the flow if HUD finalizes guaranteed mortgage packages. Quite a different take on my quote. The truth is that we don't intend to go with the flow but instead have formulated a game plan that includes several options should the proposed legislation become law.

We all know the sting of being misunderstood. This situation reminds me of a movie in which Paul Newman's character laments about how someone had created an impression of him in the media in which everything that was printed "was accurate, but none of it was true." In the context of this article, I was quoted accurately, but the headline wasn't true. In fact, it was somewhat misleading. So often in life, that's what happens.

For example, recently my wife was shopping for a new car. At one dealership, the salesman said, "If I knock $1,000 off the price, will you take it?" This was his final offer after the two of them had haggled for an hour. She said she would sleep on it and call back. Two days later, she called back to say that she wanted to purchase the car at that price. To her surprise, the salesman told her that the price no longer applied. When she asked why, he said, "I didn't say I would take $1,000 off, I said if I knocked $1,000 off the price, will you buy the car?"

Did this salesman intend to be misleading? I hope not, but I don't know. In his hast to make a sale, he created an expectation that he ultimately didn't fulfill. That's bad business. Our world is rife with dishonesty. As brokers we need to perform in the highest ethical manner. We need to make sure our words match our actions. We need to be shining examples of our industry. We need to honor our word and do the right thing. I want to challenge you, our members, to honor your words and actions when dealing with your customers. Let's model what it means to be the PROFESSIONALS in our industry.

An example of individuals doing the right thing is the phenomenal response NAMB has had to our requests for you to become involved in the work of your organization by joining a committee. Your response has been tremendous. More than 150 people who have never before been on a NAMB committee have volunteered to serve on at least one committee. I thank you. Those of you who have taken this step will reap many rewards both personally and professionally. I look forward to working with each of you in the coming year.

Sincerely,

A.W. Pickel III, CMC President, 2003-2004