A
t the recent Advocacy in Action conference, a powerful group of mortgage professionals gathered to tackle pressing issues affecting the industry. The event marked a significant milestone for the Broker Action Coalition (BAC), which has evolved from a small but determined effort to establish visibility on Capitol Hill into a full-blown legislative campaign.

    Brendan McKay, BAC's co-founder and chief advocacy officer, aims to build the organization into a lasting institution that advocates for mortgage brokers regardless of leadership changes. His goal is to give independent mortgage professionals a voice in legislative and regulatory decisions that shape their livelihoods.

    At this year's conference, over 150 brokers from across the country met with members of Congress to advocate for critical legislation, including a bipartisan bill aimed at banning predatory trigger leads. McKay emphasized the importance of collaboration between brokers, lenders, and organizations like the Mortgage Bankers Association (MBA).

    A recurring theme at the event was the need for greater advocacy on behalf of veterans, who often receive inaccurate or incomplete information about VA loans. Gay Veale, a retired Air Force veteran and loan officer, highlighted the widespread lack of education and support for veteran borrowers.

    Mike Alberico, a broker from North Carolina, shared Veale's passion for reforming VA lending practices. He advocated for an "informed consumer choice" disclosure for VA loans, similar to what exists for FHA loans, to ensure veterans have accurate information before making decisions.

    The conference also featured high-growth broker leaders who see advocacy as both a moral responsibility and a business imperative. Scott Valins, founder of Go Rascal, emphasized the need for brokers to "own their voice" and become more politically active, citing issues like the 15-basis-point capital surcharge on brokered loans and flawed APR calculation on borrower-paid compensation.

    The Broker Action Coalition's growth has enabled it to shape the national conversation about home lending. McKay stated that organized brokers are no longer a fringe voice, but rather a force to be reckoned with. The BAC continues to educate, organize, and advocate for change, ensuring that brokers are heard and leading the charge in shaping the industry's future.