| About CAMB? |
CAMB serves industry professionals and consumers
The California Association of Mortgage Brokers (CAMB) is a nonprofit, professional trade organization consisting of licensed real estate brokers, salespersons, and affiliated lenders whose primary business is working with consumers to obtain the best options for personal and commercial real estate financing as part of the consumers overall financial plan. We are organized into 18 regional chapters, each is governed by a local elected board of directors.
With the enthusiastic support of California’s mortgage professionals, CAMB will continue to work for the benefit of the mortgage industry, the communities they serve and you...the consumer. |
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Consumer Focused Legislative Efforts
In addition to being an industry trade advocacy organization, CAMB has been a strong defender of consumer rights. Currently, all 48 contiguous states share the same conforming loan amount. This affects you adversely because terms on “conforming loans” are much better, and clearly the cost of real estate in California is much higher than most states. This inequality prevents thousands of consumers from purchasing a home. In October of 2005, CAMB achieved a major victory for California consumers. H.R. 1461 (Baker), is the bill that reforms the government sponsored enterprises of Freddie Mac and Fannie Mae, passed the United State House of Representatives with an overwhelming 331- 90 vote. The primary benefit was our insertion of language that will adjust conforming loan limits up to 150% of the current limits in California. This will provide home the realization of the “American Dream” (home ownership) to thousands of additional consumers right here in The Bay Area. We thank our friend Representative Gary Miller (R-Diamond Bar) for his tireless efforts. Now it’s off to the Senate for vote. We’re confident that this bill will be signed by The President.
H.U.D.’s Proposed RESPA reform is an excellent example of our successes in this area. The proposal included a strong regulatory bias in favor of large banking entities, as a result of intense lobbying by the Banking industry, and the effects of this bias served to reduce consumer choices in loan programs and their mortgage loan origination service providers. CAMB and NAMB were instrumental in fighting this, as well as other unfavorable features of the proposed regulatory revisions and eventually HUD withdrew the proposal and commenced a major structural overhaul. They will undoubtedly return with the revision, and we will continue to passionately oppose any features that are contrary to balanced playing field and maximum consumer protection.
Yet another example of CAMB Consumer Protection is the mandatory disclosure of credit scores to the consumer during the loan application process. California State Senator Liz Figueroa (D-Fremont) introduced a progressive bill in 2000 (SB1607) in the California State Senate that required the disclosure of credit scores to consumers. Previously, this was forbidden by the database repositories. SB1607 was co sponsored by CAMB, CAR and Consumers Union in an innovative partnership, became law in California, and was used as the model for Federal legislation…which became federal law. |
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CAMB Contributes to the community
Camb is continually looking for opportunities to support other organizations that are promoting consumer interests in our communities. We have donated tens of thousands of dollars to feed, cloth and provide housing for our many neighbors in the community. Below are just a few of the organizations to which we have donated:
- Habitat
- League of Volunteers
- Home buyer seminar
- Bridge Housing
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