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About Our Auction
The term Political Action Committee does not galvanize people to action. In 2020, politics have become very polarizing. When people learn we are raising funds for our industry’s PAC, they are likely to form a quick opinion which isn’t always positive. When you peel back this onion, you learn the real estate finance PAC is non-partisan, protecting the interests of lenders and consumers. In the unprecedented times of a global pandemic, we have seen quick action taken by agencies to protect their financial interests. Those hasty actions can have a direct negative impact to consumers.
Most recently, officials at Fannie Mae and Freddie Mac, agencies that operate under congressional charter, instituted an “adverse market fee” to every refinance. This fee effectively makes refinancing more expensive for consumers by $1500, on average. This additional fee made the value of refinancing less impactful, therefore limiting the number of families that would benefit from a lower payment. Political action committees were able to lobby Fannie and Freddie to delay the implementation until later in the year. If you refinanced between July – September of this year, you may have benefitted from those efforts.
We are fortunate to have a wonderful lobbyist, Tony Thompson. For all of the political historians, Tony is the son of Presidential candidate and Senator Fred Thompson. For all of the television lovers, Tony is the son of Law & Order District Attorney Arthur Branch. Tony is well respected among law makers. He educates law makers on the benefits and detriments new laws could create for the real estate finance world and homeowners. Having someone of Tony’s caliber carrying our message doesn’t come cheap.
There is a quote attributed to Astronaut John Glenn that comes to mind, “As I hurtled through space, one thought kept crossing my mind - every part of this rocket was supplied by the lowest bidder.”
As an industry and as consumers, we simply cannot afford to have anything less than the best fighting for our interests. We raise money to ensure we have the best.
The Knoxville chapter of the Tennessee Mortgage Bankers Association is committed to promoting professionalism within the industry through valuable networking and educational opportunities, as well as supporting and promoting our membership, local nonprofit and charitable organizations. By holding ourselves to the highest standards of excellence and integrity in the mortgage industry, we aim to deliver value and leadership through our resources and expertise.
The KMBA membership includes a variety of professionals from the mortgage banking industry and related fields as well. Members are mortgage bankers, mortgage brokers, title companies, attorneys, appraisers, credit reporting agencies, realty professionals, and insurance companies.
The KMBA is the proud recipient of the 2013, 2015, 2018 and 2019 Chapter of the Year award from the Tennessee Mortgage Bankers Association.