KANSAS CITY, Mo.--(BUSINESS WIRE)--The Association of Independent Mortgage Experts (AIME), the leading membership organization representing the independent mortgage broker industry, announced today the Broker Action Coalition (BAC) will form an additional leadership team to continue its successful legislative efforts. AIME and BAC will work in tandem to support the needs of the broker community, with renewed focus on their areas of impact – AIME’s business support and education for brokers and consumers and BAC’s legislative, regulatory, and industry advocacy campaigns focused on Capitol Hill.
AIME will continue to serve the independent broker community with member services, which include consumer education, networking opportunities, and recognition within the industry. The association will maintain its focus on serving its members through its programs and initiatives, such as connections to industry partners, high-level loan escalations, broker education through the AIME Academy, and the annual Fuse national conference. As part of the continued partnership, AIME’s advocacy initiatives will be represented by the BAC.
BAC will amplify its work to raise and manage funds for the Broker Action Coalition PAC (BACPAC), the political action committee that collects contributions to support bipartisan public policy initiatives that benefit independent brokers and home buyers. AIME will also play a role supporting BAC’s advocacy campaigns, including a co-hosted event in April, Advocacy in Action, which will train hundreds of independent mortgage brokers in grassroots advocacy.
Since its inception in 2022, the BAC has grown to be the leading policy advocate for over 50,000 independent mortgage professionals nationwide, proposing and supporting legislation that gives wholesale mortgage experts the same opportunities and advantages that retail mortgage brokers have benefited from for decades.
“This is a natural evolution for BAC, which has established itself as the most effective organization in advocating for our community. For decades the wholesale channel has been craving representation and leadership that can be the driving force behind legislative progress for independent brokers nationwide,” said Katie Sweeney, Chairman and CEO of AIME. “As an independent organization, BAC will be 100 percent committed to representing our community through state and federal policy reform, regulatory and agency change, and industry innovation to better the industry and help more home buyers become homeowners.”
Sweeney will be stepping down as Chairman and CEO of AIME on March 31, 2024, to become the co-founder and Chief Executive Officer of BAC, focusing exclusively on public policy advocacy and political activities on behalf of the industry. AIME has established a selection committee to appoint the association’s new CEO.
“AIME has been the backbone of the independent mortgage broker community since 2018, and that’s not going to change,” states Marc Summers, President of AIME. “As wholesale market share continues to grow, we’ll welcome new leadership to move the organization into the next level, and we’ll continue to leverage the political advocacy work of BAC in support of our members and the industry.”
The association has reached new milestones under Sweeney’s leadership, which saw:
- 300% increase in annual membership, increasing minority membership by 450% and female membership by 400%
- Established and launched the BACPAC and BAC, raising over $1.5 million in advocacy funding
- Established 300+ female, minority, and veteran-owned small businesses under the Spark Small Business Grant Program and Leadership Academy, raising over $2 million in private funding
- Implemented annual paid membership tiers, moving AIME’s revenue from 100% sponsor-driven to 40% membership and 60% sponsorship-funded
- Designed and launched the AIME Member Portal (AMP), a digital membership hub that comprises the largest private collection of mortgage origination content in the country
- Created AIME’s first Code of Ethics and Code of Conduct and revised AIME's mission, vision, and core values to reflect today's membership goals and objectives by establishing a Member Leadership Team and 14 member-led committees
- Grew AIME’s lender and vendor network with pro-broker partnerships by 190%
- Stewarded the broker channel through significant change and growth, ushering market share from 18% to 25%
- Launched multiple education initiatives including broker certifications and training programs through AIME Academy and consumer education through brokersarebetter.com, reaching over 25,000 people
- Won 14 industry-leading awards and accolades from prominent stakeholders, including a two-time HousingWire Vanguard awardee, a multi-year winner of MPA’s Mortgage Global 100 award, and a 2023 winner of Inman’s Best in Finance award
“My mission upon taking on the role of AIME’s Chairman and CEO was to build the reputable, stable, and sustainable association that mortgage brokers deserve. I’ve spent the past four years fighting alongside some of the brightest minds in the business and I’m proud of the work we’ve accomplished to support Team Broker,” states Sweeney. “Now it is time to take that same passion to Washington D.C. and beyond, with a greater focus on advocacy and innovation to help mortgage brokers help more people.”
BAC will continue to influence state and federal policy outcomes by empowering independent mortgage brokers to engage with lawmakers directly, with support from financial contributions made through BACPAC. AIME’s State Captain program and Homeownership Committees will move under the BAC. The State Captain program will remain a driving force for state-level legislation efforts, and BAC’s recently launched Military Action Coalition (MAC) will advocate for public policies that help active duty service members and veterans with home-buying resources, job training, small business grants, and more.
Along with Sweeney, BAC’s leadership will include former AIME President of Advocacy Brendan McKay, who will focus on growing the advocacy network’s members, donors, and programs as the co-founder and Chief Advocacy Officer. As a wholesale mortgage professional and co-founder of his own brokerage, McKay has used his industry expertise to unify broker sentiment behind BAC since its inception.
“BAC’s efforts in its first year have resulted in a lot of momentum on public policy issues that will initiate meaningful progress for our industry,” said McKay. “As an independent entity, BAC will be able to fully concentrate on championing independent brokers’ rights, limiting unnecessary regulation within our channel, and giving the opportunity of homeownership to more Americans than ever before.”
BAC welcomes members and partners inside and outside the mortgage broker industry to join its cause, as BAC and BACPAC expand the definition of advocacy to champion brokers and home buyers alike. To support BAC or learn more about its 2024 Advocacy in Action event, visit brokeractioncoalition.com or join the Broker Action Coalition Facebook Group at facebook.com/groups/brokeractioncoalition.
About AIME:
The Association of Independent Mortgage Experts (AIME) is a non-profit, national trade membership association created exclusively for independent mortgage brokers. With over 65,000 members, AIME is committed to establishing a community of independent mortgage experts by creating an association that empowers them with unparalleled technology, business development and education, consumer awareness and networking support necessary to successfully advise consumers nationwide with their residential mortgage needs. AIME operates with a growth-focused strategy, providing tools and resources to propel the wholesale channel beyond a 25% share of the mortgage market in 2024 and to a majority of the market within the next decade.
About Broker Action Coalition (BAC):
Since 2022, the Broker Action Coalition has represented the interests of independent mortgage brokers across local, state, and national legislation levels. We give our advocates the power to create a positive change in the industry through legislative, regulatory, and grassroots efforts. Our mission is to champion independent brokers’ rights by shaping industry practices to provide more opportunities for mortgage professionals, limit unnecessary regulation within the wholesale mortgage channel, and turn more potential home buyers into homeowners. Learn more about BAC by visiting brokeractioncoalition.com.
