WASHINGTON--(BUSINESS WIRE)--The Broker Action Coalition (BAC), a nonprofit organization representing independent mortgage brokers in national policy, proudly conducted their first event as an independent entity, Advocacy In Action. This fly-in event on Capitol Hill took place from Tuesday, April 16th - Thursday, April 18th, bringing together over one hundred independent mortgage brokers (and other wholesale professionals) from across the country, to improve their advocacy skills & knowledge, to engage with congressional legislators, and to advocate for the needs of the broker community and their diverse groups of consumers throughout the United States.
Advocacy In Action was held in Washington, D.C., led by BAC CEO Katie Sweeney and the Chief Advocacy Officer Brendan McKay. Together, the BAC provided an exceptional opportunity for brokers & wholesale professionals to directly engage with over fifty congressional offices, showcasing their dedication to serving the housing needs of diverse communities nationwide.
Katie Sweeney highlighted the significance of Advocacy In Action, stating, "Advocacy In Action was a tremendous success. It served as a place for mortgage brokers to unite, learn, and share their knowledge, passion, and skills, all with the shared mission of amplifying their voices as a unified broker community. Together, they effectively advocated for their consumers, and for the betterment of the entire housing industry. The BAC is proud of our advocates, who volunteered their time and energy towards these crucial conversations to ensure that the incredible value perspective of mortgage brokers and the need to represent consumer experiences can’t be ignored by lawmakers."
Advocacy In Action started in Washington, D.C. on Tuesday, April 16th, for a day of summit-style committee meetings with the BAC’s Black Homeownership, Veteran Homeownership, Hispanic Homeownership, Federal Government Affairs, and State Government Affairs Committees, as well as with the BAC’s state and regional captains. These meets were set to take advantage of the many dozens of BAC advocates in committee and captain roles, to connect with their peers and align initiatives across state and regional lines to maximize effectiveness back in their home states. Tuesday ended with the Welcome Reception for the rest of the attending BAC advocates, who showed up to connect and network with their fellow BAC members and broker advocates and prepare for their intensive training the following morning.
Wednesday the 17th was the BAC’s Training Day, to train all present BAC advocates, influential brokers, and industry partners on the BAC’s current initiatives and current issues in the housing market, along with preparing them for their congressional meetings the following day. Training Day consisted of nearly 8 hours of in-depth, hands-on workshop sessions featuring Congressman John Rose (R-TN-6), The Sr. Manager of the Consumer Financial Protection Bureau (CFPB), Kevin Stevens; the Executive Director & Chief Operating Officer of The National Association of Hispanic Real Estate Professionals (NAHREP), Jason Riveiro; the Assistant Director of the U.S. Department of Veterans Affairs, Terry Rouch; the Sr. Vice President of Origination Growth Solutions at Corelogic, Praveen Candramohan; author and marketing coach Kyle Draper, top-level CEOs and executives from some of wholesale’s most prominent lenders, lobbying experts from Forbes Tate Partners, and BAC leadership.
Wednesday concluded with the Broker Action Coalition Political Action Committee (BACPAC) reception, serving as a fundraiser to support countless further opportunities for brokers to build relationships with legislators to spread awareness of the issues facing the mortgage industry and future homebuyers. Key Members of Congress attended, representing the most influential policymakers in the housing industry, including multiple members of the House Financial Services Committee, the committee directly responsible for many aspects of legislation that impact the housing industry.
The following morning, 125+ BAC members and broker advocates attended meetings with legislators on Capitol Hill, which saw constructive discussions with lawmakers on various critical topics, including federal issues like protecting homebuyer privacy with regulatory reforms for Trigger Leads with H.R. 7297. VA regulatory issues were also discussed, with the goal of expanding VA loan utilization beyond 13%, and awareness beyond 33% (va.gov, 2023), including the VALID Act, the VA Home Loan Awareness Act, and the VALOR Act. By sharing their on-the-ground experiences, brokers advocated for policies that foster a more inclusive housing market ultimately benefiting and including more consumers and local communities nationwide than ever before.
Following the BAC’s Legislative meetings to date, 88 congressional legislators have co-sponsored either H.R. 7297 or S. 3502 to reform the use of Trigger Leads to protect consumer privacy.
BAC’s Chief Advocacy Officer Brendan McKay states, “The BAC is committed to advocating for the betterment of the mortgage broker and the American consumer, which are wholly aligned. Advocacy in Action isn’t just an event name. We’re putting our advocacy into action by fighting for legislative change with substantiated proof, to the benefit of not just the wholesale mortgage channel and our consumers, but the entire housing industry,” adds McKay. “Whether you’re involved with the BAC currently, or you are waiting to see our work, our initiatives are creating a better future for everyone who wants to buy a home or make a living in the mortgage industry.”
The BAC has been able to run this event, make these broker-to-legislator connections, and give the wholesale mortgage channel real representation and influence on Capitol Hill, thanks to its supporters and partners.
The BAC is proud to announce its first round of official partners:
EPM Wholesale
PENNYMAC TPO
Windsor Mortgage
The Loan Store
PRMG
RCN Capital
Newfi Wholesale
AFR Wholesale
ARIVE
Advantage Credit
Gold Star Wholesale
These partnerships enable the BAC to operate at an incredible capacity, allowing for initiatives to be created, maintained, and given enough support to be seen to fruition. But, support doesn’t end there. The Broker Action Coalition is possible because of its supporters and accepts and encourages donations from brokers, broker advocates, wholesale professionals, and anyone else wanting to support inclusivity for homebuyers nationwide.
Joining the BAC is free, and just like donation, is open to all willing to participate. Get started here to see how to get involved in the BAC’s initiatives and campaigns, fighting for broker and homebuyer rights on Capitol Hill.
About the Broker Action Coalition
The Broker Action Coalition (BAC) is the grassroots advocacy channel uniting mortgage brokers and their supporters to fight for broker and homebuyer rights nationwide. We fight to level the playing field between mortgage brokers and retail banks, support inclusive homebuying policy changes, and advocate for the needs of Veterans, minorities & underserved communities, making the American dream of homeownership obtainable for more people than ever before.
