The Texas Mortgage Bankers Association (TMBA) is an important and vital force in strengthening the real estate financing industry in our state. Earlier this year, we scored a decisive win during the state legislative session thanks to the leadership of General Counsel John Fleming. Through the TMBA’s advocacy, and the participation of BMG team members and peers on Advocacy Day at the Texas State Capitol, we came together to make our voices heard and defeat HB 2632.
The bill would have placed restrictions on reverse mortgage advertisements causing a DTPA cause of action and a violation of the Credit Code Chapter that has exemplary damages for ads deemed deceptive. Because ‘deceptive’ could be interpreted in many ways, it could have led to broad buyers’ remorse. Further, the measure would have removed the statute of limitations that could have allowed borrowers to undo a reverse mortgage a decade or longer after a closed transaction.
We know a strong industry is important to our clients, their customers, and to our firm. For that reason, we’ve regularly supported the TMBA with sponsorships and participation in annual conferences, in addition to serving on its board and special committees. We are proud of this participation and our firm’s recent recognition with the Pinnacle Award for our service and support of the TMBA through leadership, volunteerism, participation, sponsorships, and through contributions to the TMBPAC.