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A Changing of the Guard at AIME
AIME, the trade association for independent mortgage brokers, has a new leader. Jonathan Haddad is taking over as head of AIME, replacing Katie Sweeney who will now lead the Broker Action Coalition.
In his introductory letter, Haddad committed to tackling AIME’s issues directly. That raises some questions about the transition and AIME’s finances.
Is Sweeney’s departure timed with AIME’s 2023 taxes becoming public in March? What will those documents show about the income received by Sweeney and AIME’s two voting blocks? Is it just a coincidence, or were there financial irregularities that led to this change? As a trade organization funded by its members, AIME owes some transparency on these issues.
Haddad Also Weighs in on Trigger Leads
Haddad stated he supports banning credit trigger leads, having come from a retail background. He tugged at brokers’ heartstrings on this issue. However, the reality is more complex.
Banning trigger leads for wholesale lenders just diverts those leads to bank loan officers. The quality will likely improve without competition from wholesalers. In effect, such a ban literally hands business over to banks and hurts the brokers it aims to help.
This is similar to how targeting certain “whole-tale lenders” in the past only gave others a competitive edge. Fundamentally, brokers need to earn business through value and hard work, not by coercing lenders.
If AIME could truly, industry-wide ban trigger leads, wholesalers would welcome it. However, that’s impractical. When one door closes, another one opens. We need realistic solutions.
AIME Should Be More Transparent
Considering AIME members have no direct say in the trade group’s direction or budget, the association should aim for more accountability. It remains unclear if this leadership change signifies more transparency or resulted from financial factors that remain unclear.
The loss of Fairway Independent Mortgage from wholesale also removes options for brokers. For an organization that claims to represent brokers’ independence, AIME appears to frequently limit competition through its advocacy. The biggest “whole-tale lender” may not be who you think. Does AIME really fight for the working broker?
Going forward, AIME needs leaders that walk the walk, deliver practical policies, promote transparency, and withstand thoughtful critiques. Let’s see if Haddad can deliver this necessary change. What questions do you still have for AIME’s leadership?
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