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AIME (American Independent Mortgage Experts) has recently been asking mortgage brokers for financial support through their new Broker Action Committee. However, some are questioning whether AIME’s leadership and financial practices warrant such support.
Unlike most non-profit trade associations, AIME has never had an elected board of directors providing oversight. Instead, it has been controlled by three compensated employees – President Marc Summers, CEO Katie Sweeney, and Director Karis Koehn. Some argue that this structure lacks accountability and transparency.
A review of AIME’s publicly available 990 tax returns shows that Sweeney’s compensation jumped from $240,000 in 2021 to $480,000 in 2022. This is in contrast to declining broker incomes over the same period. In addition, Sweeney owns part of a separate business called Brokers are Better, so her total income is likely even higher.
While reasonable minds can disagree on appropriate non-profit compensation models, this context seems relevant for brokers being solicited for donations. Trade associations typically have broader leadership representation to help align decision-making with member interests.
As brokers ask tough questions, it remains to be seen whether AIME will address governance and transparency concerns. Increased oversight could strengthen broker confidence in the organization’s stewardship of funds. However, pressure from wholesale lenders who have a vested interest in AIME’s success may also play a role.
Brokers deserve to understand how leadership makes decisions on their behalf. Those representing the interests of small business owners have an obligation to promote ethical practices from the top down.
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