Taking Aim at AIME

Questions Surrounding AIME Leadership and Finances

(see video below)

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.

Please share your comment(s) below.

Questions for AIME Leadership:

Will there be a Board of Directors and how will votes be counted?
Who decides the Board of Directors and when will it be selected?
Will the Board of Directors consist of traditional positions (Pres, VP, Secretary, Treasurer), plus additional board members with an odd number, with an annual financial review by a Financial Committee that is voted on annually?
Will there be staggered term limits to protect the integrity?
Did the 2022 Broker Action Coalition (BAC) fund raising funnel monies to AIME or BAC since it does not show on the 990 as 2022 was the first 990 form showing no receipts? Has that been fully utilized or is AIME depositing the remainder to BAC?
What is the estimated budget for BAC 2024 particularly as relates to lobbyist fees, director, and officer salary contracts, and budgeted fixed expenses?
What is the current liquid asset value going into 2024?
Will State Captains and BAC members be invited to meetings?
Will members have voting classes?
Are there expected employee expenses?
Will there be a vote on BYLAW review?
When will 2023 Form 990 be released?