The National Association of Independent Housing Professionals (NAIHP) said it has a meeting scheduled for Tuesday with the Federal Deposit Insurance Corp. (FDIC) to discuss the issue of loan buyback claims being forced upon mortgage brokers.
NAIHP president Marc Savitt said he will meet with senior FDIC officials but declined to identify them. Savitt runs a small brokerage operation based in West Virginia. He is a past president of the National Association of Mortgage Brokers.
The trade group, unhappy with the FDIC's actions, plans to set up a legal defense fund to aid brokers if they are pursued by the government.
As reported by National Mortgage News two weeks ago, the agency has hired outside counsel to press its claims against brokers who facilitated certain loans at now defunct depositories.
NAIHP and its members believe they are being unfairly targeted, saying that brokers are mere facilitators and do not underwrite the loans.