The National Loss Mitigation Association (TNLMA) has officially launched what it claims is the first national association for loss mitigation and loan modifications specialists. The association was founded to provide an ‘information clearinghouse’ for the mortgage modification industry and to work with government agencies and lenders to promote ethical standards in meeting the growing public demand for loss mitigation services.
‘TNLMA believes the timing of its national launch couldn't come at a better time, as loan modifications have not only become a mainstream to the housing crisis, but a key component to the country's most important economic stimulus programs such, as President Barack Obama's Financial Stability Plan and mortgage rescue plan, and the FDIC's loss-sharing program," says TNLMA President Aaron Cuha.
"There is a huge dormant distribution channel of real estate and mortgage professionals that needs to be activated to connect distressed homeowners to big banks and big government," Cuha adds. "These homeowners are screaming for skilled professional representation."
TNLMA says it provides leadership in standards development and public policy advocacy to its members, and holds its members accountable to professional standards and code of ethics for the benefit of distressed homeowners and the housing industry. The association believes that uniform adoption of standards of conduct and active education of policy-makers for the loss mitigation industry is vital to the stability of the global economy.