Michael Farrell Will Lead Mortgage Broker Association
Incoming leadership coincides with new housing legislation affecting loan originator compensation rules.
Updated on Sept. 30, 2026 in Residential
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Effective October 1, 2026, Michael Farrell will assume the role of president for the National Association of Mortgage Brokers (NAMB). This leadership transition comes as the industry prepares for new regulatory requirements following the enactment of the 21st Century ROAD to Housing Act.
Why it matters
The organization represents the interests of nearly 48,000 mortgage brokerages and lenders in Washington, D.C. debates. These policy shifts directly influence the regulatory environment for loan originators across the country.
The National Association of Mortgage Brokers represents 533,500 individual loan originators and 47,800 firms. Under the new 21st Century ROAD to Housing Act, the Consumer Financial Protection Bureau has a 270-day deadline to issue a report on compensation regulations.
The players
Michael Farrell
The incoming president of the National Association of Mortgage Brokers who has served with the organization since 2022.
National Association of Mortgage Brokers
A nonprofit industry association founded in 1973 that advocates for loan originators and mortgage brokerages.
Consumer Financial Protection Bureau
The federal agency responsible for consumer protection in the financial sector that codified compensation rules in 2013.
The details
The leadership change occurs via a formal succession process within the nonprofit association. NAMB intends to navigate the 60-section, 140-page housing law through active advocacy and engagement with regulatory bodies. The association will also introduce a daily resource program for its members to help manage these evolving industry requirements.
Timeline
1973: The National Association of Mortgage Brokers was founded.
2013: The CFPB codified existing loan originator compensation regulations.
July 11, 2026: The 21st Century ROAD to Housing Act was signed into law.
October 1, 2026: Michael Farrell assumes the presidency.
October 16-19, 2026: The NAMB National conference takes place in Las Vegas.
The Home Front
This leadership transition occurs as the mortgage industry adapts to the most significant legislative update since the 2013 codification of compensation rules. The association now focuses its policy efforts on complying with the mandates of the 21st Century ROAD to Housing Act.
Homeowners should track how pending regulatory reports from the CFPB might influence future mortgage lending practices. Keep an eye on your loan documentation if you are in the process of financing a home, as compensation transparency rules are subject to ongoing federal review.
The takeaway
Industry leadership changes often signal a shift in how trade associations approach federal compliance and advocacy. Homeowners and prospective buyers should remain aware that changes to broker compensation regulations are currently under federal review via the 270-day CFPB reporting window.
What happens next
Lauren Patterson will be installed as president-elect during the NAMB National conference held from October 16 to October 19, 2026.
Further reading
Learn more about how industry policies affect the lending landscape in the Residential section.
Source note: This article includes information reported by Scotsman Guide.
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