Frequently Asked Questions
1. What is the PAC?
The Political Action Committee is a voluntary, not for profit group, whose membership consists of brokers, lenders, and others with interest in the mortgage industry.
2. Why was the PAC formed?
PAC was formed because the mortgage profession needs an organization through which its members can participate effectively in the political process.
3. Is the PAC affiliated with a major political party?
No. The program and platform of the individual candidate determines whom the PAC supports - not the candidate's party affiliation.
4. Who directs the activities of the PAC?
A Board of Directors that is elected and serves without compensation.
5. When a member contributes to the PAC and has definite feelings as to which candidate(s) should be supported, how does he/she make those feelings known?
Members are encouraged to make recommendations to the Board of Directors and local Chapter Directors when they feel a particular candidate should be supported.
6. How is the membership money used?
Money received by the PAC is used to provide support to legislative candidates who fairly and objectively consider proposals which support the mortgage industry.
7. Who decides which candidates will be supported?
Decisions on which candidates receive support from PAC are entirely in the hands of the Board of Directors, and of course, the board is answerable to the general membership. The objective is to provide support for those candidates sympathetic to the mortgage industry.
8. Why is the need so great now?
During every legislative session, many bills are introduced which affect the mortgage industry. By supporting political candidates, who understand and believe in our industry, we can ensure the representation we need.
9. What is the relationship between the PAC and the Florida Association of Mortgage Professionals?
The PAC raises money through fundraisers and membership contributions. The PAC supports legislative candidates who are sympathetic to the mortgage profession. The FAMB PACs contribute money to Democrats, Republicans and Independent Candidates who support the goals of mortgage brokers.
10. What are the tax credits for political contribution?
Individuals may receive a tax credit for political contributions. Consult your accountant for further details.
11. What are the Association PACs?
The Florida Association of Mortgage Professionals has two PACs. The State PAC is called the Mortgage Brokers PAC and the Federal PAC is called the FAMB Federal PAC. Donations to the state PAC may come from either personal funds or corporate funds. Donations to the Federal PAC must be in the form of personal checks. Corporations MAY NOT contribute to the Federal PAC. Cash donations cannot be accepted by either PAC. FAMP contributes to State candidates as well as Federal candidates. We ask that you designate which PAC you wish to contribute to.