A planned merger will bring the nation’s only nonprime mortgage industry association under the fold of the Mortgage Brokers Association (MBA).
If approved by members, the National Home Equity Mortgage Association (NHEMA) will become part of the MBA on Oct. 1 of this year, according to a joint announcement by the organizations. After the merger, what is now the NHEMA executive committee and officers will form a council within the MBA to continue NHEMA’s focus on nonprime mortgage lending issues.
“This partnership is in the industry’s best interest and will allow MBA to have one strong voice that speaks on behalf of the entire mortgage lending industry,” says Regina Lowrie, who chairs the MBA.
NHEMA is comprised of 220 mortgage lenders accounting for 80% of outstanding nonprime mortgage loans. The MBA, with more than 3,000 member companies, represents the full spectrum of real estate finance, including both residential and commercial lenders and intermediaries.
Leaders in both organizations describe the merger as a natural progression for NHEMA and MBA which will further strengthen the mortgage lending industry as a whole.