How The Mortgage Bankers Association Works For Its Members
The Mortgage Bankers Association,
with its headquarters in Washington DC, is the national association set up to represent the whole of the real estate banking and finance industry. Its member companies number almost 2,500, and employ nearly 300,000 people in large and small communities right across the country. These member organizations represent all aspects of real estate lending and finance, including mortgage brokers, mortgage companies, life insurance companies and commercial banks.
The chief aim of the Mortgage Bankers Association is to support its member organizations and their employees, and enable them to carry out their business to the highest professional standards. To this end the association produces a variety of publications on all aspects of professional practice, and also provides educational and training programs for members. Meetings and conferences are arranged throughout the year, as a further means of ensuring members are kept up to date with industry trends, and provided with the resources and tools they require to keep their business going forward.
The other major aspect of the role of the Mortgage Bankers Association is to provide an advocacy service.
This involves protecting the interests of members, and representing their views and proposals to the public in general, and also to the highest authorities, including Congress, regulatory bodies and state officials. The Mortgage Bankers Association also works on behalf of individual borrowers, and since the beginning of the economic downturn in 2007 it has supported its members in helping millions of borrowers to avoid foreclosure.
Although the majority of member organizations of the Mortgage Bankers Association are financial companies, the latest addition to its strength is Kansas-based United States Appraisals, who joined in August 2012. This expands the reach of the organization by adding a nationwide provider of appraisal and valuation products to the mix. It is anticipated that their focus on valuation and appraisal management will add a valuable new resource to the Mortgage Bankers Association’s range of provision for its members.
The President and CEO of the Mortgage Bankers Association is David H. Stevens and at the beginning of October 2012, Pete Mills was appointed as Senior Vice-President for Residential Policy and Member Services. He has had 25 years’ experience in the mortgage finance and real estate industry, most recently as Director of Mortgage Banking Initiatives, Inc. It is expected he will use his lengthy industry experience to strengthen membership at grassroots level.
The Mortgage Bankers Association issues regular reports detailing trends in the industry,
and the latest report for the first week of October 2012 indicates that mortgage rates have reached record lows for the second week in succession. As a result, mortgage applications in that week surged to a record high of 16.6 percent. However, despite this, there has been little improvement in the actual rate of new lending, largely due to lack of confidence by the banks.
The aim of all the activities of the Mortgage Bankers Association is to ensure its members can serve the public to the best of their ability. This should strengthen the commercial and residential real estate markets across the nation. Above all, the hope it that it will ensure all Americans have maximum access to affordable housing.
Wright Financial Inc. is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.