Two prominent mortgage banking trade groups will merge.
Earlier this week, the board of the National Home Equity Mortgage Association agreed to merge with the Mortgage Bankers Association, according to an announcement today. The merger will become official on Oct. 1.
"This merger has been in development for several months and we would be thrilled to see NHEMA become a part of MBA," said MBA Chairwoman Regina Lowrie in the announcement. "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."
NHEMA, which is comprised of 220 mortgage lenders accounting for 80 percent of outstanding nonprime mortgages, said the unison "is an exciting convergence of expertise that will allow the mortgage industry to better serve the entire spectrum of clientele."