Mortgage Bankers Association
The two most reputable and credible mortgage banks associations today in the
United States are the National Association of Mortgage Bankers and the Mortgage
Bankers Association of America. These groups provide quality of services among
their members in Massachusetts and
New Hampshire.
Almost 45,000 mortgage companies exist in the US and who write 65% of all residential
home loans in the US. The mortgage industry including banks, savings and loans,
and other private mortgage lenders. The industry
is regulated by the government through 10 federal laws, 5 federal enforcement
agencies and more than 45 state licensing boards.
National Association of Mortgage Bankers
As the only national trade association representing the mortgage
broker industry, NAMB represents a huge base of 27,000 members. The company
is headquartered in Texas and operates in 50 states including Massachusetts
and New Hampshire. NAMB promotes the
mortgage broker industry through educational programs, professional certification,
representation with US and State government bodies.
The National Association of Mortgage Brokers mission is to help foster integrity
and best practices in the industry thus reducing the problems that can occur in
the large money transactions that mortgage loans are. This group of mortgage
brokers also provides guidance and help to low income home buyers or prospective
home buyers with less than ideal credit records. Since buyers cannot all meet
the banks demanding requirements for mortgage qualification, NAMB members make
home ownership a reality for millions of lower income people. They American dream
of home ownership has always been about everyone, not just the rich. NAMB’s
recent support of Louisiana Hurricane victims shows the organization is dedicated
to making life better for all Americans.
NAMB provides two levels of professional certification: CMC (Certified Residential
Mortgage Specialist) and CRMS (Certified Mortgage Consultant). Each of these programs
has its own set of experience and knowledge to qualify. The NAMB designation is
granted only once the candidate has met the requirements of experience and knowledge
to practice mortgage brokering, and has passed a written examination. In Massachusetts,
the Massachusetts Mortgage Association is the state affiliated association of
NAMB.
Mortgage Bankers Association of America
The MBA as it’s known is another type of national membership of mortgage
industry professionals and financial companies. MBA draws its membership from
a diverse group that includes mortgage bankers, brokers,
originators, aggregators, guarantors, financial servicers and investors, insurers,
real estate appraisers, land title companies, real estate closing agents, technology
vendors, lawyers, and consultants.
They have members such as GNA Mortgage Group in Massachusetts and New Hampshire.
The MBA helps support its members to invest in the communities they do business
in, and to achieve their business objectives. They develop innovative business
tools, educate and train mortgage industry professionals and they provide a meeting
place for members to share ideas. They act as the industry's voice on legislative
and regulatory issues, and developing open and fair standards and practices for
the mortgage banking industry.
The MBA has three different membership levels: (1) Regular for most mortgage
related businesses and professionals dealing with the common types of mortgages
and financial instruments. (2) Associate, for businesses that support the real
estate finance industry, (3) International, for businesses that are eligible for
the regular or associate memberships, but are outside of the United States.
The Mortgage Bankers Association divides the Regular membership into four categories:
residential, commercial, residential & commercial multifamily and lastly,
investors.
The two mortgage industry associations above help to protect your interests
and help educate mortgage professionals and consumers alike. So, if you’re
looking for a Massachusetts home loan
or a New Hampshire Mortgage, the seal
from both of these organizations lets you know that a member mortgage
company like GNA Mortgage Group meets their professional standards with professionalism
and ethical lending practices.
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