Mortgage Bankers Association

The Mortgage Bankers Association (MBA) is the United States national association representing all facets of the real estate finance industry. Headquartered in Washington, DC, MBA represents over 3,000 member companies nationwide in an industry that employs approximately 350,000 people^[1]. MBA’s membership base includes all sectors of the real estate finance industry including originators, servicers, underwriters, compliance personnel and information technology professionals representing mortgage companies in the residential, commercial and multi-family arenas.

Management

MBA is headed by David H. Stevens, President and Chief Executive Officer. Michael D. Berman, Certified Mortgage Banker and President of CW Capital, is the association's Chairman. ^[2]

Lobbying Activity

The Mortgage Bankers Association has a political action committee called Mortgage Bankers Association Political Action Committee (MORPAC)^[3]. MORPAC raises money to help elect and re-elect candidates to Congress who have an understanding of the real estate finance and housing industries, and who are supportive of the mortgage profession. The lobbying group is headed by Bill Killmer, Senior Vice President of Legislative and Political Affairs.

Education

The MBA offers training and continuing education to mortgage professionals. It is also active in educating consumers.

CampusMBA

CampusMBA is the education division of the Mortgage Bankers Association. It provides learning solutions for mortgage professionals. CampusMBA offers programs in various formats including distance learning, live online workshops, classroom-based courses, corporate training and several books and other resources.

CampusMBA offers industry certifications and designations, including the following:

• Certified Mortgage Banker (CMB)
• Accredited Mortgage Professional (AMP)
• Certified Loan Officer (CLO)
• Certified Mortgage Servicer (CMS)
• Certified Residential Underwriter (CRU)

School of Mortgage Banking

Since 1948, the Mortgage Bankers Association has been offering courses through The School of Mortgage Banking (SOMB) to the real estate finance community. SOMB is a series of three four-day courses, now administered by CampusMBA - the educational division of MBA created in 2000. The courses offer comprehensive instruction in specific aspects of the mortgage banking industry. Graduates of SOMB receive the Accredited Mortgage Professional (AMP) designation upon successful completion of the courses.

Home Loan Learning Center

The Home Loan Learning Center is a consumer education website providing financial literacy information on topics such as credit reports and scores, the true cost of owning a home and how to compare the costs of owning versus renting a home. The site includes information on how to qualify for a loan, what the documents mean, what's included in the mortgage payment. It also has mortgage calculators to help consumers plan their payments.

MBA Publications

Mortgage Banking is the association’s flagship monthly magazine publication.

MBA Newslink is a daily online industry publication.

MBA Commercial/Multi-Family Newslink is a weekly online publication for the commercial and multi-family markets.

MISMO

The Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), is the leading technology standards development body for both the Residential and Commercial industry segments. MISMO promotes data consistency throughout the broader industry, reduces processing costs, increases transparency, and boosts investor confidence in mortgages as an asset class, while passing cost savings on to the consumer.^[4]

Default on Headquarters Loan

In October of 2009, the MBA announced that it had sold its headquarters in Washington, D.C. for $41.3 million. It originally purchased the building in 2007 for $79 million, $75 million of which came from financing from a group of banks headed by the PNC Financial Services Group. When asked if the MBA would strategically default on the loan, its CEO declined to comment. It now rents offices nearby.^[5]

This was featured on The Daily Show on October 7 2010 contrasting the MBAs actions with statements made by its representatives claiming that strategic default is morally wrong. MBA operatives refused to make any comment to the program.

Footnotes

1. ^ "Mortgage Employment". http://data.nationalmortgagenews.com/freedata/?what=employ. Retrieved 2008-10-21. ^{[dead link]}
2. ^ "Governance and Management". http://www.mortgagebankers.org/AboutMBA/GovernanceandManagement. Retrieved 2008-10-21. 
3. ^ "Mortgage Bankers Association Political Action Committee". http://www.morpac.org/. Retrieved 2008-10-21. 
4. ^ "MERSCorp to Manage MISMO Operation". http://www.thefreelibrary.com/MERSCORP+to+manage+MISMO+operations.-a0195672039. Retrieved 2009-04-30. 
5. ^ Hagerty, James R. (2010-02-06). "Mortgage Bankers Association Sells Headquarters at Big Loss". The Wall Street Journal. http://online.wsj.com/article/NA_WSJ_PUB:SB10001424052748704829704575049111428912890.html. 

External links

• Official website
• Campusmba
• School of Mortgage Banking
• Home Loan Learning Center