Two of the mortgage industry’s most influential trade groups have entered into a new “strategic partnership” that aims to amplify their shared advocacy efforts.
The Mortgage Collaborative (TMC), a nationwide network of mortgage lenders, and the Mortgage Bankers Association (MBA), an association representing the real estate finance industry, announced the partnership on Monday.
“The collaboration is structured to preserve TMC’s lender-led model while expanding opportunities for member voices to be heard at the national level,” the companies stated in a jointly issued press release.
Added Jodi Hall, TMC’s president and CEO: “This partnership was formed after thoughtful consultation with our advisory council, lender advocacy committee leaders and lender members to ensure it aligns with the needs and values of our network.”
Formed in 2013, TMC describes itself as a “lender-driven” network that mainly serves small and mid-size mortgage lenders and independent mortgage banks (IMBs). Membership dues not only buy access to working groups and conferences, but also preferred-partner pricing from a who’s-who directory of housing and mortgage service providers.
The MBA’s membership spans all elements of mortgage finance, including IMBs, mortgage brokers, commercial banks, various kinds of insurance companies, credit unions, real estate investment trusts, Wall Street conduits and other companies. The organization’s most recent tax filings indicate it had almost 2,100 member companies.
Many TMC members are also members of the national MBA and its affiliate associations at the state and local levels. The press release said the partnership helps to expand the MBA’s “connection to independent mortgage lenders and their on-the-ground experiences.”
“Increasing participation of TMC lender members in MBA advocacy and education activities will help build an even stronger industry,” said Bob Broeksmit, president and CEO of the MBA, in the joint press release.
The release did not outline any areas of advocacy overlap or what kinds of “on-the-ground experiences” the MBA seeks to better understand. A spokesperson for the MBA declined to provide Scotsman Guide with further details on the strategy behind the announced partnership.
The Mortgage Collaborative had not yet responded by the time of publication.
From efforts to modernize credit underwriting to reforming loan officer compensation, myriad concerns that increase friction and costs for lenders and borrowers seem ripe for collaboration across the mortgage industry’s various advocacy groups.
