The Mortgage Bankers Association (MBA) is the national association representing all facets of the real estate finance industry in the United States and is headquartered in

Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...

MBA represents over 2,200 member companies.About Mortgage Banker's Association
/ref> MBA’s membership base includes all sectors of the real estate finance industry including originators, servicers, unresidential, commercial, and multi-family arenas. During the

subprime mortgage crisis The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010, contributing to the 2008 financial crisis. It led to a severe economic recession, with millions becoming unemployed and many busines ...

of 2008, the MBA's membership fell from 3,000 to 2,500. Its current membership is 2,200. Uniform multi-state licensing of mortgage originators began in 2008 with the Nationwide Multi-State Licensing System and Registry (NMLS). The NMLS requirements may have been greater than those of mortgage originator requirements of some states, and this may help explain part of the drop in membership. MBA is headed by Robert Broeksmit, president and chief executive officer. Rodrigo Lopez, executive chairman of NorthMarq Capital, was MBA's chairman for 2017. Mark Jones, president of Union Home Mortgage is MBA's chairman for 2024.

Lobbying

The Mortgage Bankers Association has a

political action committee In the United States, a political action committee (PAC) is a tax-exempt 527 organization that pools campaign contributions from members and donates those funds to campaigns for or against candidates, ballot initiatives, or legislation. The l ...

called Mortgage Bankers Association Political Action Committee (MORPAC). 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 Lobbying is a form of advocacy, which lawfully attempts to directly influence legislators or government officials, such as regulatory agency, regulatory agencies or judiciary. Lobbying involves direct, face-to-face contact and is carried out by va ...

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.

MBA Education

MBA Education is the MBA's education division. MBA Education offers programs in various formats, including

distance learning Distance education, also known as distance learning, is the education of students who may not always be physically present at school, or where the learner and the teacher are separated in both time and distance; today, it usually involves online ...

, live online workshops, classroom-based courses, corporate training and several books and other resources. MBA Education 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 MBA 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 Consumer education is the preparation of an individual to be capable of making informed decisions when it comes to purchasing products in a consumer culture. It generally covers various consumer goods and services, prices, what the consumer can ...

website providing

financial literacy Financial literacy is the possession of skills, knowledge, and behaviors that allow an individual to make informed decisions regarding money. Financial literacy, financial education and financial knowledge are used interchangeably. Financially un ...

information on

credit report A credit history is a record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments. A bo ...

s 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.

MISMO

The ''Mortgage Industry Standards Maintenance Organization'' (

MISMO The Mortgage Industry Standards Maintenance Organization (MISMO) is a not-for-profit, wholly owned subsidiary of the Mortgage Bankers Association (MBA) responsible for developing standards for exchanging information and conducting business in the ...

), a nonprofit

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of the MBA, is the leading technology standards development body for residential and commercial industry. 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.

Default on headquarters loan

In October 2009, the MBA sold its headquarters in

, for $41.3 million to

CoStar Group CoStar Group, Inc. is an American provider of information, analytics, and marketing services to the commercial property industry in North America and Europe. Founded in 1987 by Andrew C. Florance and based in Arlington, Virginia, the company has ...

. It had originally purchased the building in 2007 for $79 million, $75 million of which was financed from a group of banks headed by

PNC Financial Services The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 ...

. It now rents offices nearby.

The Washington Post ''The Washington Post'', locally known as ''The'' ''Post'' and, informally, ''WaPo'' or ''WP'', is an American daily newspaper published in Washington, D.C., the national capital. It is the most widely circulated newspaper in the Washington m ...

, February 6, 2010
Mortgage bankers group sells D.C. offices to Bethesda company; CoStar gets a bargain after commercial real estate market collapses
V. Dion Haynes, "The Mortgage Bankers Association moved into the building in 2008 just as the real estate market was crashing, and ended up paying millions of dollars more when interest rates rose. Moreover, the leasing market slowed considerably and the association had trouble getting other tenants into the 168,000-square-foot building...The industry lobbying group has struggled financially in recent years, as the market collapsed and lending dried up, with members dropping out as they lost their jobs..Florance said the association will remain in the building for about six months and then find a new home...."It's a little bit of irony that in the middle of the mortgage crisis brought on by the bad lending practices of many members of the Mortgage Bankers Association that they got caught up in the same problem," said Dean Baker, co-director of the Center for Economic and Policy Research, a liberal research group. The association was criticized for defaulting on its mortgage despite saying that there's a

moral obligation An obligation is a course of action which someone is required to take, be it a legal obligation or a moral obligation. Obligations are constraints; they limit freedom. People who are under obligations may choose to freely act under obligations. ...

for homeowners to repay their mortgages. The default was featured on ''

The Daily Show ''The Daily Show'' is an American late-night talk show, late-night talk and news satire television program. It airs each Monday through Thursday on Comedy Central in the United States, with extended episodes released shortly after on Paramount+ ...

'' on October 7, 2010, contrasting the MBA's actions with statements made by its representatives claiming that strategic default is morally wrong. MBA operatives refused to make a comment.Mortgage Bankers Association Strategic Default
''

'', October 7, 2010.

Footnotes

{{Reflist Banking in the United States Mortgage industry companies of the United States Mortgage industry associations Business and finance professional associations in the United States