Joint account | Maine's two mortgage associations join forces
Members of the state’s two mortgage financing associations have voted to merge in the wake of major regulatory changes in the industry.
The Maine Association of Mortgage Brokers will join the Mortgage Bankers Association of Maine to form a just as alliteratively titled organization — the Mortgage Professional Association of Maine. The organization will represent about 50 industry members, from large institutions like TD Bank to individual brokers to affiliate members such as appraisers, according to Sterling Williams, who has served as president of the mortgage bankers group and will continue in the leadership role.
Members of both associations voted in March to move ahead with the merger, and legal filings with the Secretary of State’s Office are expected to become final within about a month, he says. “We will have a single statewide trade association for mortgage loan originators.” Members will vote on a fresh slate of officers at a June annual meeting.
The move was in part economic, after membership at both groups suffered recent declines. “The mortgage business has been a tough business to be in the last of couple of years,” says Williams, who also serves as chief risk officer for Gorham Savings Bank. With state and federal regulations undergoing major changes, the merged association can serve as a single source of training and education, he says.
But in the bigger picture, the newly formed group will serve as a single voice representing consumers and the industry in Maine, Williams says.
Mainebiz web partners
Most Recent
Most Recent
Comments