Mortgage Bankers Association
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 400,000 people in virtually every community in the country. MBA represents more than 2,900 member companies involved in real estate finance and comprises more than 70 percent of the single family mortgage market and half of the commercial/multifamily market, including mortgage companies, mortgage brokers, commercial banks, thrifts, credit unions, savings and loan associations, conduits, savings banks, investment banks and life insurance companies.
MBA was formed on May 8, 1914 as the Farm Mortgage Bankers Association of America, with 45 members. The association's name was changed to the Mortgage Bankers Association of America in 1923 to reflect the increased emphasis on residential lending. MBA works to ensure the continued strength of the nationís residential and commercial real estate markets; to expand homeownership prospects through increased affordability; and to extend access to affordable housing to all Americans.
MBA members are investing in communities all across America. They provide the financing to consumers which allows them to become homeowners. And, MBAís multifamily and commercial members finance the office buildings, shopping centers, hotels and apartments that further shape and define our nationís communities.
The real estate finance industry has contributed significantly to the strength of our nation's economy by stabilizing markets, creating jobs, revitalizing communities and expanding housing opportunities for all Americans.
The housing industry has been a driving force in the economy and will continue to support the economy as it strengthens. Currently, mortgage debt outstanding totals $10.1 trillion, which represents 28 percent of total U.S. debt market. Residential mortgage debt outstanding, single family and multifamily, amounts to $8.7 trillion, while commercial mortgages total $1.7 trillion. The real estate finance industry originated a record $2.65 trillion in mortgages in 2004, third highest on record. Commercial/multifamily mortgage bankers reported $136 billion in loan originations in 2004, up by 16 percent from the record-setting $117 billion reported in 2003.
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