History and Mission of the Massachusetts Mortgage Association

During the late 1980's, the specialty of mortgage origination through third parties emerged as a rapidly growing segment of the real estate industry. Amidst the rapid growth of this new industry a group of mortgage brokers and correspondent lenders recognized the need to create a unified voice. The result was the Massachusetts Association of Mortgage Brokers and Correspondent Lenders. The only Association in Massachusetts dedicated to the advancement of mortgage brokering in Massachusetts. In the early years the Association was organized, managed, and staffed by volunteer members dedicating their time and effort for all mortgage brokers.

The early 1990’s showed the true need for such an Association when legislation was introduced and passed requiring the licensing of mortgage brokers and lenders.  Our membership grew rapidly during the licensing process as the Association worked with the Division of Banks and distributed license applications, forms, and information. During this time the Association was accepted as the State Affiliate of the National Association of Mortgage Brokers as the sole representative of mortgage brokers in Massachusetts.

By the mid-nineties the Associations membership and activity had grown to where it was no longer practical to exist as an all-volunteer association, its first full time employee was hired to manage the day-to-day operations. The member companies had also grown during this time. Brokers became table-funded lenders and lenders became small mortgage bankers. Wholesale Lenders in the form of large mortgage bankers and the mortgage divisions of many banks sought membership seeing the benefit of a strong association. The Association realized it was now representing a much larger part of the mortgage industry and sought a new name indicative of its representation of all mortgage interests in Massachusetts.

The result was The Massachusetts Mortgage Association (MMA).

Since then MMA has worked diligently to bring about legislation that focuses on consumer protection while protecting the business environment that permits mortgage companies to continue to deliver the variety of products and services consumers need. Our activities include professional educational, compliance advice, and networking events such as our annual showcase conference where brokers and lenders meet. A quick tour of our website will give you an idea of all the services and information we now provide which been made possible by our growing membership. One thing hasn’t changed and that is remembering our reason for existing has always been meeting the needs of the mortgage broker. Whether you are small or large,  well established or just starting out we look  forward to welcoming you as a member.