is the only trade association solely representing the nonprime mortgage lending industry.
This merger has been in development for several months, and we would be thrilled to see NHEMA become a part of MBA," said Lowrie.
NHEMA represents the nonprime mortgage lending industry, and is comprised of 220 mortgage lenders accounting for 80 percent of outstanding nonprime mortgage loans.
urges any consumers borrowing against their home equity for stock market or other financial investments to remember:
Zeltzer and Prieston, both of whom also sit on the NHEMA Board of Directors, will be working together over the next months to formulate key issue papers on mortgage fraud in anticipation of the organization's annual conference in Scottsdale this coming April, and from there will launch their new industry-wide initiatives to begin reversing the accelerating growth in mortgage fraud.
NHEMA represents approximately 250 home equity lenders accounting for 80 percent of the $240 billion in outstanding non-prime mortgage loans.
Other speakers at the NHEMA
event raised some legal red flags.
Because of this uncertainty, NHEMA
will continue to work with Dr.
To that end, NHEMA has recently published a consumer guide to home equity lending.
Founded in 1974, NHEMA serves as the principal trade association for non-conforming home equity lenders.
also promotes ethical standards for its members, and has an active presence in Washington, D.
, which represents nonprime mortgage lenders, issued a statement from its chairman, Mitch Feinstein, who said: "[O]ur initial review seems to indicate that the Responsible Lending Act would establish tough, balanced new national standards protecting mortgage borrowers across the country from abusive lending practices.