A pair of trade groups dedicated to representing the interests of smaller-to-mid-sized mortgage lenders are merging.
The Community Home Lenders Association and the Community Mortgage Lenders of America are combining under a new name: the Community Home Lenders of America. Scott Olson, current executive director of the Community Home Lenders Association will have the same role at the merged organizations, while CMLA's Rob Zimmer and David Horne will continue their government relations work.
In the past, the groups had held "less serious conversations" about a possible combination as they held many similar positions — such as agreeing on the need for an
"We ultimately concluded that we'd be a more powerful and effective organization because now we have more members, more resources," Olson said. For example, previously the groups would be tracking similar issues separately and by combining can do so in a more strategic manner.
"It's been a question of logistical details and we finally decided the time's right," Olson continued.
CMLA membership, besides independent mortgage bankers, also include banks and credit unions, so limited overlap exists in that regard with the CHLA, a nonbank organization. It is the slightly older group, created 13 years ago, while the CHLA was founded 10 years ago.
While the two groups are effectively operating as one, some organizational issues remain, including determining its president and board.
"Combining CMLA and CHLA gives our community lender members the clout to compete with the large mega-lenders that can afford to hire their own lobbyists in Washington, D.C.," said Michael Jones, chief financial officer at Thrive Mortgage and the former CMLA chairman, in a press release. "We intend to use that clout to continue to fight for fairness for community mortgage lenders and the consumers they serve."
