The National Home Equity Mortgage Association board of directors has voted unanimously to merge with the Mortgage Bankers Association, according to an announcement Wednesday. The MBA board had previously approved the concept of the merger. NHEMA represents the nonprime mortgage lending industry and is comprised of 220 mortgage lenders accounting for 80 percent of outstanding nonprime mortgage loans. The groups characterized the merger as a "natural progression for NHEMA and MBA, which will further strengthen the mortgage lending industry as a whole." "This merger has been in development for several months and we would be thrilled to see NHEMA become a part of MBA," Regina Lowrie, MBA's chairman, said in a prepared statement. NHEMA expects to officially become part of MBA on Oct. 1. At t...
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