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Thursday, July 24, 2014
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Published: Thursday, 6/5/2003

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Attaining home ownership is a goal for many individuals, but the process of obtaining financing for a mortgage and the various steps involved with the validations and actually having your name recorded on the deed can be a very frightening and confusing experience. In the coming months, the Mortgage Bankers Association of Northwest Ohio will dedicate this space to information that will, 1) explain the loan process; 2) help prepare consumers for the loan process; 3) explain the benefits of maintaining a positive credit history; 4) credit scoring and how it is used in the mortgage banking industry; 5) offer explanations as to the many terms used within the industry; 6) provide access to online services that can help consumers identify how much house they can afford; 7) how much of a down payment will you need; 8) how long will the loan process take; 9) which is the best mortgage for me, Fixed or Adjustable rate; 10) understanding interest rates and determining when to refinance; 11) what fees are covered in my closing costs; 12) access to an online Message Board maintained by the local Mortgage Bankers Association that will be covered in a confidential manner.

The Mortgage Bankers Association of Northwest Ohio (MBA/NWO) was formed in 1988 and is comprised of firms within the region that are engaged in the mortgage banking industry. Our members include mortgage bankers, credit unions, savings & loan companies, real estate title services, credit bureaus, appraisers, mortgage insurance companies, surveyors and law firms specializing in real estate. The local chapter has approximately 145 active members representing 65 member companies. Meetings are held throughout the year covering a variety of topics affecting the industry and the community.

The MBA/NWO is a member of the Ohio Mortgage Bankers Association, a state grassroots organization of the Mortgage Bankers Association of America. The MBA serves as an industry ombudsman in its commitment of support for meaningful legislation on the federal, state and local level. Continuing education of our members is available through seminars and workshops. The Mortgage Bankers of America conducts the annual School of Mortgage Banking and Web-based distance learning courses through the Campus MBA program leading to a variety of professional designations.

All members of the MBA/NWO adhere to the Canon of Ethics in our conduct of business. The organization supports and encourages the membership to engage in fair, affordable housing initiatives that will promote homeownership for all segments of the community.

The local Mortgage Bankers Association supports a number of community initiatives by funding the William Hodupp scholarship at the University of Toledo for banking/finance majors and has entered a joint effort with the Toledo Board of Realtors to support the Habitat for Humanity-Under One Roof program by building a Habitat Home in the near future. If you or your company would like to contribute toward the local Under One Roof project, please contact any MBA/NWO member or access the association website listed below and "click" on Contact Us.

For more information on the Mortgage Bankers Association of Northwest Ohio, please visit: www.mbanwo.com.



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