Broker/Banker Groups to Merge in New Jersey

Three mortgage trade groups in New Jersey and Pennsylvania are merging into a single organization to be called the Mid-Atlantic Association of Mortgage Bankers and Professionals.

E. Robert Levy, executive director of the two New Jersey groups involved, the Mortgage Bankers Association of New Jersey and New Jersey Association of Mortgage Brokers, as well as counsel of the Pennsylvania Association of Mortgage Brokers, made the announcement at the Northeast Conference of Mortgage Brokers in Atlantic City, N.J.

The merger is still pending membership votes at the New Jersey groups; PAMB’s membership has already approved the merger.

“It was a long, long battle to put this together,” said PAMB president Paul Logan. He added that people have asked him what shape the new organization will take, and his response has been “I don’t know. It is up to you,” referring to its members.

Levy said the new group is open to other mortgage trade groups in the region joining it. “Regionalization is the way to go,” he said.