Definition: Mortgage banking association is a type of financial institution that specializes in providing mortgage loans to individuals or corporations for purchase, refinancing, or home equity loans. The loan amount, interest rate, payment plan, and repayment terms are all customized to meet individual borrower needs. The purpose of the organization is to provide services and support to its members who need funding for purchases such as homes, real estate, property improvements, and other types of mortgage transactions. These members typically include individuals, corporations, government agencies, non-profit organizations, or other organizations that wish to purchase a property. Mortgage banking associations may be regulated by their respective state's securities regulatory agencies or the Federal Reserve Bank of New York. They operate under the laws of their member states and may have their own internal regulations and policies. Definition: Mortgage banking association is a financial institution that specializes in providing mortgage loans to individuals or corporations for purchase, refinancing, or home equity loans. The loan amount, interest rate, payment plan, and repayment terms are customized to meet individual borrower needs. Mortgage banking associations may be regulated by their respective state's securities regulatory agencies or the Federal Reserve Bank of New York.
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