NAMBA is close to securing the funding it needs to establish itself as the primary trade body for mortgage intermediaries, Mortgage Strategy can reveal.
NAMBA's role within the Association of Independent Financial Advisers and its plans for funding were the key issues discussed at a meeting of the NAMBA steering committee last week.
Sources say the committee is awaiting confirmation of “significant funding from within the mortgage industry” – the last issue to resolve before firmly establishing the body as a major presence in the industry.
The source says: “The success of this trade body is now completely down to funding. The confidence is there that the funding is coming but the bottom line is that we still have to wait for confirmation.”
The structure of the trade body and its alliance with AIFA will be finalised in the next two weeks. A letter received by members in December suggests a mortgage intermediary division will be set up within AIFA, headed by an elected board.
Subscription limits and membership fees are understood to have been set at the meeting, and negotiations for several lenders and large brokers to join as associate members are believed to be underway.
NAMBA chairman Charles Gooding would not confirm details of last week's meeting. But Mortgage Strategy can also reveal that Charcol's Ray Boulger has joined the steering committee.