International Mortgage Lenders Association is Formed

    The primary mission of the Association, according to its acting Vice Chairman, Mr. Timothy Kelley, is to "significantly promote the economic development of the international mortgage lending industry by providing an educational forum to address its unique needs and issues, and to be a leading resource for its members."

The formation of IMLA began last year in recognition of the need for an independent, non-aligned body to lead in the educational process regarding opportunities and appropriate methods of originating international mortgage assets. This will be its primary objective. Initially, the Association's focus will be on the sizeable international mortgage market in Mexico. The current value of international real estate equity is estimated by Bruce Greenberg, a charter IMLA member and recognized appraiser in Mexico, at $45 billion and increasing at $3 to $5 billion annually. The Association's area of coverage is expected to broaden and include all of Central America and South America within the next 2 years.

Another important objective of IMLA will be to create and promote the standardization of procedures, codes of conduct and a range of other subjects pertaining to the international mortgage lending industry. According to IMLA's acting Chairman, Mr. Kevin Hardin, "it is not our intention to 'fix' or 'change' Mexico. We - U.S. mortgage companies - are guests in Mexico, and it is necessary to ensure that we continue to be proper guests by operating appropriately and within the laws of that country." From this base of education and standardization, the Association - as an independent body - will also address public policy issues and promote the interests of its members.

The Association's charter membership consists of individuals and organizations in Mexico and the U.S. representing Mortgage Lenders and Brokers, Real Estate Appraisers, Real Estate Title Companies, Real Estate Agents and Developers, Financial Services Organizations, and Legal Firms with Real Estate practices. Significant additions to this membership base are expected over the next few months including academic institutions.

Among the prominent organizations supporting the development of the IMLA are the Mexican Association of Real Estate Professionals (Asociacion Mexicana de Profesionales Inmobililiarios A.C.) and the Arizona-Mexico Commission, which promotes economic and cultural development.

The web site for the International Mortgage Lenders Association is currently being constructed, and further details regarding its immediate and longer-range activities will be located shortly at www.internationalmla.org.

# # #