The National Association of Mortgage Brokers is forging a strategic alliance with Aifa to assist it as it bids to build an effective trade body representing mortgage intermediaries.
Namba says it aims to be the main trade body in the sector and wants to draw on Aifa's direct experience of setting up a trade body which can put the industry's views to the regulator.
The group, which claims to be endorsed by the Intermediary Mortgage Lenders' Association and the Council of Mortgage Lenders, has attracted 500 members since it was set up in February. Namba aims to be financed by the industry and is already supported by Sun Bank and iGroup. It says it is in talks with other major lenders.
The trade bodies are carrying out a study into how the relationship can develop after an initial partnership period.
Namba steering committee chairman Charles Gooding says: “We realised that to get something off the ground quickly we needed to look at other models. Aifa has the infrastructure and credibility to build an effective trade body. Why reinvent the wheel?” Aifa director of public affairs Tracey Mullins says: “It makes sense for Aifa to help Namba set up a trade association for a part of the sector that is so closely linked to our own members' activities. Approximately 30 per cent of the mortgage intermediary market lies with IFAs.”