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[[Image – a rough outline of the USA, inside of which are the lower-case  letters:  umba]]
UNITED MORTGAGE BANKERS OF AMERICA, INC. 
ANNUAL CONVENTION 
SEPTEMBER, 1975

HISTORY OF THE 
UNITED MORTGAGE BANKERS OF AMERICA 
(INCORPORATED)

[[Image – A man in a white suit with shirt and tie holding a folder, a woman in a dress, and a man in a dark suit with a white shirt; caption – Mr. Lawrence C. Humphrey, president of the United Mortgage Bankers of America with Borough President Percy Sutton and a friend at Black Caucus dinner.]]

The need for a Black Mortgage Banking Association became obvious in 1960 when it was impossible for a Black man to get membership in either the Mortgage Bankers Association of America or any of its local subsidiaries. Hence, if the Black man was to become a viable moving force in the industry, his only vehicle would be through an organization that would be espousing his cause.

In Boston, on August 20, 1961, a meeting was held at the suggestion of Mr. Travis and Mr. Charles L Warden, President of the National Association of Real Estate Brokers, that a committee be set up for the purpose of surveying the lending practices of the life insurance companies of America. The committee members were as follows: Adger A. Jackson, Chairman, Philadelphia, Pennsylvania; J. W. Robinson, Houston, Texas; David M. Greenup, New Orleans, Louisiana; Dempsey J. Travis, Chicago, Illinois; L. B. Jett, Cleveland, press space Ohio; Paul D. Brown, Long Island, New York.

Of these 6 members, only one was an FHA approved mortgagee — Dempsey J. Travis.

A survey was done by the committee of some 25+life insurance companies. As a result of this survey, at the next annual meeting which was held in August 1962 in Dallas, Texas, it was suggested by Mr. Travis that a new arm of the National Association of Real Estate Brokers be established in order to implement any future surveys in the mortgage industry. In other words, simply making a survey without having the Black Mortgage Banking Institutions to implement the result would, of course, be meaningless. Therefore, on August 14, 1962, Mr. Travis made a plea before some 500 real estate men at the Dallas, Texas convention inviting them to join a proposed new black mortgage banking trade Association which would be an arm of the National Association of Real Estate Brokers.Out of this group of 500, nineteen persons expressed an interest in the mortgage banking business as a result of their past experience as mortgage brokers, or experience in the Savings and Loan or Commercial Banking industry.

An Illinois charter as a non-profit organization had been issued and was introduced by Attorney George W. Crank, who subsequently was appointed General Counsel. The members elected to officers at that meeting were: Dempsey J. Travis, President and Chairman of the Board; J. W. Robinson, Senior Vice President; Joseph T. Vickers, Secretary; Robert L. Hughes, Assistant Secretary; William Hudgins, Treasurer; Attorney George W. Crank, General Counsel.

The United Mortgage Bankers of America (UMBA) has opened membership and has extended invitations to whites as well as blacks to join. At this writing, there are 50 mortgage companies who are members of the Association. Fourteen of the 50 are FHA approved mortgagees. Although the MBA doors are now open for any qualified Blacks who seek membership, it is the consensus of UMBA that our organization must continue to address itself to those problems that are unique and relevant to the black community. We justify the continuation of UMBA because of the indigenous identification with black community and its intimate knowledge of the problems and in many instances, the cures.It was found in our research and investigation that, in addition to the technical training needed to be a mortgage banker, there are specific ethnic inputs necessary in order to make the operator of the mortgage company in a black community responsive to its needs.

Before the formulation of UMBA, there were not more than two blacks hired in any capacity by mortgage banking firms above menial jobs any place in the United States. After UMBA and the subsequent spin-off of new mortgage banking companies, mortgage bankers and cities such as Chicago, Illinois, Atlanta, Georgia, and Kansas City, Kansas began to employ blacks to solicit black business in order to stem the tide, growth, and threat of competition of Black-Owned mortgage banking institutions.

UMBA has served not only to build black business, but also create jobs in mortgage banking. This opportunity would not have been possible if it were not for the existence of UMBA.

Very little Federal housing legislation has been considered in the last three years without consulting the UMBA organization. Moreover, the organization has played an important part in a consultant role to the life insurance industry in its $1 billion program. Many of its suggestions and recommendations are reflected in the current life insurance lending policies. UMBA was instrumental in focusing the need of second income in the black family as a prerequisite and enabling black families to qualify for mortgage loans under both insured and conventional programs.

UMBA has cooperated with FNMA in implementing its correspondent program which would emphasize appointments of black correspondence with $5,000 net worth. As a matter of fact, UMBA is acting as an on-going consultant in reference to seeing that the correspondent program remains viable.