MBAC is one of the oldest and most influential mortgage banking organizations in the nation. It was organized in North Carolina in 1955, and became the only two-state mortgage banking organization in 1958 when South Carolina joined forces with its sister state.

Early leaders of MBAC included such industry giants as C. C. Cameron of Cameron Brown Co. (formerly First Union Mortgage and now Wachovia Mortgage), Carlyle McDowell of Wachovia Bank and Trust Company, N.G. Speir of N.G. Speir, Inc., and Lex Marsh of Marsh Realty Company.

Today, with nearly 160 member firms, there is a strong business and professional relationship within MBAC. Over the years, the members of MBAC have worked for many legislative improvements in both North and South Carolina, and have also helped defeat many legislative proposals harmful to the industry. MBAC has worked closely with the many federal and state agencies helping to bring about new improved programs and procedures to the mortgage banking industry.

To promote mortgage banking as a career choice among college students in the two states, MBAC established an annual scholarship fund in 1972. The first scholarships were for $300 each, but the fund has grown over the years and today scholarships are worth $6,000 each.

MBAC has enjoyed strong leadership throughout its history, and three of its Presidents have gone on to become President of the Mortgage Bankers Association of America. They are C. C. Cameron, the late Claude E. Pope, and Willard Gourley, Jr. In addition, many members currently serve on the MBA Board of Governors and on various national committees.

As a result of the organization's growth, in 1985 MBAC established its first full-time office in Charlotte, North Carolina. A former MBAC President, Dee McCandlish, was appointed Executive Director in 1987.