ORLANDO, Fla. — The last four years likely will be remembered as a gilded age for anyone in real estate, especially mortgage bankers. But with interest rates rising, the industry is preparing for a slowdown that may prompt some lenders to merge with their competitors.

Consumers may be winners from the mortgage banking industry's scramble for customers in the months ahead of this anticipated consolidation. Home buyers are seeing lenders cutting loan fees, and some lenders are willing to offer lower mortgage rates even if it takes away from their profits.

"Companies are losing money to keep market share," said Douglas Duncan, chief economist at the Mortgage Bankers Association. "The consumer is being subsidized because the competition is so fierce. For the short run, the consumer is getting a better deal."

Once that period of consolidation and mergers is over, consumers are unlikely to get such a good deal. There won't be price gouging after a merger wave, but fees probably won't be slashed as much as they are today, Duncan said.

At a mortgage banking industry convention in Orlando last month, many executives were clearly worried by the industry outlook.