Mortgage Collaborative announces affordable lending effort

by Francis Monfort18 Aug 2017
Lender members of The Mortgage Collaborative (TMC) can now participate in a new pilot program aimed at improving lender support for affordable lending, the independent mortgage cooperative announced.

TMC launched the Affordable Lending Outreach Pilot Program to improve initiatives by lenders members that aim to expand lending to low- to moderate-income borrowers as well as rural and manufactured-housing communities. The program will use educational resources and materials provided by Fannie Mae.

Under the program, lenders members will receive support to expand educational events in partnership with nonprofit organizations and to improve cooperation with community organizations to promote affordable lending options. The program will also help lender members with training targeted populations as well as with homeownership counseling costs for consumers. The cooperative said it will test the program with certain lender members this year, with plans to expand the program to let other lender members join in 2018.

“TMC is pleased to promote affordable lending options to traditionally underserved markets in all corners of America with support from Fannie Mae,” said David Kittle, vice chairman and president of TMC. “Whether it’s rural areas or manufactured housing, TMC is committed to ensuring that mortgage access is available in all markets to households of modest means. We applaud Fannie Mae and its commitment to work with our members to fulfill this important mission.”

With the program, TMC seeks to assist consumers in becoming homeowners through responsible means and at the same time support its expanding network of lender members in outreach and educational activities.

Related stories:
Fannie, Freddie release three-year plan on serving underserved markets
Mortgage Collaborative adds compliance solutions provider to network


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