Great news in thie messed-up, mixed-up world of mortgage lending.
The Fair Mortgage Collaborative has recently been formed to provide protection to homebuyers. This collaborative is made of of groups such as the Ford Foundation, the Consumer Federation of America, Acorn Housing, and the Center for Responsible Lending.The Collaborative will certify that lenders meeting five standards of conduct are “fair and safe”, including a ban on predatory lending practices.
In addition, certified lending organizations, such as BECU (Boeing Employees’ Credit Union), Prime Alliance Solutions, Federation of Appalachian Housing Enterprises, Inc., Mortgage Grader and Clearinghouse CDFI, will offer the new FMC-certified “fair and safe” mortgages from coast-tocoast.
FMC’s current crop of certified lending organizations provide mortgages currently totaling $520,000,000 per year. That level is expected to double or more in the first year of the program, with further growth anticipated as the demand for mortgages that are certified “fair,” “safe” and non-predatory takes hold.