After the death of George Floyd in 2020, many banks and mortgage companies announced commitments to social justice and addressing the persistent homeownership gaps in this country. SPCPs, despite the challenges, can be an effective tool for addressing the gap.
Tag: Special Purpose Credit Programs
Broeksmit Weighs in on How to Narrow Minority Homeownership Gap
Mortgage Bankers Association President and CEO Robert Broeksmit, CMB, said Special Purpose Credit Programs can provide lenders with an effective way to serve minority groups who do not have access to generational wealth.
MBA, NFHA Launch Online Toolkit for Special Purpose Credit Programs in Underserved Communities
The Mortgage Bankers Association and National Fair Housing Alliance announced a new online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs, which permit lenders to offer mortgage credit to economically and socially disadvantaged borrowers and are an important tool for ensuring financial institutions can meet the needs of their consumers.
MBA, NFHA Launch Online Toolkit for Special Purpose Credit Programs in Underserved Communities
The Mortgage Bankers Association and National Fair Housing Alliance announced a new online toolkit for mortgage lenders interested in developing Special Purpose Credit Programs, which permit lenders to offer mortgage credit to economically and socially disadvantaged borrowers and are an important tool for ensuring financial institutions can meet the needs of their consumers.
MBA Commends HUD Guidance on Special Purpose Credit Programs
HUD on Dec. 7 released guidance clarifying special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act.