Emery FCU Pilots Mortgage Program For Non-Profits
CINCINNATI – Emery FCU will become the first lender to provide mortgages through a new online origination and pricing platform being launched by NeighborWorks America, a community development intermediary.
NeighborWorks Mortgage Source is designed specifically to take into account during the underwriting process the possibility of multiple sources of cash to close, a typical situation when dealing with nonprofit mortgage originations which may see a homebuyer come to the table with funds from their own accounts and grants from as many as half a dozen other sources.
NeighborWorks said Mortgage Source will not sell personal information to multiple lenders, will not let predatory mortgage products get into the system and will provide the borrower with a complete and unbiased underwriting of their personal financial situation at a lower cost to the consumer than the national average.
The new system, being offered through the Direct Lending Family online platform, will reach more than 100 lenders and state housing finance agency mortgage options, giving consumers working with a nonprofit originator the greatest opportunity to obtain the best mortgage for their needs, NeighborWorks said.