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April 2012 PowerPoint Presentation

April 2012

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April 2012

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Presentation Transcript

  1. Presentation to: April 2012 Findings from the I’M HOME Loan Data Collection Project

  2. Data Snapshot

  3. Why Manufactured Housing? • The manufacture housing market allows lenders to target underserved communities with affordable loan products that will perform when serviced effectively • With access to origination and performance data from various HFAs, CDFIs, CUs and the USDA, FMC/CFED can compare underwriting and servicing protocols across organizations and geographic regions to identify successful strategies • We have evidence that lenders can create effective loan programs for borrowers who do not fit into the high FICO, low LTV, low DTI mold • Data from several organizations with strong performance suggest that initial and ongoing credit counseling, area-specific manual underwriting and slightly higher loan pricing will allow lenders to expand into the MH market with competitive, sustainable loan products for non-traditional mortgage applicants

  4. Why Manufactured Housing?

  5. Why Manufactured Housing?

  6. Lessons Learned

  7. Loan Product Types in MH Market

  8. Thank you! For more information, contact: Howard Banker Fair Mortgage Collaborative hbanker@fairmortgage.org 212-455-9330