Fair Mortgage Collaborative
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Fair Mortgage Collaborative (FMC) is a non-profit organization created by the
Work
To combat predatory lending, the Fair Mortgage Collaborative certifies mortgage lenders, brokers, credit unions, and community banks as "Fair and Safe" based on the "Fair and Safe Lending Standards" they established. These standards were developed, written, and approved by mortgage industry thought leaders; mortgage industry loan officers, brokers, advocates; and other mortgage experts. The standards are strict and the certification process is lengthy. Once the lender is approved, they can place the "Fair Loan Certification" seal on their website and collateral. The Fair Mortgage Collaborative continues to watch each lender's loans to ensure their continuing compliance with the standards.
Most recently, with the passing of the
Staff and board members
The Executive Director is Howard Banker, a 30-year mortgage industry veteran, whose most recent position was Vice President of the Opportunity Finance Network. Mr. Banker has also worked for Bank of NY Mortgage Company, Neighborhood Housing Services of America, Low Income Investment Fund, Ford Foundation, Parodneck Foundation and others. Howard Banker also serves as the Managing Director of Energy Programs Consortium, a nonprofit research and implementation organization working for states and with the federal government around scalable energy efficiency finance programs. The Chair of the Board is Janis Bowdler, Deputy Director of the
Press
The New York Times and several other large publications wrote about the organization, calling it "...a mortgage watchdog group."[3]
The Los Angeles Times called the Fair Mortgage Collaborative "...a new website to help consumers save on mortgages and closing costs."[4]
Market Place spoke to Howard Banker, Executive Director of the Fair Mortgage Collaborative and home mortgage expert, about how the Fair Mortgage Collaborative sniffs out bad lenders.[6]
References
- ^ Ford Foundation's grant to Fair Mortgage 2010
- ^ Fair Mortgage Collaborative: About section
- ^ Tedeschi, Bob (2009-7-31) "A Mortgage Watchdog is Born" The New York Times
- ^ Sichelman, Lew (2009-6-28) "Two new websites can help buyers save on closing costs and mortgages" Los Angeles Times Housing Scene
- ^ Bergsman, Steve (2010-5-7) "How to Find Fairly Priced Loans" Inman News
- ^ Public Radio Podcast called "A Mortgage Watchdog Sniffs Out Lenders" Archived 2012-07-13 at archive.today, featuring Howard Banker, Executive Director of the Fair Mortgage Collaborative
External links
- Official site (This can't be their official site.
- Vertical News article on the Fair Mortgage Collaborative dated February 5,2010
- Andersen, Heather (6-2009)"New Fair Mortgage Collaborative includes CUs" Credit Union Times
- Fair Mortgage Collaborative in National Mortgage Professional
- Fair Mortgage Collaborative in Real Estate News June 9, 2009
- Fair Mortgage Collaborative in Mortgage Mag News
- "Federation Hails Fair Mortgage Initiative", article from National Federation of Community Development Credit Unions, 2009
- Press release for Fair Mortgage Collaborative's launch event 6-8-2009
- Miller, Peter G. (6-21-2009) "Can You Trust Your Lender" Our Broker
- Howard Banker, Executive Director of the Fair Mortgage Collaborative, quoted in USA Today 7-23-2010 by Stephanie Armour