Emery Federal Credit Union, Cincinnati, will become the first lender to provide mortgages through a new online origination and pricing platform being launched by NeighborWorks America, a nonprofit that focuses on housing issues.
NeighborWorks Mortgage Source is designed to take into account — during the underwriting process — the possibility of multiple sources of cash needed to close a loan. In the world of nonprofits that give housing assistance, it is not unusual to see a homebuyer come to the closing table with funds from their own account, but also grants from up to six donors.
Mortgage Source will not sell personal information to multiple lenders. It also said it 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.
