HAND Invites Mortgage Bankers

The Homeownership Alliance of Nonprofit Downpayment Providers has invited mortgage bankers to attend its fall membership meeting, which is being held in conjunction with the annual convention of the Mortgage Bankers Association of America.In a recent letter, HAND chairman Joel S. Pate invited mortgage bankers to the Oct. 19 meeting at the San Diego Marriott Hotel & Marina to "begin a productive dialogue" about how to boost the U.S. homeownership rate. "Even as loan originations begin to trend downward, our members expect to generate a larger proportion of the total loan output," Mr. Pate said. "That is because our concept has created a new pool of buyers who previously were unable to acquire a home simply because they lacked the downpayment funds." HAND, which was formed about a year ago, requires members to offer homebuyer education and default management programs to their beneficiaries.