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Expanding Market Reach in a Sustainable Way

Expanding Market Reach in a Sustainable Way. Accessing the Low to Moderate income borrowers and the “unbanked” to help with: REO properties and Excess Housing Inventory building up at the municipal and loan servicer levels. Focuses on the low to moderate income consumer.

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Expanding Market Reach in a Sustainable Way

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  1. Expanding Market Reach in a Sustainable Way • Accessing the Low to Moderate income borrowers and the “unbanked” to help with: • REO properties and • Excess Housing Inventory building up at the municipal and loan servicer levels FRB Cleveland

  2. Focuses on the low to moderate income consumer • Counselor platform interface • File exports; credit and AVM pulls • Web-based underwriting for complex loans • Multi-layer financing • 7 layers • Multi-borrower • Up to 5 • Alternative Credit • Where no traditional credit found FRB Cleveland

  3. “Virtual” tools & process aka “CRA in a box” • Starts with informed (trained) borrowers • Lender/Counselor combination • Creates affordability by doing the hard program, systems and processing work • Provides efficiency with flexibility • This is a summary transaction screen shot FRB Cleveland

  4. Immediate Access • Third party data pulls merged into decision process as needed: • Traditional Credit • A variety of AVMs • Fraud Tools • Income Validation • This is traditional credit – automatically merged into the credit file for underwriting FRB Cleveland

  5. Automated Alternatives • Automated underwriting process for traditional “alternative credit” borrowers • Creates operating efficiencies around a traditional manual underwriting process • System calls for alternative credit where none is found • Process can “find new potential homeowners” • AUS can incorporate local subsidies to create affordability FRB Cleveland

  6. Alternative Credit to Conditional Approval FRB Cleveland

  7. December 2007 Comparison FRB Cleveland

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