Members Mortgage Company
10 Cedar Street, Suite 11 Woburn, MA 01801
Toll Free (800) 316-9790 (781) 376-9020
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Members Mortgage News


Members Mortgage Company Empowers it’s Credit Union partners with the  MyCommunityMortgage™ Program

 

Program helps credit unions reach new markets; offers special benefits for public service employees
 

Members Mortgage Company (MMC) is offering MyCommunityMortgage™ products.  These products help credit unions make the dream of homeownership a reality for low and moderate income families and public service employees.

 

“Lending to under-served borrowers is a public service consistent with credit union mission, said MMC President Joseph Zampitella. “But it’s more than that – it’s a growth area. Being able to serve a wider range of borrowers with flexible terms and convenient service is a competitive advantage for credit unions. MyCommunityMortgage™ helps credit unions to say ‘yes’ to more members and expand their mortgage business.”

 

MyCommunityMortgage™ is designed to serve borrowers with limited savings, no credit histories, or nontraditional sources of income. The program’s Community Solutions™ option offers additional benefits and flexibility to public service employees. With a down payment of as little as $500, qualified borrowers may finance up to 100 percent of the value of a home. Credit unions can use MyCommunityMortgage™ as part of their strategy to achieve Community reinvestment Act (CRA) objectives. 

 

“The demographics of home ownership are evolving -- new customer segments are embracing the dream of homeownership, presenting a tremendous business opportunity for credit unions if they can offer products that remove the economic barriers to homeownership,” said Zampitella.  “With MyCommunityMortgage™, we’re offering credit unions an efficient, convenient and affordable way for credit to serve emerging markets.”

 

MyCommunityMortgage offers flexibility to expand homeownership opportunities

MyCommunityMortgage™ helps credit unions serve low and moderate income borrowers with more flexible terms and greater efficiency than ever before.

 

Program highlights include:

 

         Minimum borrower contribution of $500

         Loan to value ratios of 100 percent on single-unit           properties

         Flexibility on credit histories

         Single qualifying ratios of 43 percent for most borrowers

         Product available to finance two- to four-unit properties

 

 

Community Solutions™ option benefits public service employees

Credit unions that participate in MyCommunityMortgage™ can expand the program by adding the Community Solutions™ option, which serves public service employees such as teachers, police officers, firefighters and health care workers. Lenders and borrowers enjoy all the benefits of MyCommunityMortgage™, plus additional flexibility:

 

         Higher single qualifying ratio of up to 50 percent

         Part-time and overtime income with 12 months’ history

         Gifted reserves
 



Boston area Credit Unions supports all volunteer efforts of Christmas in the City for the 4th straight year.

 

Members Mortgage Company would like to thank the credit union employees and credit union members that unselfishly contributed over 250 gifts to Boston area children in shelters this year. Again the credit union community stepped up in a very humble and unassuming manner to help Christmas in the City reach its goals.

 

At the core of Christmas in the City are the children. Each year Christmas in the City helps thousands of children and their families celebrate a memorable holiday season at an annual Christmas Party in which almost 3,000 children living in shelters enjoy a day that includes a sit down meal, toys, a Winter Wonderland, educational and clothing gifts, and of course, a visit from Santa himself!

 

The organizers of this charity run the entire venture with no overhead: no salaries, no direct mail costs, and no expense whatsoever. Everyone's a volunteer. Every penny, every moment, every toy goes directly to those in need. As evidenced by their contributions credit unions relate with the spirit of this charity.  

 

On behalf of “Christmas in the City”, Members Mortgage would like to thank the following credit unions for their participation this year:

           

                   City of Boston Credit Union

                        Eascorp

                        Harvard University Employees Credit Union

                        Industrial Credit Union

                        Medical Area Federal Credit Union

                        Members Plus Credit Union

                        MIT Federal Credit Union

                        Tremont Credit Union

 

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