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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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