The Fair Mortgage Collaborative Board

Janis Bowdler, CHAIR

Quick Facts:

• Associate Director for National Council of La Raza
• Member of the Poverty & Race Research Action Council

Background:

• B.A. Malone College, Canton, Ohio
• M.A. Cleveland State University
• Oversees Wealth Building Policy Project at the National Council of La Raza, the largest national Latino civil rights and advocacy organization in the United States.
• Project Manager for Famicos Foundation, running day-to-day operations for corridor re-development with a $20 million budget
• Manages research and moderates roundtables that survey, analyze, and document case stories from NCLR grantees
• Responsible team leader dedicated to research, advocacy, and policy analysis on the development of communities and key constituencies.

Janis recently spoke at the White House on improving wealth for Spanish language borrowers.http://www.house.gov/apps/list/hearing/financialsvcs_dem/bowdler_-_nclr.pdf

You can also read Janis’s column on Spanish language financial topics including homeownership, housing discrimination, credit cards and auto loans. http://www.huffingtonpost.com/janis-bowdler

Jon Rogers, VICE CHAIR

PERSONAL QUOTE:
“It’s a great time to buy a house. Prices have fallen because of changes in the industry. And rates are at the lowest they have ever been in the history of the country. If you’re a buyer, it is the ultimate buyer’s market in many, many parts of the country.”

QUICK FACTS:

• Director, Homeownership Division, Federation of Appalachian Housing Enterprises (FAHE)
• FAHE helps people in Appalachia (KY, W.VA, VA and TN) of all income levels obtain mortgages
• Court mediator in Kentucky to help families avoid foreclosure

BACKROUND:

• Masters Degree in Legal Studies from West Virginia University
• 10+ years as a mortgage banker
• Worked at the West Virginia Housing Development Fund. They fund federal and state affordable mortgage programs
• Was a Senior Deputy Director at Fannie Mae, promoting their mortgage operations throughout Central Appalachia

HIS ADVICE TO HOME BUYERS:
“Begin to look for a mortgage lender through the NMLS (http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx), the National Mortgage Licensing Center. The NMLS was established as a result of the housing crisis and the Safe Act passed by the federal government in 2008. Prior to the Safe Act, many states had no regulations and they couldn’t keep companies and individuals from doing bad things.  At NMLS consumer access, a person can go to look to see if the loan originator company that they’re talking to is at least currently licensed within the state. “

HIS WARNINGS:
“There are some things to do in preparation of getting a home loan. 2-3 years ago, you might have tried to get a mortgage with a 580 or 620 credit score. You can’t do that now. Credit requirements have gone up tremendously as a result of all the changes. You gotta look better now to a lender than you did 2 or 3 years ago.”

HIS THOUGHTS ON THE FMC:
“The industry and the regulators weren’t able to knock out all the bad lenders to we should be ever vigilant. A loan might not be illegal per se, but it can certainly be a not very good loan relative to too many closing costs or unfair pricing.”

Melinda Costa, TRUSTEE

Personal Quote:
“Two roads diverged in a wood and I – I took the one less traveled by…and that has made all the difference.” – Robert Frost

QUICK FACTS:

• Senior Relationship Officer, Community Investment Partners (CIP) at The Calvert Foundation
• CIP manages manages over $40 million in community development loans and investments

BACKGROUND:

• B.A., Political Science/ M.B.A., Finance

• Ten years of Fannie Mae lending and asset management experience specializing in Low Income Housing Tax Credits and other affordable multifamily lending programs

• Managed the Fannie Mae Foundation’s $24 million revolving loan fund that provided low interest financing to affordable housing organizations throughout the country

• Managed the Quality Control Department for a single family mortgage loan servicer in Washington, DC with a large portfolio of FHA loans

• Originated single family mortgage loans under Fannie Mae, Freddie Mac, VA, and FHA programs for Signet Mortgage Company, now part of Wells Fargo

From a financial aspect, make sure that your personal finances are in order and get pre-approved for a mortgage loan with a reputable lender.  Don’t buy the most expensive house for which you qualify; instead, make sure that you’re comfortable with the monthly payment of the house.

Advice for First Time Homebuyers:

Use a reputable realtor for buying your fist home.  He/she will a valuable resource for you and will be able to avoid some of the pitfalls experienced by first time homebuyers.  See a lot or properties, weigh your options, and ask a lot of questions.

Warnings for First Time Homebuyers:
A number of people will tell you that “now is the best time to buy”.  It may not be the best time for you to buy though based upon your individual circumstances.

Be aware of deals that sound too good to be true; they probably are!

Hopes/aspirations for FMC and its importance:
My hope is that FMC continues to educate consumers about predatory lending practices, help them avoid predatory lenders and brokers, and enable them to obtain safe, fairly-priced homes.  I am very excited about FMC’s plan to provide valuable data regarding the fairness of pricing of mortgage loans to further the mission of the organization.  I believe that everyone who has made the decision to purchase a home deserves to be treated fairly throughout the process and not taken advantage of by unscrupulous lenders and brokers.

Cliff Rosenthal, TREASURER

PERSONAL QUOTE: “History teaches us that there are always loop holes that unscrupulous or less than straight forward individuals get around. While we like to think the recent financial reforms will be airtight, there is still likely to be slack and gaps in the system.”

QUICK FACTS:

• CEO of the National Federation of Community Development Credit Unions
• NFCDU represents 200+ credit unions that serve  low-income communities

BACKGROUND:

• B.A./M.A. in Financial Management from Columbia University
• Appointed Consumer Council of New York City by Mayor Bloomberg in 2002, and to the advisory board of the city’s Office of Financial Empowerment in 2008
• In 2009 the ASI Federal Credit Union in New Orleans named its Community Resource Center after him, recognizing the assistance he coordinated after Hurricane Katrina
• Designed the Capitalization Program for CDCUs, one of the earliest community development finance intermediaries in the U.S., which invested more than $50 million in low-income credit unions
• Co-Founded the national Community Development Financial Institutions Coalition (CDFI), which spearheaded the formation of the federal CDFI Fund under the U.S. Department of the Treasury.

HIS ADVICE TO HOME BUYERS: “Every state has a housing state finance agency. I encourage you to visit those. To get home ownership advice, go to pre-purchase counseling which addresses issues as to entry affordability and other sorts of financial resources to maintain the house.”

HIS WARNINGS: “Credit Unions offer quality ARM products which can be considered, but it is advisable for you to compare all the mortgage products you may be qualified for before making your selection.”

HIS THOUGHTS ON THE FMC:“The financial system has really suffered from eroding trust. Particularly for some of the largest institutions that got us in trouble. This has benefited credit unions which have seenan increase in profits. Mortgage lending has increased in credit unions. FMC can be helpful in reinforcing the credit union as trustful, reliable nonprofit lenders.”

Ken Gross, SECRETARY

PERSONAL QUOTE: “With the tightening of the mortgage market it is more important than ever to safeguard the ability of all individuals to have access to fair and reasonable mortgages.”

QUICK FACTS:

• Pioneered FHA programs at NHSA
• Approved service seller for FHA, VA, Freddie Mac, and for the State of Tennessee House Finance Agency
• Former President of the Mortgage Bankers Association

BACKGROUND:

• Over 40 years of lending experience with FHA programs and other loan programs
• Pioneered e-commerce transactions and business models for FHA
• 15-year veteran of NWO
• Supervised and closed over 4,000 new home purchases and new home improvement loans for low-income persons
• Managed FNMA programs including Homestyle, EA/TPR and other affordable housing initiatives.

HIS ADVICE TO NEW HOMEBUYERS AND MORTGAGE SEEKERS:“Finding a non-predatory affordable mortgage is more difficult than ever before due to increased criteria for approval from lenders. Be patient, persistent and diligent to succeed.”