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• W85450396 abstract "in the mid-1970s, before the Community Reinvestment Act even existed, it had become apparent that some parts of the Philadelphia area weren't getting the mortgage credit they needed. The result was a decline in the availability of decent, affordable housing. Three lenders launched a program to remedy the situation through a combination of more flexible underwriting standards and the proviso that no loan would be rejected by any one of them until the other two had taken a look at it. Herbert E. Bowers, then of Philadelphia National Bank, was one of the bankers taking part in this project, then known as the Philadelphia Mortgage Plan. Bowers, who recently retired as a vice-president at $15 billion-assets CoreStates Bank, N.A., recalls that getting the original program moving required a selling job on several fronts. First off, he remembers, regulators worried about loan applicants' privacy. It's a basic of banking ethics--and law that customers' private matters not be divulged to just anyone. Bowers says regulators finally gave the plan the go ahead for its review process with the understanding that lenders reviewing a rejected loan not see the applicants' names. The second major challenge facing the lenders was convincing people in low- and moderate-income communities that the institutions were really interested in granting credit that hadn't always been available in the past. Back then, Bowers recalls, half my time was spent in the streets, just getting the word out. Over the years, the message got out, loans were made, and additional institutions joined the program. Along the way, the program was expanded to encompass four counties in addition to Philadelphia County. This resulted in a name change, to Delaware Valley Mortgage Plan. Since the program started, mortgages totalling $218 million have been made to almost 15,000 low- and moderate-income families. In 1991, participating lenders made a record $24.4 million in mortgages to 978 families--59% of them minorities. How the plan works. The Delaware Valley Mortgage Plan is not a loan pool. Participating lenders make their own loans and structure their own broad programs. Sometimes the loans the nine banks and thrifts make under plan guidelines represent the majority of the low- and moderate-income lending they do and sometimes that is just one of several options offered. To qualify under the plan, a borrower must earn less than $32,960 annually and be creditworthy. Properties can have mortgages for up to $44,300 in Philadelphia and Chester counties, and up to $82,365 in the three other counties. The other counties, Bucks, Delaware, and Montgomery, are more suburban in nature and home prices and real estate taxes tend to be higher. Downpayments can be as low as 5%. The foregoing numbers are periodically adjusted to keep pace with changes in home prices. Properties are evaluated as to: condition, comparable area sales prices, and characteristics of the block. However, special consideration is given to depressed areas if strong efforts to improve the surrounding community are under way. The emphasis in credit evaluation is on flexibility. Applicants with no credit history can provide records of regular payment of rent and utility bills as evidence of creditworthiness. Similarly, applicants may obtain some flexibility on debt-to-income ratios if they can show that they've been handling a higher-than-average rent. These are the factors in common among participating lenders. They retain the ability to price the loans as they choose, in terms of both interest rates and fees, so long as they are at affordable levels. They also have the flexibility to determine just how flexible they are willing to be in making loans under the plan. In some cases, this may be a factor leading a proposed loan into the Delaware Plan's review process. There is flexibility among the lenders and we encourage that, says Ray Desiderio, a senior vice-president at Continental Bank, and director of community development and corporate responsibility for the Norristown, Pa. …" @default.
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• W85450396 date "1992-10-01" @default.
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• W85450396 title "Giving Home Loans a Second Opinion" @default.
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