Credit unions seeking to promote the consumer-friendly nature of their mortgage programs might seek certification from a new consumer mortgage organization.
The Fair Mortgage Collaborative aims to educate the public about loan products and practices and guide low and moderate income and minority homeowners and home buyers to suitable mortgages, according to the organization's mission statement.
Despite his last name, Howard Banker, executive director of the organization, has served on the board of $14 million Bethex Federal Credit Union in New York and the organization already lists The National Federation of Community Development Credit Unions and the $8.6 billion BECU credit union of Washington State as certified organizations. FMC has also certified the Prime Alliance Solutions, a leading mortgage CUSO headquartered in Washington State.
"I am almost 100% certain that every [mortgage lending] credit union in the country complies with our standards as part of its ordinary business," Banker said.