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#2306720 - 03/03/25 10:22 PM special purpose credit program
Conformidad en Texas Offline
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Joined: Mar 2023
Posts: 10
Does anyone have a written special purpose credit program that they could share with me particularly mortgage program geared toward LMI borrowers?

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#2306941 - 03/10/25 02:05 PM Re: special purpose credit program Conformidad en Texas
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,401
Galveston, TX
You need to review 1002.8 very carefully. Establishing a special purpose credit program is neither easy nor is it cheap. I am not sure why another lender would share such proprietary information with another lender. A much easier route would be to partner with existing programs, like through the FHLB, and there are a number of DPA programs available through various sources in Texas.
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#2306955 - 03/10/25 07:02 PM Re: special purpose credit program Conformidad en Texas
Inherent_Risk Offline
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Joined: Jan 2017
Posts: 716
You don't need to have a special purpose credit program to target LMI borrowers. Just go search on google and you can find plenty of loan programs targeted at LMI borrowers.

If you want to target based off a prohibited basis, then you need to jump through the 1002.8 hoops. Biden CFPB was at least putting some token effort out there to make that easier, but I would not expect any help for the next few years in setting these up.

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