NeighborWorks America and technology company Direct Lending Family have partnered to create NeighborWorks Mortgage Source, an online mortgage origination and pricing platform.
The alliance serves as an alternative to the traditional local or regional lender options of most nonprofit mortgage originators, the groups say. The national system reaches more than 100 lenders and state housing finance agency mortgage options.
"This is a fantastic development for nonprofit mortgage lending," says Marietta Rodriguez, national director of homeownership and lending at NeighborWorks America. "By enabling NeighborWorks organizations to access the most diverse mortgage choices available around the country, we are able to help more home buyers get the right mortgage for the long term, at the best cost possible."
The NeighborWorks Mortgage Source is designed specifically to take into account during the underwriting process the possibility of multiple sources of cash to close – a typical situation when dealing with nonprofit mortgage originations, according to Tamym Butler, CEO Of Direct Lending Family.
SOURCE: NeighborWorks America