Fueled by Ford Foundation and financial institution funding, the Springboard Mortgage Collaborative is working closely with nonprofit partners to:
- Increase access to capital for nonprofit mortgage lending
- Provide state-of-the-art technology solutions to streamline the lending & application process
- Offer a dedicated team for back-office processing & underwriting
- Aggregate loan originations in order to generate scale that attracts the participation of top lendersand secondary market buyers
Individual nonprofit providers typically cannot generate a sufficient volume of mortgage originations to cover costs or to garner the attention of the mortgage lending industry. By aggregating loan originations, we will be able to ensure consistency of loan quality, standardize loan processing and underwriting, and bundle loans for interested CRA lenders or for sale to the secondary market. Local nonprofit providers will provide the sourcing, home buyer education and counseling, initial processing and document collection, and other consumer-facing lender assistance.
Importantly, the Springboard Mortgage Collaborative will accommodate the full range of mortgage products used locally, reflecting the diversity of market needs across the nation. A one-size-fits-all approach simply will not work, inevitably straight-jacketing local nonprofit goals and product offerings.