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#2141751 - 08/11/17 06:22 PM Habitat for Humanity
MortgageGirl Offline
New Poster
Joined: Dec 2016
Posts: 10
Our local Habitat for Humanity completes maybe 1 house a year. They've come to the bank asking about how to comply with all the regulations. Does anybody know what systems or programs agencies such as this are using?

Thank you

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TRID - TILA/RESPA Integrated Disclosures Rule
#2141760 - 08/11/17 06:47 PM Re: Habitat for Humanity MortgageGirl
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I was Treasurer for our local affiliate, and now I sit on its finance committee. We close a dozen or more new houses a year. Some are finance using USDA loans at really low rates; the remainder are financed in-house on 0% loans. We use an attorney who does pro bono work except for anything she has to farm out. She prepares the LE and CloD. I haven't looked at one lately, but feel they are correct.

We also get pro bono loan servicing for our in-house loans from a local bank. They take care of billing, escrow, etc.
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John S. Burnett
BankersOnline.com
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#2141816 - 08/12/17 12:14 AM Re: Habitat for Humanity MortgageGirl
mdosu Offline
Junior Member
Joined: Dec 2016
Posts: 33
My bank actually engages our regional Habitat for Humanity office and buys loans they originate for CRA purposes. We review their origination and servicing functions for compliance before we buy their loans and for some "extra CRA credit" in helping them comply. Anyways, it sounds like regulatory expertise at Habitat resides on a regional basis.

Long story short is, they indeed need to comply with disclosure requirements, but will be exempt for some small servicer requirements. If you want, please private message me, and I can tell you what Habitat regional office we're working with, and you can have your Habitat office contact them to establish how they can launch their loan program.

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