Secondary Mortgage Market & Second Look Program
Inclusiv is deeply committed to increasing wealth in under-resourced communities through homeownership. We do this by offering our member credit unions a secondary market outlet with expanded approval guidelines that allow under-resourced people to qualify for a mortgage. By participating in this initiative, credit unions can be part of a meaningful and impactful effort to improve the lives of low- and moderate-income people and people facing discrimination in the mortgage market. We offer three secondary market options:
- FLOW: Under this program, the credit union originates, processes, underwrites, and closes loans to Inclusiv/Mortgage guidelines. After closing, the credit union sends the loan to Inclusiv/Mortgage for purchase. This process usually takes less than one week.
- Bulk: Under this program, Inclusiv buys blocks of seasoned loans from credit unions looking to free up capital and/or reduce rate risk. Loans must be seasoned for at least 12 months. Loans under 12 months can be purchased with temporary recourse that ends when the loans reach 12 months of seasoning.
- Loan Participation Marketplace: please visit our Loan Participation Marketplace page to learn more about this option.
All loans purchased under the FLOW and Bulk programs are based on availability of funds, please reach out to mortgage@inclusiv.org if you have any questions.
To deepen the impact of our Secondary Market, Inclusiv offers a Second Look program that aims to reduce the volume of loans declined by automated underwriting systems. Inclusiv-approved sellers can take their declinations, fill out one of our Declination Quick Look Sheets, and submit them to Inclusiv/Mortgage for review. We are able to approve many of these loans, which enables us to expand the scope of our impact to under-resourced communities and is a huge win for everyone involved.
How to Apply
Inclusiv/Mortgage accepts applications from member credit unions interested in selling qualifying mortgages on an ongoing basis. This process is streamlined for credit unions already approved by Fannie Mae, Freddie Mac or the Federal Home Loan Bank System. For more information or an application to sell, please contact Inclusiv/Mortgage at mortgage@inclusiv.org.
Mortgage secondary market programs are available only to credit unions at this time. The Loan Participation Marketplace is open to credit unions for all eligible loan types and to cooperativas seeking to buy or sell small business loans.
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