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Joining the New York Mortgage Coalition

Any new community organizaton must be nominated by at least one NYMC board member or the NYMC executive director. The admission process is highly selective, with only 1 in 4 agencies accepted. Please see below for the checklist of questions and considerations to be addressed by each potential new member:

Checklist for Nonprofit Agencies Applying for Membership Into the New York Mortgage Coalition’s Homeownership Program

  1. Your Current Homeownership Program:
    • How long has program been active?
    • Number of loans closed in most recent calendar year?
    • Number of individuals or families receiving pre-purchase homeownership counseling in most recent calendar year?
    • Describe types of affordable loan products being offered.
    • Describe current workshops and homeownership events, along with one-on-one counseling program.
    • Number of lenders actively participating in program?
    • Source of current funding to support homeownership program?
    • NYMC lenders are to receive first consideration on loans, before non-NYMC lenders.
  2. Marketing Program:
    • Describe current marketing and outreach efforts.
    • How are potential homebuyers identified?
    • Current geographical focus?
    • Size of potential LMI audience?
  3. Staffing
    • Describe the leadership and structure of homeownership and foreclosure prevention programs.
    • Describe overlap between homeownership and foreclosure prevention.
    • What is capacity for growth in the counseling program(s)?
  4. Certification of Homeownership Program:
    • Are you a HUD approved Agency?
    • If not describe the reasoning, as well as the degree of interest in becoming HUD certified.
    • Describe other homeownership affiliations, including NeighborWorks, Housing Partnership Network, etc.
    • All members must follow the policies as outlined by NYMC in various publications, memos, and resource guides, including the comprehensive New York Mortgage Coalition Procedure Manual.
  5. Training
    • Describe current training program for counselors, including NeighborWorks trainings.
    • Describe various certification levels earned by counselors. NYMC conducts quarterly trainings covering a range of industry-related topics; attendance is mandatory.
  6. Data Reporting
    • Describe current data collection and reporting platform. CounselorMax is the required reporting system used by all NYMC members. Counseling and loan numbers are submitted monthly to NYMC by each group.
  7. Industry Relationships — Describe relevant relationships involved in affordable lending and homeownership, including:
    • Real estate developers
    • Lenders
    • Government agencies
    • Elected officials
    • Foundations
    • Other nonprofits

 

Benefits of Membership in the New York Mortgage Coalition

  • Affiliate members have the potential to become full members receiving a $50,000 annual homeownership grant. Members have direct access to all NYMC lenders and the full range of their affordable mortgage products.
  • Members are eligible for inclusion in NYMC’s multiple grant applications.
  • All members receive increased exposure, along with marketing and branding opportunities through NYMC’s website, PR, conferences, and advocacy work.

For more information, contact Rebecca Senn at rebecca.s@nymc.org or 212-742-0762 ext 1.