NYMC’s sixteen financial institutions are committed to providing fair and affordable mortgage products to help expand homeownership opportunities for low- and moderate-income individuals and families.
Through the extensive pre-purchase counseling programs of our community groups, NYMC reaches over 3,000 individuals and famililes considering their first home purchase. Our lenders provide competitive fixed-rate loans which include closing cost and down payment subsidies on a need basis.
NYMC comprises financial institutions and community-based housing counseling groups working together to increase affordable homeownership throughout the Greater New York region. Our participating financial institutions are:
Becoming a Participating NYMC Lender: NYMC’s community groups are supported by the generous annual contributions of our member banks. To be eligible for NYMC membership a bank must be CRA-regulated and maintain a deposit-taking retail presence in the New York metropolitan market. For more information on becoming a participating NYMC lender please contact Executive Director Rebecca Senn (Rebecca.S@nymc.org) at 212.742.0762 ext 1.
Why Become a Member of the New York Mortgage Coalition?
Affordable lending in New York is now at a crossroads. Dodd-Frank legislation, ongoing CRA reform, and renewed challenges to affordable homeownership triggered by the foreclosure crisis all contribute to increased uncertainty in LMI lending. Against this backdrop the New York Mortgage Coalition has emerged as a unifying voice for affordable homeownership throughout greater New York. We hold the unique position of providing an ongoing forum in which innovative ideas can be nurtured and exchanged in a constructive manner between and among lenders, borrowers, nonprofits, and government agencies. NYMC’s success is measured by the success of our counseling agencies and the growth of our lending community, as measured through rigorous benchmarking of a range of metrics including the volume of affordable loans, pre-and post-purchase counseling, and pass-through funding.
NYMC now comprises 11 community groups and 18 financial institutions, both all-time highs. On the counseling side, we provide direct representation in the 5 boroughs as well as all of Long Island and Westchester County — and we are exploring expanding our homeownership counseling reach into Connecticut and New Jersey. Three basic qualifications must be satisfied for a financial institution to become a NYMC lending member: the new entity must be: A) CRA-regulated, B) a deposit-taking institution, and C) located within the New York Metropolitan area. Once these requirements are met, candidacy is reviewed by the NYMC board and subject to board approval.
Many valuable benefits accrue to NYMC members:
- A seat on the board of directors. NYMC’s executive director reports to and receives strategic direction from the Board. In-person Board meetings are held a minimum of four times per year.
- The opportunity to conduct at least one training session per year with our team of over 25 experienced homeownership counselors. Lenders typically use these training opportunities to explain the specifics of their affordable lending programs and to solicit candid feedback from the counselors, each of whom works first-hand in their neighborhoods.
- Loans generated through the Mortgage Coalition program qualify for CRA consideration.
- Inclusion in all marketing materials including: a profile in NYMC’s website www.nymc.org, direct mail, posters, flyers, related collateral material, and editorial coverage.
- Regular access to the deep well of homeownership data that NYMC collects and archives. For example, a recent Fannie Mae study revealed that of 232 loans originated through NYMC’s pre-purchase counseling program from 2005 thru 2007 – only one (1) resulted in foreclosure. Data studies by lender can be initiated upon request.
Cost of Membership, Annual Membership Dues Levels
|Domestic Assets in $Billions||Annual Dues|
|Up to $50||$20,000|
|$50 to $150||$35,000|
|$150 to $250||$50,000|
Affiliate memberships are available to institutions without a residential lending program. The annual fee is $10,000 for affiliate memberships.
For more details on membership please contact executive director Rebecca Senn at Rebecca.S@nymc.org.