Mortgage Lending. The Company and each of the Company Subsidiaries have complied in all material respects with, and all documentation in connection with the origination, processing, underwriting and credit approval of any mortgage loan originated, purchased or serviced by the Company or any Company Subsidiary has satisfied, in all material respects (i) all Laws with respect to the origination, insuring, purchase, sale, servicing, or filing of claims in connection with mortgage loans, including all Laws relating to real estate settlement procedures, consumer credit protection, truth in lending laws, usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate mortgages, (ii) the responsibilities and obligations relating to mortgage loans set forth in any agreement between the Company and any Agency, Loan Investor or Insurer, (iii) the applicable rules, regulations, guidelines, handbooks and other requirements of any Agency, Loan Investor or Insurer and (iv) the terms and provisions of any mortgage or other collateral documents and other loan documents with respect to each mortgage loan.
Mortgage Lending. The following mortgage lending commitments are for First Citizen’s originated loans on 1-4 family properties. Baseline amounts for all categories are the sum of First Citizens Bank’s 2017-2019 average loan units combined with the sum of CIT Bank’s 2017-2019 average loan units. The new commitment amounts are the baseline amounts compounded annually over the five-year period of the Agreement at the increase percentage listed below. These commitments can overlap with each other. For example, a home purchase loan to a low to moderate income (“LMI”) borrower in an LMI census tract can be credited to both categories. Having separate goals ensures that each group will see an increase as a result of this agreement. The goals are not mutually exclusive because setting up mutually exclusive goals would create unintended consequences. For example, a mutually exclusive goal for home purchase lending in census tracts that are majority people of color would mean that goal could only be satisfied by lending to upper- and middle-income white borrowers in majority people of color census tracts. Home Purchase Baseline home purchase lending to LMI Borrowers: 998 loans average, 4,990 loans over five years New commitment: 6141 loans over five years (baseline compounded 7% annually 2021-2025) Increase: 35% over five years Baseline home purchase lending to Blacks: 450 loans average, 2,250 loans over five years New commitment: 2769 loans over five years (baseline compounded 7% annually 2021-2025) Increase: 35% over five years Baseline home purchase lending to Hispanic: 262 loans average, 1,310 loans over five years New commitment: 1612 loans over five years (baseline compounded 7% annually 2021-2025) Increase: 35% over five years Baseline home purchase lending to Asians/Hawaiians/Pacific Islanders: 291 loans average, 1,455 loans over five years New commitment: 1791 loans over five years (baseline compounded 7% annually 2021-2025) Increase: 35% over five years Baseline home purchase lending in LMI census tracts: 837 loans average, 4,185 loans over five years New commitment: 5150 loans over five years (baseline compounded 7% annually 2021-2025) Increase: 35% over five years Baseline home purchase lending in majority minority census tracts: 953 loans average, 4,765 loans over five years New commitment: 5866 loans over five years (baseline compounded 7% annually 2021-2025) Increase: 35% over five years Home Improvement Baseline home improvement lending to Borrowers with LMI: 288 loan...
Mortgage Lending. The Company and each of the Company Subsidiaries have complied in all material respects with, and all documentation in connection with the origination, processing, underwriting and credit approval of any mortgage loan originated, purchased or serviced by the Company or any Company Subsidiary has satisfied, in all material respects (i) all Laws with respect to the origination, insuring, purchase, sale, pooling, servicing, subservicing, or filing of claims in connection with mortgage loans, including all Laws relating to real estate settlement procedures, consumer credit protection, truth in lending Laws, usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate mortgages, (ii) the responsibilities and obligations relating to mortgage loans set forth in any agreement between the Company and any Agency, Loan Investor or Insurer, (iii) the applicable rules, regulations, guidelines, handbooks and other requirements of any Agency, Loan Investor or Insurer and (iv) the terms and provisions of any mortgage or other collateral documents and other loan documents with respect to each mortgage loan. No Agency, Loan Investor or Insurer has (A) claimed in writing that the Company or any Company Subsidiary has violated or has not complied with the applicable underwriting standards with respect to mortgage loans sold by the Company or any Company Subsidiary to a Loan Investor or Agency, or with respect to any sale of mortgage servicing rights to a Loan Investor, (B) imposed in writing restrictions on the activities (including commitment authority) of the Company or any Company Subsidiary, or (C) indicated in writing to the Company or any Company Subsidiary that it has terminated or intends to terminate its relationship with the Company or any Company Subsidiary for poor performance, poor loan quality, or concern with respect to the Company’s or any Company Subsidiary’s compliance with laws.
Mortgage Lending. Each Eligible Purchaser must work with a mortgage lender that has been approved by the Administrator and that has previously approved the Deed Restriction and all other City-required documents associated with the sale of the Below Market Units. The Administrator will maintain an approved loan officer list segmented by lender. To be eligible to finance a Below Market Unit, the lender must have been included on the approved lender list for at least sixty (60) days prior to the closing for the sale of a Below Market Unit. For the purpose of ensuring that risk to the Eligible Purchaser and the City is minimized, the proposed mortgage financing terms are subject to approval by the Administrator. Except as approved by the Administrator, the first mortgage loan shall have a fixed interest rate and a 30-year term. The Administrator will be permitted to provide mortgage lending services with respect to the Below Market Units. Developer shall have no responsibility under this Section 4 (E).
Mortgage Lending. In an effort to connect the distance between our neighbors and their dream of home ownership or improvement, First Merchants is proud to fund $398 million over five years in home purchase and home improvement mortgage lending. Prioritizing low- and moderate-income families in Ohio, Indiana, Michigan and the Chicagoland area, we’ll offer assistance by using a combination of government programs, down payment assistance programs, home improvement grants, first-time homebuyer assistance and small dollar loans. By leveraging our existing partnerships with local nonprofits, government entities, real estate brokers, advisory councils and other community organizations, we will develop programs that best suit each community through ongoing feedback. We will also expand our financial wellness programs and increase the number of community lending officers in underserved regions. We have already contributed funds to the creation of a HUD-certified program and fair housing center to increase our number of qualified loan applications. SMALL BUSINESS LENDING By expanding the reach of our lending, we’ll bring the possibility of small business success within the grasp of a wider range of entrepreneurs. Over the next five years, First Merchants plans to increase small business lending through the Community Reinvestment Act by 8% and lending to low- and moderate-income populations by 34%. To achieve this goal, we will work with organizations in the community to meet lending needs, including Small Business Administration micro-lenders and the Community Development Financial Institutions Fund. We will focus on partnering with nonprofits supporting small businesses owned by women, people of color, Hispanic individuals and people age 63 and older. Each banking center will have the resources and personnel necessary to help small businesses succeed. COMMUNITY DEVELOPMENT LENDING & INVESTMENT Every community has a goal for improvement, an ambitious purpose always visible on the horizon. We’ll xxxxxx community efforts to reach those objectives with a focus on extension of credit to provide affordable housing, economic development, revitalization and additional services for low- and moderate-income individuals. We will dedicate resources to organizations offering alternatives to payday lending. We have added a dedicated commercial relationship manager to our staff to coordinate qualifying tax credit, Low-Income Housing Tax Credit and other Community Reinvestment Act real estate oppor...
Mortgage Lending. Umpqua Bank commits to lending equitably throughout its footprint, ensuring credit is flowing to underserved borrowers and neighborhoods with sub goals for mortgage lending to borrowers with low and moderate incomes, as well to Black, Latinx, and Asian borrowers and neighborhoods. Mortgage Lending commitments are for originated loans on 1-4 family properties in Umpqua Bank’s CRA assessment areas and do not factor changes that may be made to the Umpqua Bank Mortgage Lending business strategy at or following consummation of the Merger. In addition to revisions permitted under this Agreement on the basis of changing market or economic factors, Mortgage Lending commitments stated as units are subject to change based on changes to the Bank’s Mortgage Lending business strategy. Baseline units shown below for all categories are the sum of Columbia Bank and Umpqua Bank 2018-2020 average units in counties where the banks have branches. The New 5 Year Goal units are the baseline after meeting a 20% annual increase, compounded annually for the 5-year term of this Agreement. In this way, the unit commitments are reflective of the two banks’ historic production under each bank’s historic Mortgage Lending strategy, making this section of the Agreement fluid. With respect to unit counts, commitments can overlap with each other. For example, a home purchase loan to a borrower with low to moderate income (“LMI”) in an LMI census tract can be credited to both categories. These are separate, non-mutually exclusive goals. For example, if a home purchase loan was made to an Asian borrower who also had a low or moderate income and lived in Oregon, that loan would be counted once in the Oregon goals for Asian borrowers, and once in the Oregon goals for borrowers with LMI. The goals are not mutually exclusive because setting up mutually exclusive goals would create unintended consequences. For example, a mutually exclusive goal for mortgages in census tracts that are majority people of color would mean that goal could be satisfied by lending only to upper- and middle-income white borrowers in majority people of color census tracts. Total Mortgage Goals in Loan Units Total 5 Year Baseline New 5 Year Goal Increase Over 5 YR Black 392 852 117% Latinx 2,317 4,186 81% Asian 2,323 4,214 81% LMIB 9,812 17,523 79% LMICT 8,465 10,968 30% MINT 4,752 6,188 30% California Mortgage Goals in Loan Units Total 5 Year Baseline New 5 Year Goal Increase Over 5 YR Black 80 144 80% Latinx 738 1,319 7...
Mortgage Lending
