 |
Tips
to Facilitate the Mortgage Approval Process
(Findings from workshops sponsored
by the Bureau of Indian Affairs and the Federal Reserve Bank of San Francisco)
by
Craig Nolte, Senior Community Investment Specialist, Federal Reserve Bank
of San Francisco
Applicant
- Participate in homebuyer education
- Request a credit report and discuss with homebuyer
counselor
- Request a Title Status Report (TSR) through either
the lender or housing authority prior to completing the loan application
if possible
Lender
- Request TSR at time of application, if not already
requested
- Provide additional incentives for loan officers
serving Indian reservations
- Meet with local tribes and others to help understand
the mortgage process and distribute information on mortgage products
Bureau of Indian Affairs
- Post standardized procedures and forms on a website
- Routinely provide applicant with new TSR following
loan funding
- Encourage compliance with interagency agreement
(web link to our site)
Tribe
- Adopt effective housing ordinances, such as those
associated with HUD's 184 Indian Housing Loan Guaranty Program
- Adopt the "One Stop" interagency lease
developed by HUD
- Appoint an individual from the housing authority
to be a "mortgage counselor"
- Ensure open communication between the various
departments that may be involved
- Maintain information helpful to appraisers
- Provide homebuyer education
- Seek available savings and down payment assistance
programs
- Develop written mortgage lending guidelines
- Develop and distribute a homebuyer checklist to
tribal staff and lenders
 Visit
our Native American Resources webpage
|
 |
{rightnav}
|
