CommunityBanksOnline, Freddie Mac Part of $25 Million Faith-Based Initiative; Companies Combine Forces to Help Georgia Credit Union with Lending Program.Business Editors OCALA, Fla.--(BUSINESS WIRE)--Nov. 19, 2003 CommunityBanksOnline (CBO CBO See: Collateralized Bond Obligation. ), a free, Web-based total mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real service of Taylor, Bean & Whitaker Mortgage Corp. (TBW TBW Total Body Water TBW Total Body Weight TBW To Be Written TBW Tambov (Russia) TBW To Be Watched TBW Talking Book World TBW The Business Workshop (India) TBW Time-Bandwidth Product ), is helping to make the dream of homeownership a reality for African-American families in DeKalb County, Georgia DeKalb County is a county located in the U.S. state of Georgia. As of 2000, the population was 686,712. According to the 2006 U.S. Census Bureau estimate, the county's population had risen to 723,602 [1]. The county seat is Decatur, Georgia6. , through a faith-based, online lending program. CBO, along with Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. , one of the nation's largest investors in residential mortgages, will provide funding for the $25 million initiative that will benefit the six area churches who are members of the South DeKalb Church Federal Credit Union (SDCFCU). The CBO platform gives financial institutions a solution to address each aspect of the mortgage loan process, from origination and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , to closing and funding. Through Catch the Dream: DeKalb, SDCFCU becomes the first faith-based organization to take advantage of CBO's Web-based mortgage origination service and Freddie Mac's Loan Prospector automated underwriting service. The online technology and funding will enable the credit union to offer the 40,000 members of the six churches accessible, low-down payment mortgage products. "Faith-based coalitions have a tremendous opportunity to more fully realize their homeownership-building potential through the CBO platform," said Darren Green, division president of CBO. "We are excited to be working with Freddie Mac to provide a more complete financial opportunity to South DeKalb Church FCU FCU Federal Credit Union FCU Florida Credit Union FCU Fan Coil Unit FCU Fuel Control Unit FCU Flight Control Unit FCU Flexor Carpi Ulnaris FCU Familial Cold Urticaria FCU Fire Control Unit FCU Fused Connection Unit FCU Flow Control Unit and DeKalb's home buying community." Powering the initiative is the three-way mortgage alliance between the credit union, CBO and Freddie Mac. South DeKalb Church FCU will take mortgage applications using the CBO service for immediate loan decisions powered by Freddie Mac's Loan Prospector. TBW will fund the mortgages for the credit union and sell them to Freddie Mac to ensure a steady supply of mortgage credit. CBO and Freddie Mac expect to exchange more than $25 million worth of eligible mortgages from this initiative. First-time homebuyers First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a as well as families needing refinancing Refinancing An extension and/or increase in amount of existing debt. will be the main beneficiaries. "By becoming the first faith-based organization to take advantage of CBO's and Freddie Mac's advanced mortgage technology, we can help our families break down the financial barriers to homeownership and build new equity for their future," said Robert Stanley –Test pilot and engineer Robert M. Stanley (1912 - 1977) became the first American to fly a jet aircraft on October 2, 1942, as a civilian test pilot for Bell Aircraft. He flew the Bell XP-59A Airacomet, which was the United States' first turbojet aircraft. , chairman of the Board of SDCFCU. "This initiative shows how South DeKalb Church Federal Credit Union is working with the most respected names in the mortgage industry to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our commitment to invest in our community." Lee Farkas, chairman of TBW, said he is especially pleased to be working with Freddie Mac on extending the grassroots of CBO - its 'Big Technology, Small Lender Charm' - to better reach underserved markets. "CBO's comprehensive technology platform provides a complete, origination to funding solution for these smaller financial institutions," Farkas said. CBO and South Dekalb Church Federal Credit Union's involvement is part of a comprehensive national effort called Catch the Dream that Freddie Mac launched last year in response to President Bush's call to add 5.5 million minority homeowners by the end of the decade. "Catch the Dream: DeKalb combines two of the most potent forces driving homeownership today: faith-based coalitions and on-line lending technology," said Craig Nickerson, vice president of community development lending at Freddie Mac. "This combination is providing the housing industry with a dynamic new model for closing the gap between minority and non-minority homeownership rates in this country." The faith-based initiative offers qualified borrowers low-cost conventional mortgages with down payments that range from zero to three percent of the home purchase price. Participating families will receive reduced application fees and closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, . About CommunityBanksOnline CommunityBanksOnline, developed by Taylor, Bean & Whitaker Mortgage Corp., is an Internet (Web) based mortgage marketplace that combines technological efficiencies with the personal service of community banks. CBO equips local banks with a suite of online tools that streamline and automate the process of originating, underwriting and closing a wide range of loan types. Automated technologies, immediate underwriting decisions, live loan status, instant loan registrations and rate locks, along with online closing document capabilities, help banks deliver a faster and more efficient mortgage process to their customers. For additional information about CBO, visit www.cbobanks.com. |
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