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Triton Funding offers fractional loans to second-home buyers

National Mortgage Professional
Sep 10, 2006

NAMB teams up with PRBCMortgagePress.comNon-traditional credit reporting The National Association of Mortgage Brokers has announced that it has signed a Memorandum of Understanding (MOU) with Pay Rent Build Credit Inc. (PRBC), an innovative national credit bureau, to educate consumers on how to document their creditworthiness with rental, utilities and other commonly recurring bill payments that are not reported to traditional credit bureaus. "Increasing homeownership rates in underserved communities is an important national goal and good business for real estate and mortgage professionals," said NAMB President Jim Nabors II, CRMS. "NAMB's partnership with PRBC represents an opportunity to [teach] millions of formerly underserved consumers how to qualify for affordable homeownership and to secure their financial futures by becoming sustainable homeowners that know how to avoid default and foreclosure." Through NAMB's partnership with PRBC, professional mortgage brokers serving local communities will have an opportunity to learn how to enroll their low- and no-credit score prospects in the PRBC service and to qualify more applicants for affordable homeownership. Participating NAMB members may also obtain a listing on PRBC's Web site,, so that consumers in their communities can search for them by ZIP code. "To build wealth in America through homeownership and to avoid the risk of default and foreclosure, it is essential not to overpay for major purchases involving credit such as a mortgage, home improvements and furnishings, auto loans and insurance," said Michael Nathans, founder and chairman of PRBC. "It is estimated that more than 70 million Americans make rental, mortgage and other recurring bill payments that are not reported to traditional credit bureaus. As a result, these consumers often have lower credit scores than they should and pay more for housing, credit, and insurance than they deserve." Currently, traditional credit reporting agencies do not track or score commonly recurring bills such as rent, private mortgages, self-storage, utilities, telephone, Internet, cable TV, insurance premiums or childcare. As a result, fiscally responsible consumers without good so-called traditional credit histories are effectively precluded from obtaining affordable home or auto loans, insurance discounts or other asset building opportunities. This condition also makes obtaining employment, utility hook-ups and telephone service more difficult and costly. The MOU marks the first time the two organizations have agreed formally to work together. The two organizations agreed to: • Educate NAMB members on how to offer the PRBC service to help their prospective customers qualify for affordable homeownership, better rates on auto loans and insurance, avoid utility hook-up and telephone security deposits and to access better employment opportunities. • Demonstrate NAMB's community development through leadership and a mutual interest in improving the financial well being of low- to moderate-income consumers in need of credit and housing. • Increase the number of consumers in local communities that can become sustainable homeowners. For more information, visit or
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