First Guaranty Mortgage Partners With NAREB on Homeowner’s Assurance Program – NMP Skip to main content

First Guaranty Mortgage Partners With NAREB on Homeowner’s Assurance Program

NationalMortgageProfessional.com
Feb 27, 2012

First Guaranty Mortgage Corporation (FGMC) will participate in the Homeowner’s Assurance Program (HAP), a non-profit partnership created by the National Association of Real Estate Brokers (NAREB) to address the impact of the mortgage crisis in a number of urban communities nationwide. The effort will revolve around the investment in and resale of real estate-owned (REO) properties and non-performing loans in targeted communities. HAP participants will collaborate to acquire, manage, market, and dispose of non-performing loans and REO properties, primarily in 25 urban MSAs and first ring communities across the country. HAP will provide asset oversight and governance as well as political and social capital management. They will also spearhead efforts in strategic direction, community mobilization, and industry partnerships. The initiative will be fulfilled through the “Boots on the Ground” project, which will put NAREB Realtists in direct contact with distressed homeowners and first time homebuyers who have been locked out of the home buying process, to advance the loss mitigation effort. FGMC will be the preferred lender on all new mortgages originated through the program for homebuyers referred by NAREB. It will also provide financing options, such as 203k renovation lending, to facilitate REO sales. “HAP is a promising and practical approach to a national nightmare,” said James Cromartie, FGMC AVP of national business development. “We are offering a 360 degree solution designed to create sustainable homeownership. HAP will address social and economic barriers to homeownership and help rebuild communities, mitigating the deep costs of the crisis, while restoring dignity and empathy to a huge number of borrowers.”
Published
Feb 27, 2012