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2008-02-29 14:30:00

ACORN Housing Launches Non-Profit Mortgage Brokerage

ACORN Housing and CitiMortgage, Bank of America, First American Title Insurance Company, and Fannie Mae announced today the launching of a new non-profit mortgage brokerage called Acorn Housing Affordable Loans, LLC, to help qualified borrowers enjoy the benefits of homeownership throughout Florida. Additional offices will be launched in other states in the coming months. The new mortgage brokerage will also help homeowners faced with resetting adjustable rates that may make their current home mortgage payments unaffordable.

Central to this new initiative are the participating lenders commitment to make their fixed price and affordable mortgage products available as one of the options for borrowers working with ACORN Housing in its target cities. Key features of the fixed-rate mortgage products being offered include:

  • Low down payments
  • Flexible credit guidelines and income requirements including the use of non-traditional income
  • Competitive rates
  • Low fees

Trained counselors will provide borrowers with free pre-purchase homebuyer education counseling and at anytime throughout the life of the loan if some unforeseen event occurs that prevents them from meeting their mortgage obligations.

This new initiative furthers Acorn Housing's mission to provide homeownership opportunities for all prospective homeowners by providing a network of mortgage brokers to provide borrowers with a mortgage loan suited to their individual circumstances and requirements. For further information visit our web site at http://www.acornloans.org or call 1-877-631-2267.

The launching of this new mortgage brokerage is just the latest initiative by ACORN Housing to serve low and moderate-income families across the United States. Since its formation in 1986, they have counseled more than 250,000 people and helped more than 80,000 people own a home. Most recently, through its HELP hotline at 1-888-409-3557, it has been able to help more than 4,000 families avoid foreclosure and save their homes by working with more than 46 servicers.

"A key objective of ACORN Housing Affordable Loans, LLC is to expand housing opportunities," said Alton Bennett, President of ACORN Housing Corporation and the new mortgage brokerage. "This new initiative meets that objective through a focused commitment to provide low and moderate-income individuals with comprehensive advice and information that they can trust, and makes sure that they are fully informed about every aspect of this most important financial transaction. We want to help families begin building wealth today. We are very pleased with the level of commitment that CitiMortgage, First American and Fannie Mae are contributing to this effort."

"Bank of America is proud to participate in the launch of ACORN's mortgage brokerage," said Glenda Gabriel, Bank of America Neighborhood Lending Executive. "Working with ACORN, this valuable partnership will make Bank of America's suite of safe and affordable mortgage products more accessible to first-time homebuyers interested in achieving the American dream of home ownership."

"Over the last 12 months, we have worked diligently together to get ACORN established as a broker, provided training and support as they set up their broker operations and strategy. The launch today is a culmination of these efforts. We are proud to announce this alliance with Acorn Housing Corporation," said Danny Gardner, National Director of Strategic Markets for CitiMortgage. "In the current climate, we feel the mortgage products we are offering through this relationship will not only help first-time homebuyers looking for a home but also may help those faced with rising mortgage payments."

"First American Title has been a committed partner in the industry in serving low-to-moderate income and multicultural families in achieving the American dream of homeownership. We are happy to take another step forward with this partnership with ACORN Housing Corporation, " said Lionel Savage, Vice President for Lender Services and Industry Relations, First American Title Insurance Company. "First American Strategic Markets is fully equipped with assisting in this partnership with our multicultural escrow and closing services and tools that directly address the need for education about the homebuying process amongst the multicultural community."

"Fannie Mae is proud to work with ACORN Housing, " said Thomas Collins, Director, Single Family Business, and Fannie Mae. By working with ACORN and lenders like Citibank, we can support their efforts to expand homeownership opportunities for underserved communities at affordable price points achieve sustainable homeownership."

"Many Floridians in our circumstances are looking for a safe, affordable and good quality home and we feel very fortunate to have the opportunity to work with Acorn Housing Affordable Loans," said Carlos Negron and his wife, Irlene Hernandez, Miami residents who are seeking to qualify for their first home through this initiative. "This is extremely exciting. We are looking forward to moving into our new home."

"On behalf of all of the participants, we are excited to get started on moving ahead with this project, said Mike Shea, Executive Director of ACORN Housing Corporation. We appreciate the opportunity to be able to serve citizens in Miami and other communities in Florida. Acorn Housing can help put Floridians in a safe, fixed rate mortgage that they can afford. We will be there for them throughout the process."


About Acorn Housing Corporation

ACORN Housing (AHC) is the largest nonprofit (c) (3) housing counseling organization in the nation, providing one-on-one mortgage loan counseling, first-time homebuyer classes, post closure and loss mitigation services, and financial counseling for families. Since its inception, AHC has provided free, high-quality counseling services to 250,000 households across the country, more than 80,000 of which have become homeowners, generating more than $10 billion in mortgages. AHC has 39 affiliate offices located throughout the United States, with 130 full-time employees. AHC has also developed over 1,500 units of affordable single family and rental housing over the years, including more than 250 owner-occupied single-family homes, and 460 ownership units in small multi-family buildings in various cities around the United States. To date, AHC projects have leveraged over $100 million in affordable housing financing and subsidies.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 19,000 ATMs and award-winning online banking with nearly 24 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

About CitiMortgage

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Citimortgage, Primerica, Smith Barney, Banamex, and Nikko. About First American

First American Title Insurance Company, the largest Subsidiary of The First American Corporation (NYSE:FAF), traces its history to1889. One of the largest title insurers in the nation, the company offers title servicers to through nearly 1,500 offices and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa Ana, California. Information about .

About Fannie Mae

Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.

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