have a have a geographic or consumer component as well,
what sets them apart is that they also have a mission to give
back to the community or group of people they serve.
Housing agencies in various states, for instance, offer programs to certain areas to help develop, preserve or sustain
that area. A specific example would be the Housing Authority of the Cherokee Nation, which has a mission to provide decent, safe and sanitary housing to the Cherokee
people. The housing authority offers housing rehabilitation,
new construction opportunities and other products meant
to build up that community.
Affordable-housing programs benefit the lenders as well
as the borrowers. Some smaller banks around the Twin Cities
area offer Minnesota Housing Finance Agency (MHFA) mortgages, which provide low-interest, 30-year loans to first-time
homebuyers with low to moderate incomes.
Although these loans may be less profitable than other
loan products, originators who can offer these mortgages
gain grateful, loyal customers who may return five or 10 years
later when they’re ready to buy their next house. On a more
personal level, some originators donate their own time and
resources to philanthropic pursuits within their local area as
a way to both give back to the community and to network
with other philanthropic individuals.
Susan Graham is president and chief operating officer of Financial Industry Computer
Systems Inc. (FICS), a mortgage software company specializing in cost-effective, in-house
mortgage loan origination, residential mortgage-servicing and commercial mortgage-servicing software for mortgage lenders, banks and credit unions. FICS’ software solutions have been architected to take advantage of the Microsoft Windows platforms using
Microsoft .NE T Framework and provide customers the flexibility to choose an in-house
solution or cloud solution. Reach Graham at firstname.lastname@example.org.
<< Niche continued from Page 94