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Housing program reports rising volume, no delinquencies; staff recommends phasing lender compensation
Summary
Staff reported 149 loans in the last 12 months totaling about $32 million, no delinquencies and pull-through near 100%. The board discussed phasing down a 300-basis-point lender compensation over time and asked for a pro forma on runway.
Staff presented an update on the authority’s home-financing program, reporting steady growth in lender participation, strong performance metrics and options to adjust lender compensation.
The presenter said the program completed 149 loans in the most recent rolling 12-month period — including 34 conventional, 108 FHA and seven VA loans — totaling about $32,000,007.23. "Our pull through rate has never been below 90%," the presenter said, adding that the program has been at or near 100% for several months and that there were currently no…
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