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Michigan mortgage summit emphasizes education
NORTHVILLE TOWNSHIP, Mich. (5/13/08)--The Michigan Credit Union League (MCUL) Mortgage Lending Summit May 2 emphasized educating troubled borrowers about their options.
A full house of attendees listens to one of the Michigan Credit Union League Mortgage Lending Summit presentations May 2. (Photo provided by the Michigan Credit Union League)
The summit included updates from state and federal credit union regulators and agencies, and a panel of mortgage lending and insurance experts (Michigan Monitor May 12). Participants were told that workout assistance is available for borrowers who have difficulty making mortgage payments, and that these borrowers should be urged to consider talking with their credit union before “handing over the keys and walking away.” The goal is to keep even troubled borrowers in their homes, and keep property values from deteriorating, and preventing risk from being shifted to the credit unions, the summit indicated. Presentations highlighted borrower eligibility requirements, income limits, requirements imposed on the buyer and on the property, down-payment programs, homeownership counseling assistance, and access to the programs. “There was a lot of valuable information on the Mortgage Lending Summit agenda,” said Patrick La Pine, MCUL executive vice president. “I think many of the participants were surprised to learn how many programs are offered in today’s marketplace.”
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