Two Colorado mortgage lenders have joined an organization aimed at giving homebuyers peace of mind when they’re applying for a loan.
Portia Noel of Cherry Creek Mortgage’s Boulder office and David Andrews of the firm’s Denver office have joined Lenders Who Care, a national nonprofit organization made up of member-only, individual lenders who adhere to strict guidelines. Its members provide homebuyers with lending education and services.
“A lot of first-time homebuyers are taken advantage of because they don’t know any better,” Noel said. “We’ve all had background checks. We all have the vision to do what’s right for the customer and help people who might not otherwise have the courage or the knowledge to buy homes.”
Lenders Who Care’s goal is to make homebuyers aware of programs they may not know exist, said Julie Miller, co-founder and president of the organization.
“Those programs don’t pay lenders very well and require laborious paperwork,” she said. “Agencies expect lenders to get the word out, and mortgage lenders historically have not done that, so the consumer is the one who loses in the long run.”
The nonprofit’s website, lenderswhocare.com, is designed to give consumers information about special programs that must offer more than traditional mortgage financing, such as funds to help with down payments or closing costs, and discounted interest rates.
The site lists several programs through the Colorado Housing Finance Authority, among others.
“We’re involved in affordable housing programs, but it’s more than about affordable housing,” Andrews said. “It’s about affordable and sustainable loans.”
To join the organization, lenders must apply and go through a rigid screening process that includes a criminal background check. Those who are accepted must adhere to strict standards of conduct and provide homebuyers with specific information on available loan programs. They also must be full-service lenders, offering financing such as FHA and VA loans.
Founded two years ago by a small group of mortgage brokers, Lenders Who Care has grown to include 50 lenders in 16 states. Its goal is to have 500 lenders nationwide by the end of next year.
Staff writer Margaret Jackson can be reached at 303-954-1473 or mjackson@denverpost.com.
