MBA Applauds HUD’s Guidance on Special Purpose Credit Programs
|Rob Van Raaphorst|
WASHINGTON, D.C. (December 7, 2021) - Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association, released the following statement applauding HUD's guidance around the application of the Fair Housing Act to ECOA Special Purpose Credit Programs (SPCPs):
"MBA appreciates HUD's clarification around the application of the Fair Housing Act to ECOA Special Purpose Credit Programs. SPCPs exist to help low-income and historically disadvantaged borrowers, and this clarification is an important step in providing lenders additional tools to help these borrowers purchase a home.
"We look forward to working with HUD, the CFPB, and other regulators to assist in the expansion of compliant SPCPs to meet their potential for assisting communities and reducing the racial homeownership gap."