Alert September 09, 2008

FDIC Issues Best Practices on LMI Mortgage Lending

The FDIC issued a Financial Institution Letter detailing best practices discussed at a forum on mortgage lending for low- and moderate-income households. The letter discusses many existing and proposed practices banks and others can use to increase the availability of LMI mortgage loans, including extending repayment schedules and expanding alternative underwriting processes for consumers with limited credit history. Click here for the letter.