CRA Roundtable: Increasing the Availability of Small-Dollar Mortgages

Registration for this event is closed.

Date:  Thursday, March 23, 2017
Time:  8:45-11 a.m. CT
Location: FDIC
Memphis Area Office
6060 Primacy Parkway, Suite 300
Memphis, Tenn. 38119 (map it)

Inexpensive housing is a tremendous advantage for prospective homebuyers. However, borrowers who need a small mortgage may encounter a challenging reality in the marketplace: Many lenders will not originate a first mortgage of less than $80,000 because small-dollar mortgages are not as profitable as bigger loans. While higher fees may be permitted, the regulatory burden is heavy and the penalties for mistakes are high. For those reasons, many lenders decide not to offer these high-cost mortgages, leaving some communities without mortgage options for the majority of their housing stock. This CRA (Community Reinvestment Act) roundtable will focus on initiatives underway to help communities increase the number of options for small-dollar mortgages.

Speakers will include:

  • Roshun Austin, Executive Director, The Works, Inc.
  • Tim Bolding, Executive Director, United Housing
  • Carla Jarrell, Community Development Officer, Pinnacle Financial Partners
  • Steve Lockwood, Executive Director, Frayser Community Development Corp.

Participation in this event is free; however, registration is required by Monday, March 20, as space is limited.

For more information, please contact Kathy Moore Cowan at 901-531-5110 or kathy.m.cowan@stls.frb.org.