St. Lucie County Lending Consortium

The Housing Division works exclusively with these vendors in order to protect borrowers from predatory lending. Predatory Lending refers to lending practices that take advantage of vulnerable borrowers. This can take the form of aggressive sales tactics, abusive loan terms, deception, excessive cost burden with monthly payments, risk based pricing and others. Cost Burden refers to the amount that gross housing costs exceed 30% of gross income.

Applicants are encouraged to obtain three lender estimates as approval amounts and interest rates vary.

2008 St. Lucie Lender's Consortium Scheduled Meetings
The Meetings are always the 2nd Wednesday of every other month as follows:

If you are a lender who is interested in joining the consortium, please contact the chairperson, Mike Smith at 772-467-2075 ext. 55624 or email michael.smith@riversidenb.com. As part of the Consortium, Lenders must agree to:

• Attend semi-monthly meetings
• Sponsor a Home Buyer's Workshop
• Charge no origination fees or points
• Use underwriting guidelines based on community lending products for FNMA, FHLMC, or FHA
• Always escrow taxes and insurance
• Provide a Special Lending Package to SHIP Applicants which contain the following:
  • Reduced application fees
  • Fixed rate mortgages at reduced rates (FNMA 30-60 day rounded up to the nearest 0.125%)
  • Conventional 30 year mortgages
  • Waive PMI on loans from 80 - 90% loan to value ration
  • Waive origination fees and points
  • Waive all fees, except those to third parties (i.e., no doc prep, underwriting fees, processing fees, brokerage fees, etc when they are paid to the lender)