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Attendees heard recommendations from the task forces established earlier in 1995 to examine the areas of credit bureau reporting, private mortgage insurance, and property insurance. Among the recommendations:
· Separate race and gender information from a mortgage insurance loan application while the application is being processed.
· Develop a format for credit reports that is easier for consumers to understand.
· Eliminate location, value, and age as criteria for insuring a property.
Also included in the meeting were presentations from the project's two most recently formed task groups, evaluation and education, regarding their plans for the coming year. The education task force, established to help inform consumers about the home buying process and educate industry members in eliminating barriers to borrowing and home buying for minority and low-income persons, plans to develop a pamphlet with suggestions for home buyers who have difficulties with a step in the process. The group is planning an educational seminar for consumers about home buying in the spring of 1996. It is also developing continuing education courses on fair housing issues for industries connected with the home buying and selling process.
The evaluation task force reported the results of a survey it conducted earlier this year among project participants to evaluate the project's effectiveness. A large majority of respondents felt that the goals of the project and time invested were worthwhile, that their task group was able to identify key issues, and that they were able to propose responsive, meaningful recommendations.
Using the Cleveland Residential Mortgage Project as a model, five other Federal Reserve Banks are undertaking similar initiatives. Within the Fourth Federal Reserve District, planning efforts are underway to launch a similar project in Cincinnati, Ohio in 1996.
The Cleveland Residential Housing and Mortgage Credit Project was established in 1993 to improve the process by which residential mortgage credit is disbursed. It seeks to ensure equal access to housing credit for all financially qualified individuals in Cleveland and Cuyahoga County, regardless of race, color, national origin, gender, religion, familial status or handicap. Sponsors include the Cuyahoga County Department of Development, the Greater Cleveland Roundtable, the Ohio Civil Rights Commission, and the Federal Reserve Bank of Cleveland.
For a transcript of the proceedings of the November 13 meeting, or to learn more about the Residential Housing and Mortgage Credit Project, contact Ruth Clevenger in the Corporate Communications and Community Affairs Department of the Federal Reserve Bank of Cleveland at (216) 579-2392, fax (216) 579-2477.
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