NACA's Real Estate Department (RED) invites NEW AGENTS to the next 'Introduction to NACA' webinar. The live 2-hour presentation will offer insight and guidance on how to access America's Best Mortgage as a professional real estate agent in your market.120 minutes
For NACA Qualified Members. Join NACA's HOME AND NEIGHBORHOOD DEVELOPMENT (HAND) department for learn about NACA's property eligibility guidelines. HAND works to qualify a pre exisitng property and ensure the home fits within the same affordability a Member was qualified for.120 minutes
For Closed Rehab Members, join HAND for a post close rehab escrow next steps presentation. HAND will discuss the requirements and guidelines for a NACA rehab providing step by step instruction on how to get a project approved to start and successfully completing all repairs, per the terms of the loan.120 minutes
Get an overview of the NACA Purchase program. Become familiar with the mortgage product and eligibility requirements. Learn about all the steps to the process and they involve.120 minutes
Get a walk through of the documents needed for submission and the NACA Web-File. Understand what to expect from the program based on your individual circumstances.120 minutes
Close your home! Learn about the timeline to close in NACA’s streamlined closing process. Understand the various roles, requirements and who to communicate with during this critical time. Understand potential lender conditions and how to avoid any roadblocks or delays.120 minutes
Receive essential information for the homebuying process. Topics include: Housing search, identifying and working with a real estate agent, keeping your file updated, how to use the NACA mortgage calculator, common errors in the Purchase and Sales contract, requirements for Credit Access approval, submission of your bank application, and more.120 minutes
Understand how to use your action plan and overcome any roadblocks to NACA Qualification. Get an overview of everything that goes into qualifying for the NACA mortgage, from document requirements, minimum required funds, pay history and compensating factors, and more.120 minutes
NACA began in 1988 in Boston as the Union Neighborhood Assistance Corporation (UNAC). Its roots go back to the Hotel Workers Union - Local 26, an activist union that won and established the country’s first housing trust fund for union members. Learning from that experience, NACA employed the union’s activist tactics to confront lenders who were engaged in discriminatory and predatory lending practices.
Starting in the 1990s NACA led the fight against predatory lending and coined the term “Predatory Lending.”
In 1990, NACA initiated the campaign in Boston against second mortgage scams. This predatory scheme consisted of financial institutions targeting long-time, elderly and lower-income homeowners offering refinancing and other products with the goal of taking their equity and their home. NACA focused on Fleet Finance. After a four-and-a-half-year war, Fleet surrendered, committing $8 billion to low- and-moderate income lending and paying hundreds of millions of dollars in settlements to those Fleet had victimized. Fleet also agreed to fund NACA’s revolutionary mortgage product.
NACA’s advocacy did not stop with Fleet. NACA continued its multi-year campaigns against some of the largest and most powerful financial institutions. NACA targeted First Union for its discriminatory lending practices and Ford Motor Company which at the time owned The Associates, the country’s largest finance company. As a result of NACA’s campaigns, First Union relented and Ford ended their ownership of The Associates, and NACA subsequently forced The Associates to reduce the interest rates for hundreds of thousands of its borrowers.
NACA also won victories against Barnett Bank, Bank of Boston, Riggs and others. As a direct result of NACA’s efforts, these institutions have made significant reforms to move away from their predatory lending practices.
On September 12, 2000, NACA’s CEO Bruce Marks testified before Congress predicting the mortgage crisis and was the first to publicly do so.
NACA also targeted Countrywide, the nation’s largest and most aggressive predatory lender. NACA was the first organization to expose Countrywide’s predatory practices and NACA’s successful campaign established the most effective solution for restructuring unaffordable mortgages and saving homes.
NACA now has agreements with the major lenders/servicers and investors (i.e., Fannie Mae and Freddie Mac) and helped hundreds of thousands over 150 Save The Dream/American Dream events nationwide. Through its advocacy NACA has created the most successful model for assisting at-risk homeowners. Hundreds of thousands of individuals participated in these events and many thousands were provided same-day affordable solutions.
NACA stands on the shoulders of civil rights movement which recognized confrontation in the face of powerful interests is very often required to get results. The fight is often necessary to accomplish significant changes both in ensuring that the NACA program is the best in serving the needs of working people and in how lending get done in this country.
"If there is no struggle, there is no progress...power concedes nothing without a demand."
- Frederick Douglass
NACA will continue to initiate both local and national campaigns. When we identify those institutions that refuse to respond to the needs of homeowners we will stand up and organize collective action, like we did in our previous campaigns.