How were the Approved Lenders selected for the FTHB Program?
The Economic Development Agency published a Request for Qualifications (RFQ) for qualified lenders. The RFQ was published in a newspaper of general circulation, and invitations were mailed to lenders participating in other homebuyer assistance programs administered by EDA as well as lenders requesting to be placed on the mailing list. All lenders were invited to submit materials detailing their qualifications for the program. All submittals that were received prior to the deadline were evaluated and ranked according to the criteria in the RFQ. Lenders that demonstrated in their submittals that they met all the program requirements were selected as participating lenders.
The County will only accept FTHB Applications from approved Participating Lenders who have entered into a Lender Participation Agreement with the County for this Program.
The County shall establish minimum criteria for the selection of participating lenders for the FTHB Program. All selected lenders shall enter into a lender participation agreement with the County and shall agree to abide by the County’s procedures for all borrowers participating in the FTHB Program. The minimum lender criteria for the First Time Home Buyer Program are as follows:
- Participating lenders be direct lenders with the ability to originate and service loans. Loan brokers are not eligible for approval as a participating lender.
- Participating lenders are encouraged to provide staff personnel with the ability to communicate in Spanish.
- Participating lenders shall provide application assistance with minimal inconvenience to the borrower. Application assistance shall be provided at a time and place convenient to the borrower. This may include evenings and weekends and travel throughout the County.
- Participating lenders shall demonstrate a commitment to Community Reinvestment Act (CRA) and affirmative marketing requirements, and outreach to minority and low income communities. Lenders shall agree to proactively market the Program to low income and minority people. All advertising to the general public shall be complimented with advertising targeted to these groups, including, but not limited to, minority newspaper, television and radio advertisements. The County will monitor all marketing efforts and will require periodic updates on the marketing efforts of participating lenders.
- Participating lenders shall have demonstrable experience in first time home buyer program.
- The selection of participating lenders shall be at the sole discretion of the County of Riverside. The County reserves the right to limit the number of approved participating lenders.
Download the First Time Home Buyer Participating Lender's List [PDF- 245KB]