See How it Works
"Second Look is an innovative, automated underwriting system," says Natasha Pallan, CFO at Center for NYC Neighborhoods. "It can assist banks in reducing the cost and speeding the process of underwriting loans to families in the low- to middle-income bracket."
Innovation Milestones
- Demoed and discussed Second Look with key partners: the State of NY Mortgaging Agency (SONYMA), Fannie Mae, the Urban Institute, and HUD
- Getting feedback from key stakeholders: housing counselors, lenders, and CDFIs
- Built three loan products and two down-payment assistance products
- Connecting homebuyers with pre- and post-purchase programs
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Underwriting for Good aims to change the way lenders see borrowers and ensure fast access to fair and affordable mortgage terms.
Christie Peale, Center for NYC Neighborhoods
What a Difference A Cohort Makes
Center for NYC Neighborhoods says they benefited enormously from the Breakthrough Challenge, which provided the seed capital to launch, test, and implement Second Look. Relationships built through participation in cohort convenings and other activities enriched their innovation by providing exposure to all aspects of housing development and preservation.
What’s Next
- Developing an efficient go-to-market strategy for Second Look
- Creating a new product for housing counselors featuring a new code base, allowing the system to process underwriting information more efficiently.
