Affinity Lending Program & Mortgage Information

Affinitly Lending Program

The Affinity Lending Program provides Columbia employees with mortgage lenders who can assist with mortgage refinancing, debt consolidation, and home purchasing.

  • There are three lenders in the program, EverBank, The Federal Savings Bank, and Wells Fargo. While Columbia does not endorse any of these lenders, employees regularly report positive feedback regarding these lenders and their programs. These lenders have become familiar with the complexities of faculty salaries, royalties, etc. with regard to obtaining a mortgage. 
  • These lenders were initially selected in 2006, and then reviewed again in 2011 and 2014, by an extensive vetting process conducted by a committee that consisted of senior administrators in Arts & Sciences, Finance, General Counsel, Human Resources, and the Office of the Provost.   

We recommend that you thoroughly research all of your options prior to making a decision.

Your feedback is important to us. If you have utilized the services offered through the Affinity Mortgage Lending Program, kindly click here to fill out a brief survey.  Thank you.

If you have any questions, please ask Alice Lesman at al2775@columbia.edu.  

EverBank

Contact: Peter Schleider
NMLS #41331
780 Third Avenue
New York, NY 10017

Phone: (212) 405-1485 

Fax: 917-591-3492 

Email: peter.schleider@everbank.com 

Web: https://www.everbank.com/_experts/lending/p/peter-schleider

Eligible borrower(s) will receive a $500 lender credit toward borrower-paid closing costs. Mortgage loan must close with EverBank. Offer applies to new mortgage applications only and does not apply to previous applications or applications in progress. This offer cannot be combined with any other offer.

The Federal Savings Bank

Contact: Jason Rappaport 

120 Broadway, Floor 29, Suite 2950 
New York, NY  10271

Cell/Direct: (516) 351-8040

Email: jrappaport@thefederalsavingsbank.com

Web: www.thefederalsavingsbank.com/jasonrappaport

Due to the relationship with Columbia and the Affinity Lending Program, The Federal Savings Bank will apply a 1% (up to $2,500 maximum) closing cost credit.  Restrictions apply; please call for more details.

Wells Fargo

Click on the link for more information about loan services and a post-closing gift card.

Contact: David Kossow
NMLSR ID 429833
MAC J0161-320
PMB Sales Supervisor

150 E 42nd St
New York, NY 10017

Phone: 917-260-1131

Fax: 866-612-3237

Email: David.Kossow@wellsfargo.com

Web: www.wfhm.com/david-kossow

Mortgage Information and Resources

Credit Score
Your credit history will be checked by lenders when you are pre-approved for a mortgage, when you apply for a mortgage, and right before closing. You can check your credit every year on www.myfico.com or www.annualcreditreport.com. Both pull credit from all three agencies – Trans Union, Equifax and Experian.

Credit Unions 

Since credit unions are not-for-profit, it might be worthwhile investigating the option of becoming a member and opening an account with one and therefore being eligible to apply for a home mortgage. With an IDCNY membership, there are several credit unions that offer membership as a benefit.

http://www1.nyc.gov/site/idnyc/benefits/banks-and-credit-unions.page

 

Government Programs
Following are some city, state and federal organizations that offer home buying programs and services, including programs for first-time home buyers.

NYC Department of Housing Preservation & Development (HPD)
State of NY Mortgage Agency (SONYMA)

Consumer Financial Protection Bureau

U.S. Department of Housing & Urban Development (HUD)
HUD, Good Neighbor Program
HUD, Types of loans (FHA-low down payment; senior citizens; renovation and energy efficiency loan (203K)
Fannie Mae
Freddie Mac
Veteran’s Administration (VA) 

Other Lenders

Citibank offers a competitive mortgage for first-time homebuyers through the Home Run Program.

On-line Mortgage Calculators
Zillow offers three types of calculators – a mortgage calculator, a refinance calculator and an affordability calculator.

On Malvern National Bank’s website, there are several types of mortgage calculators available -- a bi-weekly calculator, adjustable rate mortgage calculator, mortgage loan calculator, mortgage comparison: 15 years vs. 30 years, mortgage qualifier, and a refinance breakeven.  

Bank Rate offers 71 types of mortgage calculators -- from fixed rate through remodeling calculators.  

Properties in Foreclosure

There are several websites which list foreclosed properties and properties being offered at auction.

https://www.auction.com/

https://www.homepath.com/

http://mandtreo.com/

http://nyforeclosures.com/ 

http://nysauctions.com/  

http://www.propertyshark.com/mason/

http://www.realtytrac.com/ 

https://reo.wellsfargo.com/

Types of Loans

Adjustable Rate (ARMS)
Conventional Loans
FHA Loans (3.5% Down)
Fixed Rate Loans
Jumbo Loans
Renovation Loans

Terminology
Check the Office of Work/Life’s website for all real estate and mortgage terminology. 

Disclaimer:  This content is provided for informational purposes only.
Listing of the websites above does not constitute a recommendation of these websites nor is the accuracy of the information listed in these websites verified by the Office of Work/Life.
Columbia University does not assume any responsibility in connection with any of these websites, and recommends that any information listed therein be independently verified.

 


Last Updated: 
05/16/16