HLPR is a no-frills first-time program that helps credit union members obtain their first home by lowering monthly payments.
We subsidize the loans to help members." Through mid-November, the credit union originated $46 million in mortgage loans through HLPR. Wasmer sees HLPR as a tool to help the credit union sustain its average member age of 38--10 years below the credit union national average.
"HLPR is a sound strategy to help credit unions bring in young, first-time borrowers," says Brancucci, a 36-year mortgage lending veteran who founded the CU Housing Round-Table and whose resume includes experience at banks, mortgage companies, Fannie Mae, Freddie Mac and a savings-and-loan.
He and colleagues have developed prototypes of a HLPR chair (home lift, position and rehabilitation chair) based on forklift and AGV technology.
Bioengineering students at Florida Gulf Coast University are now helping to perfect the HLPR chair prototypes.
Discussions about updating the AGV standard to accommodate vehicles like the HLPR chair will continue in Cleveland this month at MHIA's trade show, NA 2008 (www.nashow.com ).