Final Installment Of A Fiveinstallment Series

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The Federal Reserve Bank of St. Louis

Mortgage Credit Partnership Credit Scoring Committee o o o o o

The purpose of the Federal Reserve System's Credit Scoring Committee is to publish a variety of perspectives on the credit-scoring process and to identify areas where the use of credit scores may create disparities in the home mortgage process.

The first four installments in this series addressed aspects of the use of credit scores and fair-lending concerns, including the maintenance of scoring models, the use of third-party brokers and the provision of assistance in the credit-application process.

The fifth and final installment addresses the use of counteroffers, overrides and second reviews of credit-scored decisions. We have solicited feedback from industry, consumer and academic representatives to ensure a variety of perspectives on these topics.


Grand Valley State University

Mr. Immergluck is a faculty member at the School of Public and Nonprofit Administration at Grand Valley State University in Grand Rapids, Mich. He recently joined the university after having served as senior vice president of the Woodstock Institute for many years. He has written extensively about access to credit, community reinvestment, and community and economic development, and he has worked with community organizations and government agencies on an array of community reinvestment and development projects. Mr. Immergluck holds a doctorate in urban planning and policy from the University of Illinois-Chicago.


Fifth Third Bank

Mr. Aldridge is a vice president and director of community affairs for Fifth Third Bank, where he administers and oversees community affairs for the bank's Cincinnati and affiliate markets. He is also responsible for BLITZ, the bank's $9 billion community development initiative to fund building, lending, investments and technology zones over the next three years. He has been instrumental in establishing relationships with minority brokers that generate Community Reinvestment Act loans, and he has launched programs to increase product sales and to support business development.

Prior to joining Fifth Third, Mr. Aldridge was the managing principal for NuCapital Management in Southfield, Mich. He holds a Juris Doctor degree from Wayne State University and a bachelor's degree in economics from Harvard University.


California Reinvestment Committee

  1. Stein is associate director of the California Reinvestment Committee (CRC), a statewide CRA coalition of more than 200 nonprofit organizations and public agencies. The com mittee works with community-based organizations to promote access to credit and economic revitalization of California's low-income and minority communities.
  2. Stein works primarily on housing issues, including efforts to fight predatory mortgage lending. He was the primary author of the committee's recent report, Stolen Wealth: Inequities in California's Subprime Mortgage Market, which investigated subprime lending practices in the state. Before joining CRC, Mr. Stein worked as the community economic development attorney at the East Palo Alto Community Law Project and for HomeBase, a law and social policy center on homelessness. He is a graduate of the Georgetown University Law Center and Stanford University.


Wells Fargo Home Mortgage

  1. LaCour-Little joined Wells Fargo Home Mortgage in 2000 as a vice president in the Risk Management Group. Previously, he was director of financial research at CitiMortgage. He is an adjunct professor of real estate finance at the John M. Olin School of Business at Washington University in St. Louis, where he teaches MBA courses in real estate finance and mortgage-backed securities. He also has taught at the University of Wisconsin-Madison, Southern Illinois University-Edwardsville and the University of Texas-Arlington.
  2. LaCour-Little holds a doctorate from the University of Wisconsin-Madison. His papers have appeared in Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research, Journal of Real Estate Literature, Journal of Housing Research, Journal of Housing Economics, Journal of Fixed Income, and Mortgage Banking.

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