Fair Mortgage Collaborative

Nonprofit profile at a glance

EIN
262626111
IRS 990 coverage
2010–2012
Forms available
Form 990 2012
Location
New York, NY, USA
Phone
2125676701
Rating confidence
Limited
Sector
Fairs

Official website

Reported finances

Revenue
$159,672
Expenses
$413,524
Assets
$185,791
Liabilities
$14,593

Source: IRS Form 990. Selected filing: tax year 2012. Amounts in USD.

Leadership & pay

7 people listed

Source: IRS Form 990. Selected filing: tax year 2012. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Fair Mortgage Collaborative is a non-profit educational, research and consumer information organization. Our mission is to educate low income and minority consumers about avoiding predatory lending practices and help them gain access to Fair and Safe lenders offering affordable and sustainable loan products. We work with consumer advocates, foundations, and nonprofit financial intermediaries to improve such access.Our mission is to PROVIDE ASSISTANCE TO PERSONS IN UNDERSERVED COMMUNITIES AND TO PROMOTE THE PUBLIC GOOD BY DEVELOPING AND DISSEMINATING INFORMATION TO CONSUMERS AND LENDERS ABOUT HOW TO IDENTIFY AND AVOID PREDATORY LENDING PRACTICES. IN FURTHERANCE OF THIS MISSION, THE ORGANIZATION WILL ESTABLISH AND MAINTAIN FAIR AND SAFE LENDING STANDARDS FOR THE PROTECTION OF CONSUMERS, DISSEMINATE INFORMATION ABOUT SUCH STANDARDS TO THE PUBLIC, IDENTIFY "FAIR AND SAFE" LENDING PRACTICES AND IDENTIFY AND DISSEMINATE INFORMATION ABOUT "BEST PRACTICES' THAT WILLIMPROVE THE PROVISION OF

What it reported doing in 2012

Education and communication: Providing assistance AND EDUCATION ABOUT LENDING PRACTICES to persons in underserved communities. THE ORGANIZATION STRIVES TO PromotE the public good BY DEVELOPING ANALYTICAL TOOLS AND PROGRAMS DESIGNED to DISTINGUISH GOOD LENDERS THAT OFFER FAIRLY-PRICED, WELL-STRUCTURED MORTGAGE PRODUCTS, FROM THE LENDERS WHOSE PRICING IS LESS COMPETITIVE AND MORE LIKELY TO RESULT IN BORROWER DEFAULT.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 14
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 60th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -159%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0.45; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 40; 40th percentile among comparable filings
  • Officer compensation ratio: 24.4%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -65.6% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -25.4% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 6 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $319K in reported program spending
  • Leadership: top reported pay $101K · 7 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 3 filing years from 2010 to 2012
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 40/100.