PorterWorks, Inc. Issues Challenge to Lenders, the Lending Industry and the Government

STANWOOD, Wash.--(Business Wire)--
Eighty-three percent of US homes (95 million) need energy improvements. The
average home is 35 years old. Refinances in 2009 could top $1.9 trillion and
thousands of first time buyers are purchasing. But how many of these borrowers
will be offered the chance to add energy improvements and decrease their overall
monthly expenses? Unfortunately, very few. Lenders are not offering EEM (Energy
Efficient Mortgages or EIM (Energy Improvement Mortgages).

Lenders make their livings on buildings and US buildings are wasteful. US DOE
claims that buildings account for 40% of total energy use, 71% of electricity
consumption, 38% of CO2 emissions, 36% of greenhouse gas emissions, 30% of raw
material consumption, 30% of waste output, and 12% of potable water consumption.

Industry experts predict the green building market could reach $140 billion by
2013.Are lenders prepared for this emerging market? Green building and
energy-improved buildings are fiscally smart for lenders: more qualified buyers,
larger loans (i.e. higher commissions), improved collateral and lower default
rates. They`re good for consumers; overall operating costs declines; the home`s
comfort and value improved.They`re beneficial to our economy: saving money on
utilities means more disposable income; and weatherization and energy efficient
improvements mean less dependence on imported energy and creates jobs. They`re
best for our planet; we use less of our precious resources and do less harm.

Utilities have a significant impact on affordability. Dave Porter, President of
PorterWorks, Inc. says that lenders ought to consider the PITIUM: Principal,
Interest, Taxes, Insurances AND Utilities and Maintenance. The total cost of
ownership should be considered.

PorterWorks challenges President Obama, Secretary Donovan, Fannie Mae, Freddie
Mac, HUD, VA, the Mortgage Bankers Association and all lenders to streamline the
EEM/EIM process, offering a fast track EEM/EIM of preapproved improvements and
require a document signed by borrowers at loan application that have been
offered these programs and insure lender and appraiser competency through
required education.We need to create a true Green Mortgage. We urge the Senate
to extend the First Time Home Buyers Tax Credit, the Energy Efficient Tax
Incentives and pass the American Clean Air & Security Act.

PorterWorks, Inc., an education and consulting solutions provider, has developed
the GreenLending Specialist and GreenValuation Specialist designation programs
to help lenders and appraisers do their part in this important and urgent work.

PorterWorks, Inc.
Dave Porter, 360-631-5631
dp@porterworks.com
www.porterworks.com

Copyright Business Wire 2009