Last month Fannie Mae announced its new affordable mortgage product, HomeReadyTM, which replaces MyCommunityMortgage. Targeted to low- and moderate-income borrowers, it requires an online homebuyer education course. Called Framework, the course will be provided by Housing Partnership Network and the Minnesota Homeownership Center. Although this is a notable step forward in making housing counseling more accessible to potential buyers, what impact will this have on local housing counseling agencies?
Does this move by Fannie Mae and a similar move by the Federal Home Loan Bank of Atlanta portend a change in the landscape? Is housing counseling undergoing a transformation as counseling moves to online sources? National online alternative options such as ClearPoint and Framework appear to offer 24/7 access, standardization, quality assurance, and low cost. Technology and online platforms are changing housing counseling processes from intake to service delivery, so what is the role of local nonprofit agencies? How can such agencies remain viable?
The New Edition of “The Bridge” Newsletter: “The Bridge” is HUD’s Office of Housing Counseling Newsletter for Housing Counselors. You can read the new edition of “The Bridge” on-line.
The Bridge Newsletter and LISTSERV Subscription Drive::The HUD Office of Housing Counseling frequently publishes “The Bridge” Newsletter and this LISTSERV. The Bridge Newsletter focuses on Housing Counselors and highlights their hard work and the innovative best practices that contribute to improving the lives of American Families. The LISTSERV provides news and information for housing counselors on industry announcements, new policy notices, grant opportunities and guidance, employment opportunities, contracting opportunities, events, meetings, webinars and live training. We want to make sure housing counselors do not miss out on the latest information. If you would like to sign up your staff or a new counselor at your agency, or recommend a housing counseling industry colleague to receive the Bridge Newsletter and LISTSERV, please visit our subscription website to sign up today. This service is free of charge.
You are invited to attend a training held by the Consumer Financial Protection Bureau http://www.consumerfinance.gov/ (CFPB) on the new mortgage servicing rules.
The training is scheduled for:
DATE: September 15, 2014 (Monday)
TIME: 1:00 – 5:00 PM (Registration begins at 12:30 PM)
LOCATION: Georgia State Bar (3rd floor conference room), 104 Marietta St NW (Suite 100) Atlanta, GA 30303
Please RSVP (with full name, email, and organization/affiliation) to David Pope via email at firstname.lastname@example.org. This in-person training for housing counselors and attorneys will explore the new mortgage servicing rules that became effective 01/10/2014. The rules will affect the rights of your clients and how mortgage servicers are supervised for compliance. Specific topics of discussion will include borrowers’ loss mitigation rights, foreclosure prohibitions, requests for information and notices of error and the CFPB online complaint system and supervision processes. Counselors and attorneys will also have the opportunity to share their experiences with Cathy Mansfield and Gerry Sachs from the CFPB.
As we get more information, we will publish it here on the PBP Counselor Connection