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 Georgia ACT conference on October 28th offers housing counselors the opportunity to convene and discuss how best to adapt to this changing environment. Registration is now open. Go to http://events.constantcontact.com/register/event?llr=64yzoxjab&oeidk=a07ebgxzs3ed7e957ad