Fannie Mae HomePath Partners with Framework to launch program for first-time homebuyers.Full Article
Bank of America has approved the online homebuyer education course Framework™ for use with its mortgage products. Bank of America joins Wells Fargo and several regional banks and Housing Finance Agencies in approving Framework for mortgage product requirements, or offering the course directly or through local partners. This exciting news follows the promotion of the importance of homebuyer education and advising during June’s Homeownership Month, and a convening in Washington, DC on July 9 of key representatives of the housing industry, including lenders and HUD Intermediaries, focused on how to integrate housing education and advising into mortgage lending.
As Danielle Samalin, Housing Partnership Network’s Vice President of Homeownership Initiatives noted, “It’s not enough just to promote the American Dream of homeownership, which certainly is still alive and well. We must go further to ensure all homebuyers can sustain this dream, through the formal integration of homeownership education and advising into the purchase process.”
Currently, very few homebuyers are accessing these important tools to help them become smarter, more confident, and successful homeowners. A recent Zillow study indicated that one third of homebuyers are misinformed about down payments, lender rules, and mortgage rates, while current homeowners lack understanding of basic refinancing rules.
Framework™ – a joint venture between Housing Partnership Network and Minnesota Homeownership Center - ensures that all home buyers have access to homeownership education, and are given the tools they need to become prepared homeowners. The two organizations simultaneously work to build a housing advisory industry that is scalable, broadly available, and sustainable. The industry’s success demands new models for service delivery, and online education through Framework is one solution providing service efficiently and at scale.
Framework is interactive, engaging, and adheres to the National Industry Standards for Homebuyer Education curriculum content. Framework is an example of a low cost and high impact approach to providing service. It is able to reach a new home buyer demographic that wants to learn about home buying online, on their own time, from their tablets. It also reaches rural populations, working families, and people for whom travel to in-person classes is simply not a possibility. With Bank of America’s approval coming at the same time that the industry is looking to integrate housing education and mortgage lending more formally, there is potential for Framework to reach an even greater number of first time homebuyers nationwide, and create a new generation of successful homeowners.
For more information, including how to partner with Framework please contact us.