Freddie Mac HomeCoach℠: Delivering the Next Generation in Automated Tools for Housing Counseling Agencies
An online resource developed for housing counselors to better prepare clients for homeownership.
Understanding what it takes to be mortgage-ready is a topic housing counselors address with their clients every day. Freddie Mac HomeCoachSM is a free resource tool, integrated into a housing counseling agency’s client management system (CMS), that assists housing counselors as they interact with clients and prepare them for homeownership.
HomeCoach uses the data entered into an agency’s CMS to produce a Freddie Mac Loan Product Advisor® (LPASM) feedback certificate which provides housing counselors with insight into their clients’ financial and credit profile. Housing counselors have access to the same feedback certificate that a mortgage loan officer sees when reviewing an LPA assessment. Having this same lens helps housing counselors to better prepare a client’s workplan for the loan origination process ahead.
Better Prepare Your Clients for Homeownership
HomeCoach gives housing counselors a wholistic perspective of a client’s financial situation, including credit, capacity, and capital by:
Taking counseling beyond generic guidelines of debt-to-income (DTI) and credit score. With HomeCoach, housing counselors can better understand the layers of risk and work through various scenarios with clients to prepare them for sustainable homeownership in a more streamlined, faster process.
Working through “what if” scenarios that lets housing counselors see the effect of slightly higher savings, and various types of assets and levels of income.
Analyzing how improvements to a client’s credit score can assist them in becoming mortgage ready.
Enabling housing counselors to document the client’s file which helps the lender see the entire picture with the acceptable layers of risk.
Streamline Your Client Intake Process
The assessment that HomeCoach provides offers a quick and easy way to recognize client obstacles to homeownership and identify mortgage-ready clients at a faster rate. HomeCoach:
Provides system-to-system capability that eliminates the inefficiencies associated with using multiple systems.
Can be run multiple times under various scenarios all from your existing CMS.
Works with your current credit report provider so there’s no need to pull additional credit reports.
Works with a “soft-pull” credit report which eliminates the need for additional inquiries or possible effects to a client’s credit report.
Uses a three-party authentication method for security giving you peace of mind knowing your client’s financial information won’t be compromised.
“HomeCoach removes all of the guesswork for housing counseling agencies as it enables counselors to know when a client is “mortgage-ready”, says H. Shane Darrisaw, President of mPact Pro® Client Management System. “HomeCoach dramatically improves the time it takes to analyze a client’s credit situation since feedback is instantaneous, and with no limits on how often HomeCoach can be accessed it can be offered to all clients interested in purchasing a home.”
By providing area median income qualifications and affordability feedback messages, HomeCoach can help identify if your clients qualify for the Freddie Mac Home Possible® or Freddie Mac HomeOne® mortgage which offer a low, 3% down payment financing option.
For More Information
To learn more about HomeCoach or to schedule a training session contact Tom Dombrowski, housing outreach manager, Freddie Mac Single-Family Client & Community Engagement, at [email protected].