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Educating Future Borrowers An orientation about NeighborWorks America Presented by Joe Myer.

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Presentation on theme: "Educating Future Borrowers An orientation about NeighborWorks America Presented by Joe Myer."— Presentation transcript:

1 Educating Future Borrowers An orientation about NeighborWorks America Presented by Joe Myer

2 NeighborWorks America A national intermediary specializing in Affordable Housing and Community Development A national network of 250 NeighborWorks’ organizations (NWO’s) Delaware: NCALL Research, Inc. Interfaith Community Housing of Delaware Resources to Delaware through NWO’s include training slots, capital grants, technical assistance, and expendable grants Funded in the THUD budget for FY’14 at $136 million and $67.5 million for National Foreclosure Mediation Counseling

3 Network Program Reviews & Annual Ratings NWO’s receive rigorous reviews annually and on-site every 3 years, looking at financials, production, impact, governance, and more Annually each NWO is rated through a comprehensive assessment process – for instance NCALL is rated “Exemplary”

4 Why NeighborWorks We empower individuals through financial education We create affordable, healthy places to call home We stabilize and nurture communities

5 Why NeighborWorks We train professionals to be at the forefront of the field We collaborate effectively to “ Make It Happen ” We deliver quantifiable results

6 Empowering by Building Financial Capability Research with Experian proved pre-purchase counseling resulted in a third less likely to fall seriously behind in their mortgage in the first 24 months With Citi Foundation, demonstrated how financial coaching can level the economic playing field by helping people to establish first accounts and increase credit scores significantly

7 Creating Affordable, Healthy Places to Call HOME In 2013, Helped 21,000 families become homeowners through education, down payment help, access to mortgages, construction, and rehabilitation NeighborWorks America was named by Builder Magazine one the nation’s top three developers of affordable homes Prevented 203,000 people from losing their homes or provided helpful strategies through NFMC. 1.7 million people since 2008

8 Building Strong, Resilient Communities Invested $1.54 million to stabilize communities struggling with the negative effects of foreclosure and neglect 800 residents from 107 organizations attended the Community Leadership Institute training, then receiving $228,000 for local projects. Wilmington and Dover benefitted from this

9 Training Professionals to be at the Forefront Awarded 20,000 certificates to professionals attending National Training Institutes from 3,400 organizations building skills in education/counseling, asset management, economic development, and nonprofit leadership

10 Collaborating “Making It Happen” & Delivering Quantifiable Impact Collaboration through NeighborWorks with funders, through regions and districts, and through NWO’s locally Launched Community Impact Measurement and more fully utilized Success Measures which allows us in the field to collect and interpret outcomes data

11 Educated Borrowers Make Sound Financial Decisions Intuitively it makes sense that families receiving pre-purchase education and counseling do better financially as homeowners Budgeting, reducing debt, clearing up credit, learning the homeownership and mortgage process, shopping for best rates and terms, knowing what payment is comfortable can only help everyone involved in the process – especially the new homebuyer

12 Educated Borrowers Make Sound Financial Decisions The studies and evidence have mounted up, whether it be Experian, HUD, Federal Reserve Bank of Philadelphia, and the list goes on and on Gone are the days of questioning the importance of pre-purchase homeownership counseling Financial Fitness and Financial Coaching such as $tand by ME are important too

13 Make Counseling a Requirement All homeownership initiatives, financing, and programs should require homeownership education and counseling. Delaware has the capacity to address the demand for pre-purchase homeownership counseling through HUD approved counseling agencies, with certified counselors who are members of and subscribe to the standards of the Delaware Federation of Housing Counselors.

14 Awaiting HUD Final Rule on Dodd-Frank Housing counseling agencies are anxiously awaiting HUD’s final rule related to housing counseling, counselor certification, testing, etc.

15 Housing Counseling in Delaware Funded mainly by fees for performance or grants based on customer volume through DSHA and HUD. Those involved in foreclosure prevention may receive NeighborWorks’ NFMC funding through DSHA or other intermediaries, along with Mediation fees. The service needs to be fireproofed so that all homeownership initiatives, programs, or financing requires it now and going forward.

16 Working Together With NCALL and Interfaith Community Housing of Delaware for Stronger Communities ®

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