BALTIMORE, November 1, 2017 HLP today announced it has kicked off a new post-purchase outreach and financial education program that will help thousands of first-time homeowners make their mortgage payments on time. The program is part of an agreement with CBC Mortgage Agency, a company owned by a Native American tribe that focuses on increasing access to affordable housing. It is part of an overall housing strategy developed by HLP to help CBC’s borrowers sustain homeownership.
The new outreach and education program will enroll 500 homeowners in its first month and an additional 500 homeowners each month thereafter over the next year. Each homeowner will receive financial advice from a HUD-approved nonprofit housing counselor targeted to their specific needs, with the goal of helping them make their mortgage payments on time. The counselor will also teach customers how to build a budget, save money for home repairs and other steps needed to maintain responsible homeownership.
“We are deeply appreciative of CBCMA’s support of HLP’s mission and their commitment to helping its borrowers become successful homeowners,” said Mark Cole, HLP’s chief executive officer. “This grant will support our systems and efforts to connect potential homebuyers with the financial outreach and education they need to succeed.”
HLP is the program administrator and Money Management International will provide telephone counseling and regular electronic communications to all homeowners.
CBC Mortgage Agency is a federally-chartered tribal government agency owned by the Cedar Band of Paiutes of the Paiute Indian Tribe of Utah. Through its Chenoa Fund and Simply Home Down Payment programs, the agency provides down payment assistance to borrowers that qualify for FHA-guaranteed mortgage loans. People who meet CBC’s credit score and debt-to-income requirements can receive a first mortgage and a second mortgage or grant to cover their 3.5 percent minimum investment.
Based in Cedar City Utah, CBC was founded in 2013 and provides affordable housing solutions to its clients. “Our unique affordable housing programs help many people who are unable to save money for a down payment purchase their first home,” said Richard Ferguson, CBCMA’s President. “We want to encourage responsible homeownership and appreciate HLP’s role in making that possible in the marketplace.”
About HLP: HLP is a unique collaborative created in 2009 that engages the key stakeholders who work with families on homeownership - nonprofit counselors, advocates, mortgage lenders, servicers and investors, attorneys and government agencies. Being a national, neutral, nonprofit organization allows us to listen to all the parties and build solutions that support homeowners and incorporate the unique needs of all stakeholders. As a result, HLP unifies the housing industry by helping individuals and families achieve and sustain homeownership. Stakeholders share information with each other via our technology platform and collaborate to find solutions to help homeowners. To date, we have helped more than 500,000 homeowners during their time of need.
Media Contact for HLP: Scott Scredon, firstname.lastname@example.org, 770-315-0745