housing development fund, inc. & fairfield university’s center for faith and public life...
TRANSCRIPT
Housing Development Fund, Inc.&
Fairfield University’s Center for Faith and Public Life
Present
Predatory Lending:Assessing the Problem &
Highlighting Solutions
A Step-by-Step Look at HDF’s First-Time Homebuyers’ Program
Step1: Applicant calls HDF to schedule orientation
Step 2: Applicant attends orientation session and brings with him/her documents necessary to determine income eligibility and mortgage readiness
Step 3: HDF counselors assess client documentation for income eligibility and mortgage readiness
Step 4: Income eligible and mortgage ready/near ready clients attend one-on-one homeownership counseling with HDF counselor
Step 5: Clients are matched with appropriate sources of assistance funding and submitted for pre-qualification by HDF’s loan department
Step 6: Pre-qualified clients obtain first mortgage commitment by an HDF banking partner
Step 7: Selected buyers are presented to HDF’s loan committee for approval
Step 8: HDF prepares loan closing for approved buyers, buyers take possession of home
Problems and Solutions
Problems•Consumer rights are being ignored•Consumers make wrong choices because they are unaware of alternatives•Consumers have misplaced loyalties in the home buying process
Solutions – Education, Education, Education•An educated consumer is the best protection •Education and counseling are the best anxiety busters •Post-purchase counseling is critical for protecting assets•HDF’s programs and services strive to protect homebuyers