Obstacles to Increased Homeownership Counseling and Education

Funding

• Housing Counselors can get the word out and can handle large volume – a full-time counselor serves hundreds of clients each year

• Industry has been hyper-focused on housing delinquency since 2008

• Pivot back toward home-ownership counseling

Housing Counselors Pump the Brakes

• Does the budget work?• Are you saving?• Is this mortgage truly affordable for this buyer?• Are there lurking financial road bumps• This can be in tension with the race to close

Lack of Understanding About What Housing Counselors Do

• Lack of Understanding about what housing counselors do– Clients are sent to housing counselors very late in the

process– Unless someone is at least mortgage-ready, they are

often not referred to a housing counselor

Steps to Overcome Obstacles

• Fee for Pre-purchase counseling• Industry Partnerships• Engage local realtors and loan officers• Non-traditional housing services– Counseling and Education– Homeownership Steps– FECs