DMCC has developed a housing counseling program specifically for mortgage lenders named the Client Preservation and Recovery Program (“CPR Program”). This program is designed to accept referrals of consumers who do not qualify for a mortgage loan from a lender, provide the counseling and assistance to the consumers needed to qualify them for a mortgage loan, and then refer them back to the same lender to obtain a loan when they meet the lender’s qualifications. Services will be provided to consumers online, over the telephone or face-to-face, as appropriate.
Key components of the CPR Program for the consumers are as follows:
- Written action plan with recommended steps to become mortgage ready.
- Ongoing assistance to improve credit worthiness.
- Homebuyer education qualifying client for financial assistance, if applicable.
- Assistance with obtaining affordable repayment plans or other relief for federal student loans.
- Waived setup fees for debt management plans (Only if home purchase in 12 or more months).
Benefits to the mortgage lenders include the following:
- Promote positive relationship with client by referring them to a nonprofit organization for help.
- Maintain contact with client and their progress toward becoming qualified for a mortgage.
- Receive back a mortgage ready client with an improved chance of lending.
Programs may be customized to fit the needs of the lender, including referral methods, cost sharing and reporting requirements.
To learn more about our CPR Program, please contact our Housing Department at 866-724-3328 or send email to housing@dmcconline.org.