HomePrep for MLO's

Where MLO's Connect with HUD Counselors to get Clients Mortgage Ready!

MLO's

Directions for MLO's to use HomePrep for their clients is shown below.

What's HomePrep?

HomePrep is a technology platform that connects Mortgage Loan Originators with clients on their path to homeownership to HUD Counselors that help them achieve it!


The connection between MLO's, their clients  and HUD counselors is made possible by Indisoft, a national mortgage software company. 


National Foundation for Debt Management, a national non-profit HUD housing and credit counseling agency, is the initial HUD counseling agency of HomePrep.

How HomePrep Works


See a visual that shows the process of a client that starts through HomePrep. Follow their path from a realtor referral to the MLO... to a HUD housing counselor... all the way through the client closing on a home!

Russell Graves explains 6 HomePrep services

Russell Graves, HUD Counseling Agency (HCA) NFDM.org Exec. Dir., HUD certified housing counselor, and past loan originator, explains 6 specific services of HomePrep, the technlogy platform that connects mortgage loan originators with clients seeking mortgage-readiness to HUD housing and credit counselors who can get them ready.

6 Client Services Offered by HUD Counselors through HomePrep

MLO's and HUD Counselors worked hand in hand to discover the top issues that prevent clients from getting a mortgage. Then they found the services that could fix them. Those issues and vetted services became the model for the HomePrep technology platform and are listed below.

1.Credit

Both short term (1-6 mos) and long term (7mos to 5 yrs) credit help using CreditXpert tools and more.

Learn More

2.DPA Availability

Down payment assistance available in all 50 states by 1)utilizing HUD Counselors...

 or 2)MLOs can get DPA info directly through Down Payment Connect.

Learn More

3.Student Loan Repayment

Student loan repayment plans through Student Debt Solutions (SDS), whether for purchasing a home or just needed individually. No cost to check repayment plans available

Learn More

4.Homebuyer Education

Homebuyer education needed for down payment assistance and specific grants.

Learn More

5.Budgeting for a Home

A family budget allows you to see how much money you have, how much money you have left over, and how much you can put towards a mortgage.

Learn More

6.Freddie Mac HomeCoach

For HUD counselors to use, works with a soft credit pull, and for conventional Affordable mortgages.



Learn More

How MLO's Overcome Objections to HomePrep When Clients Are Unsure About Proceeding

As a Mortgage Loan Originator (MLO), you often encounter clients who are not yet ready for a mortgage. They face hurdles like poor credit, student loan debt, and insufficient down payment. Addressing these challenges requires a comprehensive approach.


Offering an alternative to a client who you've just told isn't quite ready for a mortgage yet can be uncomfortable for you and them. Listen as a loan originator offers thoughts to encourage her clients to take advantage of HomPrep services for their benefit.


3 Ways to Submit Client Information into HomePrep

After MLO's have signed up with HomePrep, you can submit client files into the RxOffice CMS 3 different ways. Once you've clicked on the New Case icon on the left, on the top left of page select:

  1. New Case (manual) 
  2. Import MISMO(v3.4)
  3. Import Cases (multiple cases at once, same directions as MISMO(v3.4))





Costs for HomePrep, Who Pays, and an MOU Credit to the Client 

  • HUD housing counseling services are proven to be beneficial to prospective purchasers who pay the initial cost of $99 to work with HUD counselors through HomePrep. If the client completes their HomePrep process, the $99 fee they paid upfront is refunded to them.


  • The MLO pays for a HomePrep yearly license and a per-client fee.


  • The MLO can also provide a credit to the client ($0 to $300) through the Memorandum of Understanding (MOU) completed and signed by both the MLO and the client. This credit is only applied if the client returns to the referring MLO for their mortgage.


  • When the client is mortgage ready, the HUD counselor notifies the referring MLO.

MLO Cost to use HomePrep


  • Yearly fee of $250 and a fee of $25/per client is required.


MOU Credit Can Be Provided to Client


  • The MLO and the client can sign a Memorandum of Understanding (MOU) that provides a credit of $0 to $300 from the MLO to the client's mortgage closing costs if the client returns to the referring MLO for their mortgage.


Discounts


Client Cost to Use HomePrep


Standard NFDM HUD Counseling Service Costs:


  • $99 fee for HomePrep Services (paid by client)


  • $99 credit to client at the completion of HomePrep


SDS Student Loan Repayment Plan cost:


  • Client only pays if they proceed with a repayment plan.


  • Basic: $29 for forms and instructions.


  • Standard: $49 for prefill, document preparation tools and ability to chat with expert in student loans.


  • SDS cost is additional to Standard NFDM HUD Counseling Service Costs.

MLO's: Ready to start HomePrep? Schedule a demo now!

HomePrep is the MLO resource to get clients with issues that need to be fixed connected to HUD counselors who can get them mortgage-ready. Contact us  today for a demo!

Once You've signed up...

HomePrep Tutorials   

Click here for more tutorials...

1.Upload file manually or import 3.4 xml

Indisoft Project Mgr. shows how to Create a Case by manually inputting a loan file or uploading a 3.4 xml file.

2.Where to Upload Documents

Note: credit reports may not upload successfully due to privacy protection applied. If upload attempted, check to insure credit report specifically is in Documents before exiting.

3.How to Get Full List of Clients

Indisoft Project Mgr explains how to get back to list of clients and see all clients from past.



Click here for more tutorials...

Documents Needed Upfront from MLOs and Their Clients to Review and Sign

Under the guidance of the National Foundation for Debt Management, clients receive tailored support to become 'mortgage ready.' Essential to this process are two key documents: a Client Authorization for Information Release and a Memorandum of Understanding, both requiring signatures from the client and mortgage loan originator (MLO) for portal upload.


What's  in the Memorandum of Understanding (MOU)?
The MOU signed by the MLO and  their client shows:
1)costs paid upfront by the client for HUD counseling services
2)loan originator costs paid to use the HomePrep portal
3)a credit ($0-$300)that can come from the loan originator and be applied towards closing costs services rendered, if the client returns to the loan originator for their mortgage.


Both the MLO and client sign the 2 documents that can be downloaded on the right:

  1. Client Authoriz. to Allow the MLO to Release Financial Info to 3rd Party
  2. Memorandum of Understanding (MOU)

HomePrep Testimonial

My wife and I met with Matthew with National Foundation for Debt Management (NFDM.org) on Thursdays once a week like clockwork. We would learn in detail how to fix our credit. He would set attainable goals that you can reach and feel better about yourself that you are accomplishing something even if it's small. We learned everything has a positive outcome with Matthew. He paid so much attention to detail and you felt you were really listened to and valued and never judged… your question was answered with respect. Matthew helped us achieve our life goal at 50 years old of owning a home for the first time in our lives. 


Please tell Mathew we miss him and without him, none of this would ever have been possible. 



- Chris and Valorie, clients of HomePrep

Interested in HomePrep? Contact Us to find out more!

HomePrep is the MLO resource to get clients with issues that need to be fixed connected to HUD counselors who can get them mortgage-ready. Contact us to get your demo today!