Framework® and the Homeownership Preservation Foundation Team Up to Provide Pre-Purchase Education
Framework® and the Homeownership Preservation Foundation Team Up to Provide Pre-Purchase Education to Prospective Homebuyers Nationwide
Partnership Marks a Major Expansion of the Digital Educational Tool, and Showcases the
Commitment of Both Groups to Sustainable Homeownership
(Boston, February 20, 2014) – Framework® and the Homeownership Preservation Foundation (HPF) today announced a new partnership aimed at providing online home-buyer education nationwide to first-time homebuyers. Through this collaboration, HPF will begin offering access to Framework® on its website to prospective homebuyers looking to expand their knowledge and preparedness for successful and sustainable homeownership.
Framework® is a home-buyer education course that enables prospective homebuyers to learn about the purchase process online, at their own pace, with access to trained professionals across nine learning modules. The course – which exceeds national industry standards for both home-buyer and digital education – is a joint effort of the Minnesota Homeownership Center and the Housing Partnership Network (HPN), a business collaborative of the nation’s leading affordable housing and community development nonprofits, which sponsors and operates Framework®. HPF is an independent national nonprofit dedicated to guiding consumers onto the path of sustainable homeownership and improving their overall financial health. This partnership with Framework® allows HPF to continue to provide services to consumers throughout all stages of homeownership.
“Coming out of the foreclosure crisis, today’s homebuyer wants to be better informed, savvier and more careful,” said Danielle Samalin, president of Framework® and vice president of Homeownership Initiatives at the Housing Partnership Network. “Buying a home used to be something we learned through our families. Now, the game has changed: credit is tight and the stakes are higher. The ability to offer Framework® through a strong national partner such as HPF is an important step to ensure homebuyers have the information and insight they need to thrive as homeowners.”
“Buying a house is typically the investment of a lifetime, and one that can be very emotional – and emotions can cloud good financial judgment,” said HPF CEO Colleen Hernandez. “To encourage safe driving, drivers’ education programs were introduced. Pre-purchase counseling and education could serve a similar safety purpose for the housing industry. Through Framework®, HPF hopes to enable this in a highly efficient and effective way.”
The interactive, engaging format of Framework® utilizes the best practices in adult and online education to give today’s tech-savvy homebuyers the tools and resources they need to move through the entire home purchase process. First-time homebuyers are empowered to ask the right questions, understand what they can afford, and recognize their responsibilities as prospective homeowners.
A recent Freddie Mac study indicates that educated homebuyers are 29 percent less likely to experience a delinquency. Additionally, though the U.S. Department of Housing and Urban Development (HUD) does not approve any specific course, HUD’s Office of Housing Counseling has approved the use of online courses for homebuyer education.
To date, more than 40 nonprofit, lender and real estate partners have approved Framework®, including Bank of America, Wells Fargo, Bremer Bank, and the Federal Home Loan Bank of Des Moines.
Framework® is an online homeownership education course created by the Housing Partnership Network and the Minnesota Homeownership Center. An engaging way to learn about the home-buying process, Framework® appeals to seasoned and first-time homebuyers alike. The interactive course is organized into a 9-module format that is user-friendly and fun, while meeting national industry requirements for homeownership education. Users can follow the course at their own pace, with fluid design and virtual advisors to keep the experience both lively and insightful. Studies have shown that homeownership education is the single most effective tool for achieving successful homeownership. Framework® gives prospective homebuyers an advantage, enabling them to become smart, confident successful homeowners. To learn more about Framework®, please visit www.frameworkhomeownership.org.
ABOUT HOMEOWNERSHIP PRESERVATION FUND
The Homeownership Preservation Foundation (HPF) is an independent national nonprofit dedicated to guiding consumers onto the path of sustainable homeownership and improving their overall financial health. Through its Homeowner’s HOPE™ Hotline, 888-995-HOPE™, HPF provides comprehensive financial education and confidential foreclosure prevention counseling for FREE, 24 hours a day, 7 days a week, 365 days a year, in over 170 languages. Since 2007, HPF has served more than five million distressed homeowners who depend upon them as a trusted, neutral source of information and assistance. For more information about the Homeownership Preservation Foundation or the Homeowner’s HOPE™ Hotline, please visit www.995hope.org.
ABOUT THE HOUSING PARTNERSHIP NETWORK
The Housing Partnership Network is a business collaborative of the nation’s leading affordable housing and community development nonprofits. Creating private sector partnerships and enterprises that achieve ambitious social missions, HPN and its member organizations work together to scale innovation and impact, helping millions of people gain access to affordable homes and thriving communities that offer economic opportunity and an enhanced quality of life. In 2013, HPN received a MacArthur Foundation Award for Creative and Effective Institutions, and a Wells Fargo NEXT Opportunity Award, in recognition of its ongoing leadership and innovation in affordable housing and community development. To learn more about HPN, please visit www.housingpartnership.net.