Demos
Housing Counselor SaaS Demo Slides
Sources
Brokers are incentivized to steer borrowers to higher cost loans for greater commission.
Promises of quick results which ultimately leads to denials and predatory loans
In the United States, we see 9.4% of mortgage applications denied. However, communities of color suffer disproportionately, with 21% denial rates among Blacks and 17% among Hispanics.
By reforming mortgage distribution to start with housing counselors, not brokers, we can help consumers become mortgage-ready and obtain better financial results .
Mortgage-ready borrowers whose loans are 30% higher performing.
45% of consumers reported no awareness that housing counseling even exists .
See slide 10 (6)
Only 3% of housing counselors use search engine marketing to reach consumers.
And yet the National Association of Realtors reported that greater than 90% of consumers used search engines to find housing.
Housing counselors are key to mortgage readiness but need technology to meet consumers where they search.
Collaboration makes sense, as a network of nonprofits we are able to access Google Ads and Microsoft Ads to run high-performing advertisements at scale, for free.
After housing counseling is complete, mortgage-ready consumers receive multiple loan offers from participating lenders to compare and save even more.
Using Google keyword planner with an input of 1,330 keywords related to down payment assistance, we see there are over 9 million annual searches.
Research suggests this search activity is largely driven by lower income.
Research suggests this search activity is largely driven by people of color.
Housing prices rising nationwide.
MIT’s open courses on platform strategy.
Multi-sided platform model to increase participation in housing counseling is a new application of a strategy with proven benefits.
Advanced analytics to connect existing supply improves efficiency and reach.
“Awareness and visibility” problems are mainstays in HUD’s annual report.
U.S. awarded $500 million in grants to support housing counselors.
Housing counselors objectives of government funding.
35% who complete housing counseling ultimately purchase homes within 18 months
“Due to a lack of public awareness of housing counseling availability and value, many do not take full advantage of such services”.
Developed countries that share similar mortgage and internet infrastructure including Canada, Australia, and the United Kingdom.
The platform is connected to 18 lenders who we consider part of the team.
Search terms like “down payment assistance” revealed direct correlation to spikes in housing prices and the corresponding fear when people can’t afford housing.