BOSTON, Aug. 9, 2016 /PRNewswire-USNewswire/ -- Fact: When homebuyers have the opportunity to learn about the process before they buy, they're less likely to end up in foreclosure later.* Homeownership education is not yet the norm in the mortgage industry. With the release of its new online homebuyer course, Framework Homeownership is poised to bring this resource squarely into the mainstream.
On the strength of the original homebuyer course's curriculum, Framework, launched in 2013, had already been singled out by the housing industry as a leading provider of online homebuyer education. It's the only course that will meet the education requirement for Fannie Mae's HomeReady mortgage, and HomePath Ready Buyer. Nearly 70,000 homebuyers from all 50 states have completed the course to date — 40,000 of them just this year. Now Framework has fully redesigned the course, in part to meet the needs and expectations of millennials, who have become the largest group of homebuyers at 35 percent of the total.
"Great design benefits everyone," said Framework President Danielle Samalin, "but millennials in particular expect an online course to be mobile-friendly and user-driven. With this redesign, we've made our course work equally well across multiple platforms — desktop computer, phone, or tablet. Homebuyers should be able to study on the bus or at the laundromat if they want to. The course is more convenient and accessible than ever."
The upgraded course also incorporates newer research on how adults learn best online. "Our homebuyer course has always been the only one on the market designed by experts in online learning," Samalin said. "But we've stepped it up with the latest research on what promotes retention in adults — what keeps them engaged. We know so much more about online learning, particularly mobile learning, than we did even three years ago. For example, you want small bites of information, plenty of interactivity, and emotional connection." A survey of homebuyers who have already taken the new course reflects an increased level of satisfaction in several key categories, including the amount of time the course takes to complete, ease of use, and overall satisfaction.
The new course is just one plank in Framework's unfolding plan to build a broad online platform unprecedented in the housing industry: one that supports homebuyers and homeowners not only with a variety of courses on buying and owning a home, but also with easy access to one-on-one advising services.
Today's younger buyers, no matter their income, often face higher housing costs than their parents did, sizeable student loan debt, and a marketplace more fraught with questionable loans. Objective, personalized advice on budgeting, mortgage options, the ongoing financial responsibilities of homeownership, and refinancing can be invaluable.
"At Framework, we know that smart homeownership is successful homeownership," Samalin said. "We believe that our communities are stronger when homebuyers educate themselves before they buy. So our goal is to make homebuyer education as natural a part of the process as finding a real estate agent. Our new course is a big step toward achieving this. It's a beautifully designed, innovative resource that's more convenient, accessible, and effective than ever."
A social enterprise, Framework is the joint venture of two leading national nonprofits whose shared mission is to help build strong communities across the country: the Housing Partnership Network and the Minnesota Homeownership Center.
* According to a Neil Mayer & Associates analysis of NeighborWorks America pre-purchase counseling and education based on 75k loans originated between Oct. 2007 and Sept. 2009. Clients receiving pre-purchase counseling and education from NeighborWorks organizations are one-third less likely than other borrowers to become 90-plus days delinquent over the two years after receiving their loan.
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SOURCE FRAMEWORK HOMEOWNERSHIP