GenWay Home Mortgage Inc., a Ginnie Mae issuer headquartered in Richardson, Texas, has joined the NHAP, a cloud-based technology solution seamlessly connecting key stakeholders in the residential mortgage banking industry on a unified, single-sign-on platform.
Through the HomePrep module within the NHAP, HUD-approved counseling agencies (HCAs) connect to other NHAP participants like state housing finance agencies, Freddie Mac, independent mortgage bankers, state-chartered and national banks, private foundations and a litany of other service providers.
The NHAP facilitates secure, rules-based, structured communications and the exchange of data, documents and information as HCAs work with lenders and other NHAP participants to help the socially disadvantaged, those with low-to-moderate-income and persons in underserved markets reach mortgage-readiness.
“GenWay is leveraging NHAP’s multistakeholder technology solution to bring a combination of homebuyer education and post-purchase counseling services to new homeowners to support them on their sustainable homeownership journey,” says Jon Grafflin, COO of GenWay Home Mortgage, in a release.
The NHAP’s Lender Portal and HomePrep module make it easy to collaborate with HCAs, track and measure performance and provide exceptional support to new and potential homeowners helping to close the wealth and homeownership equity gaps in the United states.
Among may products and services, the HomePrep module integrates HomeTrack Online, an award-winning Homebuyer Education (HBE) program, so that lenders may easily and securely track progress and retrieve the HBE certificate once the new borrower completes the course.
Homebuyer education is required for downpayment assistance and for many new affordable products.
In addition, by integrating HomeTrack Online into the HomePrep module, HCAs avoid redundant data entry for HUD-9902 reporting requirements related to the HBE training.
GenWay Home Mortgage’s commitment to counseling services is further evidenced by its selection of UnidosUS, a national HUD-approved intermediary, to provide post-purchase counseling. New borrowers will have the benefit of a trusted advisor ready to help if a change in circumstances or a life event may affect their ability to make mortgage payments.
“We are encouraging other residential mortgage lenders with whom we are working to participate in the NHAP as a standard interface which will reduce the costs of originations and counseling services while providing superior efficiency, information security and continuity of communication which helps consumers achieve sustainable homeownership at the end of the day,” says Sylvia Alvarez, executive director of HEAUSA, a UnidosUS affiliated HUD-approved counseling agency.
Photo: Cytonn Photography