TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1205400
M REPORT | 63 SECONDARY MARKET THE LATEST O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T Freddie Mac: School Is in Session This free course helps consumers learn about the homeownership process. F reddie Mac announced it has launched a new, comprehensive homeowner- ship education course called CreditSmart Homebuyer U. This course is a free, online resource for consumers who want to learn about home purchase and the home- ownership process. CreditSmart Homebuyer U offers six educational modules, each focused on a key learning principle relating to money management, credit, getting a mort- gage, the homebuying process, and preserving homeownership. "Becoming a homeowner is an important responsibility, and Freddie Mac is committed to providing the tools and resources to ensure a successful path toward sustainable homeowner- ship," said Danny Gardner, Senior Vice President, Single-Family Affordable Lending and Access to Credit at Freddie Mac. "The goal of this exceptional program is to empower those who are pursuing the dream of homeown- ership with knowledge to make informed, responsible decisions." Freddie Mac stresses the importance of education in sup- porting financial capability skills among consumers in order to help them prepare for homeownership. CreditSmart Homebuyer U is the latest addition to the CreditSmart "suite" of financial and homeown- ership education curricula that have been in place for the last 18 years. According to a recent Freddie Mac survey of the Generation Z (Gen Z) cohort (ages 14-23), respondents reported that while they have received financial education at home and are at least somewhat confident in their future financial well-being, 65% of Gen Z respondents report they are not confident in their knowl- edge of the mortgage process. "This survey data also reveals that while members of Gen Z clearly aspire to homeownership, an education program like CreditSmart Homebuyer U is needed and can make a positive impact not only on today's aspiring homeowners, but on future generations as well," Gardner added. CreditSmart Homebuyer U sat- isfies education requirements for Freddie Mac HomeOne or Home Possible mortgage loans and aligns with the National Industry Standards on Homeownership Counseling and Education (pre- purchase content). Freddie Mac stresses the importance of education in supporting financial capability skills among consumers in order to help them prepare for homeownership.