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December 2015

Former NFL Star Tim Brown, HLP, Attract 125 Home Seekers to Oakland Event With help from NFL Hall of Famer Tim Brown, 125 families attended the first of eight

Take 5 Ed DeShields of CE Analytics answers questions and explains his part in developing HLP.guru Page 2

home buyer education and preparation events on December 5 in Oakland de­signed to help Hispanic and African-American families purchase a home. All prospective homeowners in Oakland completed a comprehensive, one-day financial education course to provide them with information about the credit, money management and the home buying process. Attendees also visited with mortgage lenders, realtors, nonprofit housing counselors and down payment assistance program to work through their specific questions. Initial results of a homeownership readiness assessment completed by all the partic-

Tim Brown Helps

ipants showed more than 40% of the families were well on their way, having enough

Homebuyers

income and good credit to purchase a home. More than half of that group had also saved enough money for a down payment and the closing costs on a purchase.

NFL Hall-of-Famer returns to Oakland, teaming with HLP in financial education event

All families were provided a free membership in HLP’s Homebuyer Club, where they are

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Members also have access to nonprofit housing counselors who can answer questions

provided a free credit report, credit score and personalized action plan. These plans are updated monthly to get their credit and borrowing capacity in shape for a mortgage loan. and assist them to complete their plan. To find out more about the Homebuyer Club, visit hlp.guru.

We’ve Got Faith HLP welcomes new Board chair, Faith Swartz from CoreLogic and new member, Sydney Garmong from Crowe Horwath

“The Oakland event achieved our goal of helping low- and moderate-income Hispanic and African-American families understand how to qualify for a mortgage loan,” said Cam Melchiorre, HLP’s chief executive officer.

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Key results from potential homeowners who completed the HLP Homeownership Readiness Assessment Form for the Oakland event

Page 4 SAVINGS/DOWN PAYMENT

INCOME/CREDIT savings, down payment are an obstacle

saved enough for 3% down payment, closing costs

have income and credit to buy a home now

must improve credit score to qualify for a mortgage loan


Ed DeShields is founder and chief executive officer of CE Analytics, Inc., a leading independent consumer credit modeling company. CE’s proprietary credit risk models are used by consumer education applications and by banks and other lending institutions. CE applications show consumers how their behavior affects their credit score. DeShields has worked with HLP to develop HLP.guru. This is HLP’s new website and online application that helps people understand credit and qualify for mortgage loans.

What is your role with HLP.guru? CE Analytics licensed its technology for use with HLP.guru and is responsible for its development, operation, maintenance and evolution. We support HLP’s strategy in advancing the industry with intellectual property that creates better borrowers.

What will be the most immediate uses for this app? HLP. guru is a new generation of consumer financial apps. Its primary use is with consumers who prefer web or mobile-based access to financial planning information. The majority of our consumers come from a referral within the lending or real estate industries. Based on our initial feedback, we’re confident it will play an important role in helping the industry encourage new consumer relationships where both are interested in better borrowing outcomes.

Who will be the app’s primary users?

HLP.guru is a unique consumer financial app. Unlike the “free credit report sites” that serve 60 million consumers per month, it’s a sophisticated app that allows a consumer to develop their own financial plan, or alternatively, seek on-demand administrative assistance from deeply-qualified counselors. We’ve learned a lot by computing millions of individualized action plans, assisted by computer models, which automatically adjust as the consumer acts upon

those suggestions. Technology apps can help eliminate the ambiguity in raw credit data, speed credit qualification and make understanding instantly available, affordable and replicable.

How are mortgage originators responding? The cost of customer acquisition continues to rise and the old ways just don’t work well anymore. Consumers are getting their information in new ways. So, the source of the most willing borrowers are those who are in the market for an on-demand credit product but narrowly miss the qualifying requirements of the lender. We’ve proven that recovery rates for marginally-qualified borrowers can been exceptional. Therefore, costs are reduced and those who inevitably become borrowers are among the most educated ones. That success promotes a more inclusive borrowing environment where the consumer is not only in charge of their borrowing goals, but manages this on-demand process with lender involvement.

How did you come up with the name, HLP.guru? The name wasn’t hard to correlate between the great work HLP has done in the industry in helping consumers with their borrowing issues. They, and their partners, have developed an impressive “guru-like” capability. So, it made sense that the idea for a consumer branded app should continue that same tradition; thus “HLP.guru” was born.


Faith Schwartz Elected New Chair of HLP Board of Directors; Sydney Garmong Joins as New Board Member Faith Schwartz, senior vice president for

lead a Washington-based effort in building

ment-sponsored enterprises (GSEs) to help

government and public affairs at CoreLogic, has

business and relationships with the government,

homeowners in distress stay in their homes.

been elected the new chair of the HLP board of

nonprofits, think tanks and universities. She now

directors. In addition, Sydney Garmong has

leads the public policy efforts for CoreLogic in

of Crowe Horwath, LLP, in Washington, DC, and

also been elected to the board of directors.

Washington D.C. Schwartz has served on HLP’s

has been with the firm since 2002. She is the

Schwartz takes over from Bill Longbrake,

board of directors since 2009 and was one of

partner in charge of regulatory affairs of the

who has served as board chair since HLP was

the organization’s founders. Her election as

national office, which focuses primarily on

founded in 2009. Longbrake has overseen HLP

board chair was reported in National Mortgage

practice matters related to the SEC and the

from its start as a portal for loan modification

News and DSNews.com.

federal financial institution regulators. She is

documents to a sophisticated technology plat-

Prior to joining CoreLogic, Schwartz led

also responsible for accounting, financial re-

form with capabilities to handle a variety of

the HOPE NOW Alliance, a non-profit coalition

porting and regulatory issues affecting financial

needs for mortgage originators and servicers,

created in 2007 to bring together mortgage

institutions, and is a member of the AICPA’s

as well as housing counselors.

companies and investors, Federal Reserve

Depository Institutions Expert Panel.

Banks, government agencies, and govern-

Visit hlp.org to see all HLP board members.

Schwartz joined CoreLogic in 2013 to

Garmong is a partner in the national office

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“Those who don’t yet qualify have taken the first steps to do so

The initiative’s next event will be held in March in Miami. The

by enrolling in hlp.guru to develop a plan to make their dream

Hispanic Action Network and the Tim Brown Foundation have

of homeownership come true.”

already started work with pastors at churches throughout

HLP is teaming up with the Tim Brown Foundation, the Hispanic Action Network and Freddie Mac to develop the American

metropolitan Miami to make people aware of the event. People seeking more infor­mation can visit adhi81.org.

Dream Homeownership Initiative, a series of eight financial

ADHI 2016 Event Schedule

education events for prospective homeowners. Quicken Loans

March–Miami, Florida April 16–San Antonio, Texas Events are also planned for Chicago, Detroit, Phoenix, Los Angeles and Dallas

was the title sponsor for the event, while Ditech Financial and Alterra Home Loans were other key sponsors.

Coming Next Month Convergence kicks off 2016 with a Take 5 interview with new board chair Faith Schwartz, a long-time housing advocate and one of HLP’s founders. Read about Schwartz’s original ideas for HLP during the days of the foreclosure crisis and how she sees the organization’s unique technology continuing to evolve to meet the needs of the industry.

mark.cole@hlp.org

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410.942.6464 x1021

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100 International Drive

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23rd Floor

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Baltimore, Maryland 21202

HLP News—December 2015  

News and updates from HLP. This month we take a look at the American Dream Homeownership Initiative in Oakland and welcome new board chair,...

HLP News—December 2015  

News and updates from HLP. This month we take a look at the American Dream Homeownership Initiative in Oakland and welcome new board chair,...