MGIC supports NeighborWorks homeowner education program MortgagePress.comMortgage Guaranty Insurance Corporation, Neighborhood Reinvestment Corporation, NeighborWorks Center for Homeownership Education and Counseling
More consumers will soon receive much-needed help understanding
the homeownership rules of the road, thanks to Mortgage Guaranty
Insurance Corporation's (MGIC) support of Neighborhood Reinvestment
Corporation's (NRC) national homeownership education and counseling
initiative, NeighborWorks Center for
Homeownership Education and Counseling (NCHEC).
MGIC's support will help NeighborWorks Center achieve its
mission of training, certifying and supporting homeownership
educators and housing counselors nationwide. During the next three
years, MGIC will provide scholarships for 150 families of modest
means to attend homeownership education courses at NeighborWorks
Training Institutes.
"We thank MGIC for their vision and support of such an important
initiative," said Kenneth D. Wade, CEO of NRC. "For families
throughout our nation's history, the front door of their first new
home has been their threshold to the American dream. Today, thanks
to supportive government policies, creative-minded mortgage
professionals, and networks such as NeighborWorks, millions of
families are learning that they, too, can own a piece of that
dream."
Using a train the trainer model, NCHEC has created a team of
certified counselors, who have served more than 400,000 people with
pre- and post-purchase guidance and education. By 2007, NRC intends
to increase national capacity to serve more than two million
individuals each year.
NCHEC's efforts have resulted in a one-third reduction of
delinquent payments at the 90-day mark for its participants.
NCHEC's success is reinforced by a recent study that found
borrowers who received counseling have half the default risk of
those who have not participated in a counseling program.
For more information, visit www.mgic.com.
