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Credit and Divorce, A Volatile Combination

National Mortgage Professional
Jul 13, 2005

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.
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