NFCC applauds Fannie Mae consumer counseling decisionMortgagePress.comfirst-time homebuyers, Fannie Mae, counseling, NFCC, National Foundation for Credit Counseling
The National Foundation for Credit Counseling (NFCC) applauds
Fannie Mae's recent decision to reinstate the requirement for
homeownership counseling and education for first-time homebuyers
obtaining certain types of mortgages. The objective of such
education is to help borrowers better understand their home-buying
options, the lending process, and the responsibilities of
homeownership prior to making the purchase.
"The path to homeownership can be complex, particularly for the
first-time buyer. With the largest number of certified housing
counselors in the nation, the NFCC stands ready to assist borrowers
in making informed decisions," said Gail Cunningham, NFCC
spokesperson.
The NFCC network has more than 1,600 certified housing
counselors. NFCC-certified housing counselors are trained to
provide education related to pre-purchase and first-time home
buying. To become an NFCC-certified housing counselor, one must
first be examined on six modules related to responsible money and
credit management. Only then is the counselor eligible to be tested
on the seventh module which focuses on housing. Upon passing that
module, they are then awarded the Certified Housing Counselor
designation. Additionally, counselors must maintain this
certification by earning Professional Development Units
annually.
"Since buying a home is normally a person's largest investment,
the NFCC imposes strict certification requirements upon the
counselors. We take our housing counseling responsibilities
seriously, with the emphasis being on helping consumers make the
decision that is right for their circumstances long-term,"
continued Cunningham.
The NFCC is committed to providing substantive and comprehensive
homebuyer counseling, as such counseling can be the critical
difference between buying a home and keeping a home. The NFCC
supports all efforts to help consumers fully understand the
elements associated with home buying and homeownership.
For more information, visit www.nfcc.org.
