| Responsible Homeownership (R-HOME) Participants |
Neighborhood Housing Services of America (NHSA) and
Just Price Solutions (JPS) |
| Neighborhood Housing Services of America (NHSA), and its nonprofit subsidiary, Just Price Solutions (JPS) developed the Responsible Homeownership (R-HOME) mortgage product and underwriting guidelines. JPS developed the automated underwriting engine, as well as the digital interface with First American CREDCO’s Anthem Suite™ of services. This is the only automated interface into the Anthem process in the nation. NHSA also coordinates intensive borrower training and support programs. CitiMortgage is the primary loan servicer on these transactions and NHSA also monitors borrower payment behaviors and alerts nonprofit counseling agencies if a borrower ever becomes late on a payment. Because of this ongoing education, counseling and borrower support, missed payments rarely lead to the types of collateral losses associated with traditional and nonprime lending. In fact, NHSA has actually experienced a lower long-tem default rate over the last 15 years than the national average for conventional prime loans. |
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| CitiMortgage |
| R-HOME mortgages benefit from the strength of the loan servicing capacity of an industry leader—CitiMortgage (a division of CitiGroup). CitiMortgage is the exclusive national servicer for R-HOME loan products. |
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| The First American Corporation |
| First American CREDCO’s Anthem Suite™ of services provides credit-reporting and scoring solutions that enable lenders in the R-HOME mortgage process to accurately gauge the creditworthiness of under-served borrowers. The R-HOME mortgage process brings nontraditional payment history, such as rent, utility payments, and even child care and tithing, into the mortgage evaluation process. This creates a more holistic view of borrowers who are not higher risk, but often appear riskier when evaluated using traditional credit scoring methods. |
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| State Farm |
| In addition to its early involvement with R-HOME by providing developmental seed capital, State Farm provided the initial $100 million loan commitment to launch the R-HOME initiative, funds that are used to purchase mortgages from local originators so they can fund more mortgages. |
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| MGIC |
| For fifty years MGIC has been helping families achieve the dream of homeownership by providing innovative mortgage insurance products. Today, MGIC continues to fulfill that important role through its alliance with R-HOME. By serving as one of two credit enhancement providers for R-HOME, MGIC gives lenders and investors the added confidence they need to explore a new and growing market segment. MGIC is pleased to be a part of this program, and shares R-HOME's dedication to helping a new generation of Americans discover the benefits of homeownership. |
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| PMI |
| PMI Mortgage Insurance Company (PMI) shares R-HOME's commitment to expanding the benefits of sustainable homeownership to a new generation of Americans. For more than 35 years PMI has worked to expand sustainable homeownership for American families by providing flexible, innovative mortgage insurance products. PMI's partnership with R-HOME continues fulfilling that important role by providing credit enhancement services for this important, innovative program. Insurance solutions from PMI makes risk rewarding for the lenders and investors who fund this expanding market segment. |
Equal Housing Opportunity
