ATLANTA, Ga., April 29, 2024 (SEND2PRESS NEWSWIRE) — Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, today announced that it has joined The Mortgage Collaborative (TMC), the nation’s largest independent cooperative network serving the mortgage industry. As a member of TMC’s Preferred Partner Network, DPR will provide its software, which provides operational support for utilizing its database of more than 2,300 down payment assistance (DPA) programs, at a discounted rate to TMC members.

Image caption: Down Payment Resource.

“Partnering with TMC is strategically aligned with our efforts to raise awareness that DPR’s suite of lender tools supports DPA origination from product management and lead generation to processing and underwriting,” said DPR Founder and CEO Rob Chrane. “Borrower demand for affordability solutions is at a fever pitch, and our software makes it easy for lenders to operationally support DPA programs and meet the financing needs of the communities they serve.”

DPR is the only organization to track the eligibility and benefits information of every DPA program in the country. DPR offers a united suite of four key solutions for lenders:

• DPA Directory — a comprehensive and searchable directory of homeownership programs that serves as a central information hub, reducing the need for manual research and enabling competitive positioning with optimal programs.

• Loan Officer Portal — an automated tool that matches borrowers with approved homeownership programs, streamlining the matching process, minimizing errors and enhancing loan approval rates.

• Underwriter Portal — provides underwriters with direct access to updated program details, ensuring adherence to approved DPAs and enhancing operational efficiency.

• Consumer Portal — designed to engage prospective homebuyers with a user-friendly, mobile-optimized experience and generate leads for lenders.

Using DPA can lower the loan amount for a more favorable debt-to-income ratio or provide cash to meet the necessary cash-to-close requirements, helping more low-to-moderate income (LMI) borrowers qualify for a mortgage. A study conducted by DPR and the Urban Institute that examined the impact DPA could have had on buyers in the top 10 United States metropolitan statistical areas found that almost half (43.6%) of originated purchase mortgages were eligible for DPA. As far as loan types, 79.8% of FHA loans and 81.9% of USDA loans could have been eligible for DPA.

Founded in 2013, TMC empowers mortgage lenders across the country with networking and professional development opportunities, and by sharing best practices and technologies that drive market growth, efficiency and profitability.

“We’ve been long-time fans of DPR and their advocacy for mortgage lenders using DPA to help qualify more people so they can achieve homeownership and start building generational wealth. Their mission to expand affordable homeownership, especially with low-income and minority homeowners, aligns well with our mission of helping lenders expand their business in underserved communities and meet CRA lending guidelines,” said TMC President and CEO Melissa Langdale. “We’re pleased to bring the DPA experts into our fold to help encourage and educate lenders who may be on the fence or not understand the impact DPA could have on their business.”

About Down Payment Resource:

Down Payment Resource (DPR) is the housing industry authority on homebuyer assistance program data and solutions. With a database that tracks more than 2,300 programs and toolsets for mortgage lenders, multiple listing services (MLSs) and API users, DPR helps housing professionals connect homebuyers with the assistance they need. DPR frequently lends its expertise to nonprofits, housing finance agencies, policymakers, government-sponsored enterprises and trade organizations seeking to improve housing affordability. Its technology is used by five of the top 10 retail mortgage lenders and MLSs, three of the four largest real estate listing websites and 600,000 real estate agents. For more information, visit https://downpaymentresource.com/.

About The Mortgage Collaborative:

The Mortgage Collaborative was founded in 2013 by four notable industry leaders and is the nation’s largest independent mortgage cooperative network. TMC is singularly focused on creating an environment of collaboration and innovation for small to midsize mortgage lenders across the country to reduce cost, increase profitability, and better serve the dynamic and changing consumer base in America. For more information, visit https://www.mortgagecollaborative.com.

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News Source: Down Payment Resource