WALNUT CREEK, Calif.--(BUSINESS WIRE)--Arch Mortgage Insurance Company (Arch MI), a leading provider of private mortgage insurance and wholly owned subsidiary of Arch Capital Group Ltd., today announced the release of the Roadmap to Homeownership, a toolkit designed to equip lenders with affordable housing solutions to help them attract, capture and close more first-time homebuyer business.
The Roadmap to Homeownership toolkit consists of a customizable PowerPoint presentation that explains the homebuying process in simple language and outlines the homebuyer’s responsibilities in applying for a loan, closing the loan and maintaining homeownership successfully. Interactive worksheets allow borrowers to calculate their financial eligibility and budget for their future home. A glossary defines complicated mortgage terminology in clear language, and the toolkit also offers useful web resources and recommendations.
“Most first-time homebuyers find the process confusing and even frightening,” said Leslie Gibin, Arch MI’s vice president for Client Risk Management. “Our Roadmap to Homeownership enables lenders to reach out to, educate and encourage this audience by setting up their own homebuying seminar using the toolkit’s materials.”
The Roadmap to Homeownership also features information on Arch MI’s mortgage insurance solutions for affordable housing, which focus on helping lenders qualify homebuyers with low to moderate incomes, student loan debt, and other issues that can be challenging from an underwriting standpoint. “It covers both ends of the affordable challenge – educating borrowers on the facts of homebuying, and giving lenders the solutions needed to work with them effectively,” Gibin said.
“For most new homebuyers, the biggest problem is the down payment,” she continued. “The millennial generation especially finds it difficult to accumulate 20% of the purchase price in markets with rising home prices and employment rates more fragile than before the Great Recession. With Arch MI’s MI solutions – ranging from our support for the GSEs' affordable loan and Down Payment Assistance programs to our own PicketFenceSM program, tailored to meet first-time homebuyer needs – lenders have the flexibility and confidence to approve more affordable loans.”
Gibin also notes that the toolkit can be used to strengthen ties not only between the lender and the borrower, but between lenders and local real estate agents, key players in the homebuying process. “It gives lenders an excellent opportunity to cultivate those valuable Realtor® relationships,” she said. “They can invite local real estate professionals to join the seminar presentation and offer their own recommendations on the homebuying process. It’s a winning combination for the audience, who can see first-hand how lender and Realtor work together to make homeownership achievable for buyers.”
ABOUT ARCH MORTGAGE INSURANCE COMPANY
Arch Capital Group Ltd.’s U.S. mortgage insurance operation, Arch MI, is a leading provider of private insurance covering mortgage credit risk. Headquartered in Walnut Creek, CA, Arch MI's mission is to protect lenders against credit risk, while extending the possibility of responsible homeownership to qualified borrowers. Arch MI’s flagship mortgage insurer, Arch Mortgage Insurance Company, is licensed to write mortgage insurance in all 50 states, the District of Columbia, and Puerto Rico. For more information, please visit archmi.com.