The American Bankers Association, through its Corporation for American Banking subsidiary, has endorsed a program that helps banks connect potential homebuyers with sources of down payment support. The solution, offered by Down Payment Resource, is the nation’s only comprehensive database of homeownership programs combined with software to automate the process of matching buyers with available programs.
The new offering — provided at a price advantage to ABA member banks — will help bankers maximize their customers’ down payment options. Few potential homeowners know about down payment programs, but the prevailing benefit is about $10,000, ABA said.
“We want our bank members to have the most up-to-date information on programs that can help their customers achieve homeownership,” said Bryan Luke, chairman of ABA’s Endorsed Solutions Banker Advisory Council and president and COO of Hawaii National Bank in Honolulu. “Down Payment Resource has established itself as the foremost expert in all types of homebuyer programs. Their culture of partnership reinforces the company’s top-notch support to their real estate and lending customers, as well as with the housing finance agencies who administer these programs.”
Down Payment Resource works with more than 1,000 housing agencies to find and update information on local, state and federal homebuying programs. Participating banks can access three distinct products: an online down payment assistance program directory, updated monthly; a loan originator portal providing transaction-level matching; and a mobile-friendly consumer portal that allows customers to find matches themselves.
