Streamlining the Path to Homeownership: The Benefits of Using HomePrep to get Clients Mortgage-Ready

Pam Marron • July 10, 2024

Empowering Clients on Their Journey to Mortgage Readiness with HomePrep


Mortgage readiness can be challenging for many clients. They often face setbacks like poor credit, student loan repayments, and insufficient down payments. While Mortgage Loan Originators (MLOs) can help with specific issues, there isn't a playbook that makes it easy. This is where HomePrep comes in. HomePrep connects MLOs, HUD Counselors, and clients, providing a structured pathway and expert guidance. With HomePrep, clients get the support they need to achieve their dream of homeownership. Below are the 6 fundamentals of getting clients mortgage ready through HomePrep.

What do you do with clients who aren’t ready for a mortgage yet?



Most clients unprepared for a mortgage struggle with credit, student loan repayment, and down payment. While MLOs can often assist with individual issues, finding a comprehensive solution remains a challenge.

HomePrep connects MLOs, HUD Counselors, and clients seeking assistance.


The MLO:

  1. Signs up for HomePrep. Schedule a HomePrep Demo Here.
  2. Client signs a Memorandum of Understanding (MOU) and a Client Authorization to Release Financial Information  that provides a credit at time of closing if the client returns to the referring MLO for their mortgage. 
  3. Inputs detailed summary of client needs into HomePrep portal.
  4. Connects with HUD Counselors.

6 Services provided by HUD Counselors through HomePrep


  1. Credit help: short term (0-6mos) & long term (7mos to 5 yrs)
  2. Budgeting 
  3. Student Loan Repayment Plan (SDS)
  4. Down Payment Assistance 
  5. Homebuyer Education 
  6. Freddie Mac HomeCoach automated findings using soft credit

What do HUD Counselors do to help clients?



On the initial assessment with a client, HUD counselor reviews soft credit, income and assets with client and then provides an Action Plan that includes the estimated timeframe of completion when client will be mortgage ready. The Action Plan is given to the client & MLO; great to share with the referring realtor and is updated as client progresses.

Final step of mortgage-readiness: Client file is run through the Freddie Mac Homecoach!


Freddie Mac Homecoach is used exclusively by HUD Counselors and only requires soft credit! HomeCoach is identical to the Freddie Mac LPA and enables HUD counselors to see if there is anything else delaying a client from moving forward with a mortgage. A MUST DO upfront for your clients!

What happens next?


As the referring MLO, you are notified that the client is mortgage ready! Most likely, you will already be communicating with the client through their journey to homeownership!

Schedule a HomePrep Demo Today



Ready to see how HomePrep can help your clients on their journey to mortgage readiness? Schedule a demo now and discover the powerful tools and resources available to you. Click the link to book your demo: Schedule a Demo. Empower your clients with the support they need to achieve their dream of homeownership!

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By Pam Marron • April 24, 2024
Down Payment Connect is already being used by MLOs and Realtors. Now it's available to HUD Counselors through HomePrep! Down payment assistance is quickly rising to the top need for clients wishing to purchase a home. Down Payment Connect , the back-end data provider for the parent Downpaymentresource.com , houses every down payment assistance program in the US and provides extremely detailed information laid out in a consistent format for each DPA program in their system. Throughout the last two years, Downpaymentresource.com administrators have worked with MLO’s and the HomePrep developers to add nearly all wholesale down payment assistance programs to their platform and they didn't stop there! Extensive filters that allow for selection of specific client needs such as type (ie. SFR, manufactured homes, condos, multi-family, ADU’s), uses like renovation, above AMI income levels, non-1st time homebuyers are just a few of the filters you will find along with stand alone 2nd mortgages, combined 1st and 2nd mortgages and grants. DownpaymentResource.com is also in many MLS systems across the US and provides limited directory information and a free landing page for realtors to promote that they use DPA. Both MLO’s and realtors can subscribe to Down Payment Connect to get more of the extensive directory and back-end tools. Now, through HomePrep, HUD counselors can also use the Down Payment Connect system to filter trhough DPA programs that clients are qualified for, and can even provide wholesale programs when working with an independent loan originator (often called a mortgage broker)! Through HomePrep, HUD counselors are now able to provide MLO’s and clients with the DPA programs that they have found the client is eligible for.

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By Pam Marron • April 24, 2024
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Best Loan Originator Client Services Available Ala-Carte, or “Packaged in One With Extra Bonuses” That Utilizes HUD Counselors Through HomePrep

By Pam Marron • April 9, 2024
Three great tools that mortgage loan originators (MLO) can use to assist clients who need help with credit, down payment assistance and student loan repayment services have been used, fine-tuned and are already in use with individual MLO’s. These tools combined with the Freddie Mac HomeCoach automated system along with budgeting help and Homebuyer Education are all integrated in the HomePrep online platform that connects MLO’s with clients who have challenges to HUD counselors that get them mortgage ready.
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