HomePrep for MLO's

 MLO's & Their Challenged Clients Connect with HUD Counselors

Who Get Them Mortgage Ready!


When the client is ready for a mortgage, you are notified!

What's HomePrep?


HomePrep is an online platform made possible by Indisoft, a software company that connects MLO's with clients that have obstacles preventing them from getting a mortgage to HUD housing and certified credit counselors who work with clients to get them "mortgage ready".


National Foundation for Debt Management, a national non-profit HUD housing and credit counseling agency, is the initial HUD counseling agency that provides the HUD counselors participating with HomePrep.

2 Paths of Services for MLOs and Their Clients

Path 1: MLO DIY (Do It Yourself) Solutions

Path 2: Refer Client to HomePrep with HUD Counselor

2.b., 4 and 7 not available on MLO DIY Solutions

7 Most Common Client Needs Path 1: MLO DIY Solutions Path 2: Refer Client to HomePrep with HUD Counselor
1. Student Loan Repayment Plans & Default Resolution Student Loan Repayment Plans & Default Resolution using: a. Student Debt Solutions b. LoanSense c. SAVI Student Loan Repayment Plans & Default Resolution using HUD Counselor: a. Student Debt Solutions b. SAVI
2. a.Credit Help: Short Term (0 to 6 mos) NOT CREDIT REPAIR Credit: Short Term using: a. CreditXpert b. Score Navigator c. Meridian Link d. Short-sale credit correction through FNMA AUS Credit: Short Term workup w/HUD counselor using: a. CreditXpert b. Score Navigator c. Meridian Link
2. b.Credit Help: Long Term (7 mos to 5 yrs) NOT CREDIT REPAIR Not Available Credit: Long Term workup w/HUD counselor a. Debt Management (versus Debt Settlement)
3. Down Payment Assistance (through Downpaymentresource.com) Downpaymentresource.com using: a. Down Payment Connect Workup w/HUD counselor using: a. Down Payment Connect
4. Home Budgeting Not Available HUD Counselor does this.
5. Homebuyer Education Class (HBE) MLO’s can: a. refer to HBE (HBE) provided by HUD counselors
6. Freddie Mac Automated Underwriting System (AUS) Submission w/soft credit Freddie Mac & Fannie Mae AUS Submission w/soft credit only if MLO’s who have this through Credit Reporting Agency. Freddie Mac AUS Submission w/soft credit allowed for HUD counselors
7. Post-Mortgage Follow-Up by HUD Counselor for 6 mo’s Not Available Only in HomePrep: Post-Mortgage Follow-Up with HUD Counselor for up to 6 mo’s

How HomePrep Works


Loan originators and their clients can now connect to HUD counselors that will work with your clients to get them mortgage ready!


Whether your client needs help with credit, down payment assistance, a lowered student loan repayment plan, budgeting help, homebuyer Education and much more, HUD counselors follow-up your client until they have met their mortgage-ready goal. Then, they let you, the loan originator know your client is ready!

Russell Graves NFDM.org Exec. Dir., explains  HomePrep services

Russell Graves, HUD Counseling Agency (HCA) NFDM.org Exec. Dir., HUD certified housing counselor, and past loan originator, explains specific services of HomePrep, the technlogy platform that connects mortgage loan originators with clients seeking mortgage-readiness to HUD housing and credit counselors who can get them ready.

7 Client Services Offered by HUD Counselors through HomePrep

MLO's and HUD Counselors worked hand in hand to discover the top issues that prevent clients from getting a mortgage. Then they found the services that could fix them. Those issues and vetted services became the model for the HomePrep technology platform.

Student Loan Repayment

Federal student loan repayment plans through Student Debt Solutions (SDS). No cost to check repayment plans available.

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DPA Availability

Down payment assistance available in all 50 states utilizing HUD Counselors who use Down Payment Connect.

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Credit

Both short term (1-6 mos) and long term (7mos to 5 yrs) credit help using CreditXpert tools and Debt Management.

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Homebuyer Education

Homebuyer education needed for down payment assistance and specific grants.

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Budgeting for a Home

A family budget allows you to see how much money you have, how much money you have left over, and how much you can put towards a mortgage.

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Freddie Mac AUS Run

For HUD counselors to use, works with a soft credit pull, and for conventional Affordable mortgages.



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6 Mo's Post-Mortgage Counseling

For clients in HomePrep, For the first six months after closing, a HUD counselor will regularly check in to ensure you’re comfortably managing your mortgage payments and provide any necessary support.

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3 Ways to Submit Client Information into HomePrep

After MLO's have signed up with HomePrep, you can submit client files into the RxOffice CMS 3 different ways. Once you've clicked on the New Case icon on the left, on the top left of page select:

  1. New Case (manual) 
  2. Import MISMO(v3.4)
  3. Import Cases (multiple cases at once, same directions as MISMO(v3.4))





Costs for HomePrep, Who Pays, and an MOU Credit to the Client 

  • HUD housing counseling services are proven to be beneficial to prospective purchasers who pay the initial cost of $99 to work with HUD counselors through HomePrep. If the client completes their HomePrep process, the $99 fee they paid upfront is refunded to them.


  • The MLO pays for a HomePrep yearly license and a per-client fee.


  • The MLO can also provide a credit to the client ($0 to $300) through the Memorandum of Understanding (MOU) completed and signed by both the MLO and the client. This credit is only applied if the client returns to the referring MLO for their mortgage.


  • When the client is mortgage ready, the HUD counselor notifies the referring MLO.

MLO Cost to use HomePrep


  • Yearly fee of $250 and a fee of $25/per client is required.


MOU Credit Can Be Provided to Client


  • The MLO and the client can sign a Memorandum of Understanding (MOU) that provides a credit of $0 to $300 from the MLO to the client's mortgage closing costs if the client returns to the referring MLO for their mortgage.



Client Cost to Use HomePrep


Standard NFDM HUD Counseling Service Costs:


  • $99 fee for HomePrep Services (paid by client)


  • $99 credit to client at the completion of HomePrep


SDS Student Loan Repayment Plan cost:


  • Client only pays if they proceed with a repayment plan.


  • Standard: $60 for prefill, document preparation tools and ability to chat with expert in student loans.


  • Premium: $160 cost and includes help from Student Loan Counselor.

Interested in HomePrep? Contact Us to find out more!

HomePrep is the MLO resource to get clients with issues that need to be fixed connected to HUD counselors who can get them mortgage-ready. Contact us to get your demo today!

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