FAQ'S
True or False: In the case when there are 2 borrowers, they are both required to go through counseling.
False- Only one borrower is required. However, remember the lender/broker will tell them who is required if there is more than 1.
What is the greeting for BorrowSmart?
Thank you for calling the Homeownership Preservation Foundation, my name is ____ on a recorded line. I see you are calling for the BorrowSmart program today?
True or false: The address we put on file for the client is the new property address that they are looking to purchase
False- we want their current mailing address
How much could the additional assistance be if they qualify for the GeoTract?
Up to $7,500 for a potential total award of up to $10,000
Can we do a screening with only the lender on the line to see if they qualify before the client calls in?
No, only the borrower can do the screening
True or False: RWA is available for BorrowSmart
True! 8-8 M-Th, 8-7 F, 9-1 Sat (APPT ONLY) (9-6 SP)
Before building the profile, what expectations should you set with the client?
"I am going to set up a profile for you on our end and then do a quick screening to see if you pre-qualify for the BorrowSmart program to help with down payment or closing costs."
How much does the BorrowSmart counseling typically cost?
$99
What if the client changes their home location, do we need to re-complete the eligibility screening? If so, why?
Yes we do. It can impact the amount of the incentive. The reward is based on the location of the property.
Can a spouse call and set up a profile if they will not be on the loan?
Yes, but you will need the person who is going to be on the mortgage to complete the eligibility, security pin and permission to share.
I have a client that speaks Spanish and I don't. What is the correct process?
Transfer to 5163 Spanish Queue (no SOC or CB feature)
True or False: If the client says "No" to sharing with the lender/broker, we cannot proceed with the eligibility review.
True
For an existing client, where do you go in Genii to do the eligibility check?
Go to Products and Services then select customer needs. Select Pre-purchase and BorrowSmart then follow the step by step through Genii
True or False: Once you have input the purchasing address into Freddie Mac, you will Copy/Paste the information from the website to your session notes.
True
What certificate or certificates does the client receive for this process?
First the borrower will receive a "certificate of Eligibility" once we complete the screening. they would send this to their lender. Second the borrower will receive the "Certificate of Completion of Pre-purchase Homeownership Counseling" once the counseling session has been completed. Lender will need this certificate as well.
I need to update a certificate. I am the lender/broker. What is the process?
Provide the borrowsmart@greenpath.com email. have them email the correction request there with the client certificate number. 24-48 hour turn around time.
*If requested, can provide phone number 248-488-0170
The client qualifies for the program and has a potential award of $1,000. Now what?
1. Let client know the potential award
2. Set expectations: "Next I will schedule an appointment for you. BorrowSmart connects you with a housing expert, who will walk you through the steps, costs and details of successful homeownership. This is a requirement for the BorrowSmart program and has a cost of $99."
3. Schedule appointment
True or False: If the lender is on the line with the client, we can still do the eligibility review.
True- We just wouldn't set the security pin
Scene: Lender calls in to set up profile for the client. They ask which phone number the client needs to call in order to complete the process. Which phone number do you provide?
It would be the same phone number that they dialed to get to us. If unsure, look under the borrowsmart phone number list under the lender/broker name.
What do you do if Genii is not letting you complete the eligibility?
1. Go to demographics
2. Make sure the referral source category is Home Program
3. Referral source-sub-category: Lender name
4. Save
5. If this doesn't work, reach out to a manager or to Hailey Suave
What if it's just the lender on the line calling to set up the profile. What is the process?
1. Gather client info and build a profile
2. When at the part where you would ask if its ok if we share info, select client not present
3. Fill out session note template with qualifying gross income, manufactured home?, new address zip code and county, and client email address
4. Note: “Please gather permission to share from client” in the session note template where it asks for the permission and paste the entire session note in the alert notes.
Typically, how soon can we schedule a BorrowSmart session?
As soon as next business day
True or False: If someone has a manufactured home, that means they automatically do not qualify for the program.
False! We just need to probe for it for the certificate.
In Genii, you notice the link for the pre-eligibility for additional assistance. What do you need to proceed?
This client didn't qualify for the incentive. What is their next step?
Refer them back to their lender for more assistance