CORONA, Calif., September 21, 2021 (SEND2PRESS NEWSWIRE) – Mortgage Coach, the industry’s leading platform for mortgage lenders to create digital and accurate mortgage options for consumers, today announced its partnership with LoanSense, an online student loan advisor who helps federal student loan holders sign up for affordable repayment and forgiveness plans. The partnership enables mortgage lenders to help homebuyers with high monthly federal student loan payments achieve better home financing outcomes by enrolling in Federal Student Loan Repayment Plans (IDRs) and remittance. public service loans (PSLF).
Despite high incomes and credit scores, many of the 42.9 million Americans with federal student loan debt are either denied real estate financing or have reduced housing purchasing power because they have higher debt-to-income ratios (DTI) due to student loans. Many mortgage lenders and consumers are unfamiliar with federal IDR plans, which can dramatically reduce the burden of monthly student loans for borrowers of all income levels and for borrowers who have student debt and have not. graduated.
Mortgage Coach’s partnership with LoanSense gives lenders access to a purchasing power calculator that determines how much borrowers’ monthly student loan payments can be reduced – and by how much their home purchasing power can be increased. – through registration for an IDR plan. Once borrower eligibility is determined, loan originators can electronically refer borrowers who would benefit from enrolling in an IDR plan to LoanSense, where they will receive assistance in navigating the complexities of completing and submitting. correctly request their IDR. When signing up for the IDR plan, LoanSense notifies lenders so they can resume the home financing process with increased purchasing power, accessible in as little as three weeks.
LoanSense also helps eligible consumers register properly for the PSLF, which discharges the remaining federal student loan debt after 10 years of full-time public service employment.
Along with each LoanSense purchasing power calculation, Mortgage Coach generates a Total Cost of Rent to Owner (TCA) analysis, which compares the costs and equity gains of renting, owning, and owning. a more valuable home with increased purchasing power over time. The accurate and instant illustration of the adjusted monthly student loan burden and borrower mortgage benefits is a one-of-a-kind innovation, giving lenders the ability to educate and support borrowers by making home ownership more accessible.
“Tackling the student loan barrier to home ownership is part of Mortgage Coach’s ongoing and relentless efforts to empower lenders with data and technology to better serve their communities with more. mortgage options, ”said Joe Puthur, president of Mortgage Coach. “The impact of reducing a borrower’s student loan repayment by a few hundred dollars a month can be life changing for a borrower. That could mean $ 50,000 more for a better school district, an extra bedroom, or greater proximity to employment.
“LoanSense is a mission-driven organization committed to helping improve financial results through our unique technology for the millions of Americans in debt with student loans,” said LoanSense Founder and CEO Catalina Kaiyoorawongs. “A house represents 80% of the wealth of the average retired American and delaying student access to debt borrowers will have major socio-economic impacts. We are delighted to integrate and partner with Mortgage Coach, which is also committed to improving financial and homeownership outcomes for all potential borrowers.
“The LoanSense integration is available to all Mortgage Coach members, including our Broker Edition subscribers,” added Kelli Hodges, COO of Mortgage Coach. “Everyone who wants to own a home and all the professionals we serve should have access to this more affordable avenue of financing. “
About Mortgage Coach
Mortgage Coach is the industry’s leading platform for mortgage lenders to create digital and accurate home loan comparisons for consumers. With the presentation of the total cost analysis, lenders can create a multi-option comparison, providing the borrower with a more personalized digital experience. This level of transparency has revolutionized the pricing and pricing process, allowing borrowers to make faster, more informed mortgage decisions and ultimately increase pipeline production and conversion for lenders of all sizes. . For more information on how to start using borrower education as a competitive advantage, please visit http://www.mortgagecoach.com/.
LoanSense is a digital student loan advisor. Seventy-one percent of those who enroll in federal loan programs unknowingly make mistakes and are denied a loan forgiveness, costing them thousands of dollars. With LoanSense, borrowers are matched with the best federal loan repayment plan and the payments are accounted for in the loan cancellation, saving them thousands of dollars. For more information, visit http://www.myloansense.com/ or follow LoanSense on LinkedIn, Facebook and Twitter.
Twitter: @MortgageCoach @LoanSenseapp #studentloans #homeownership
News Source: Mortgage Coach
Mortgage Coach Introduces Integration with LoanSense to Help Federal Student Loan Holders Become Homeowners and Increase Their Purchasing Power Source Link Mortgage Coach Introduces Integration with LoanSense to Help Federal Student Loan Holders Become Homeowners and Increase Their purchasing power