Mortgage Connects an MGIC Podcast

Building confidence and knowledge to prep future homebuyers for success

• MGIC MI

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Concepcion Guerrero (00:04):
So welcome to Mortgage Connects by MGIC, bringing you the latest insights from top mortgage professionals around the industry. I'm your host, Concepcion Guerrero, and joining me today is Trina Bond, Executive Director of Housing Resources Inc., a nonprofit housing counseling organization founded in 1991, whose mission is to prepare for sustainable homeownership and foster financial empowerment. Trina started her housing industry work in 1995 for one of the country's leading mortgage servicers where she assisted homeowners in understanding the difference between renting and home ownership responsibilities. From there, she found her inspiration in working with first time home buyers, which led her to Housing Resources Inc. In 1999, and has been there since. She has held various positions with increasing responsibilities at HRI, culminating in her current appointment as its executive director since 2003. Trina has an impressive background with many accomplishments that quite honestly, it was very hard for me to pick a couple of things to highlight during this introduction. So let's jump right into the podcast and get to know Ms. Trina herself. Trina, welcome. Glad to have you join us today.

Trina Bond (01:18):
Thank you so much Concepcion, and I appreciate the invitation and I'm looking forward to talking with you today.

Concepcion Guerrero (01:25):
Yeah, and I'm excited for the topic on hand because I think it's one, many of our listeners will learn a couple of things when it comes to the nonprofit world and those looking to become homeowners. So let's start by having you tell us more about the Housing Resources Incorporated, or HRI. We know it's an organization that has transformed the lives of so many individuals, specifically those looking to achieve home ownership. Now people in Wisconsin are really familiar with who HRI is, but for those that aren't, tell us more about the type of work HRI does and most importantly, who do they help?

Trina Bond (02:01):
Thank you. Well, our organization, um, primarily works with first time home buyers. We walk them through the process of purchasing their first home. So we take them from the beginning stages to where they are thinking about purchasing a home, and usually they enter our program through our home education workshops. Um, and there they get an in-depth overview of our, of the home purchase process and that, uh, those workshops actually excite people, get people, you know, excited about getting started with what they need to do to get prepared, or it can lead people to think, oh, um, maybe I'm not ready for home ownership. And then they decide that. Um, in addition to the education workshops, if people wanna pursue home ownership, they can schedule a one-on-one to meet with one of our housing counselors, and we work with them from the beginning, like I said, throughout the home buying process.

Trina Bond (03:03):
We help them correct credit, learn the budget, um, and save for down payment and closing costs. We, um, help them identify lenders that can give them market rate loans, um, and help them get pre-approved. We also provide down payment assistance, um, to first time home buyers, um, and then walk them through the whole process if they need a referral to, uh, a lender, realtor home inspector, we have lists that they can choose from. Um, we also, after the after buyers close, we have home buyer, uh, homeowner actually classes that they can attend, so they learn the responsibilities of home ownership. Um, we help homeowners maintain their homes. So we have a tool loan center where they can borrow tools, um, throughout the year to do home improvement projects for themselves. So we just take people from the beginning all the way through the process, and even after they close, we're there to support them so they can maintain and retain their homes.

Concepcion Guerrero (04:10):
So Trina, I'm curious, how does one come and, and, and take and, you know, take advantage of the services that you offer? You know, is it referral from a lender or how, how does that work?

Trina Bond (04:23):
Well, the majority of the people that actually, uh, attend or go through our program are referred by family members, friends, coworkers that have already gone through the process with our organization. In addition, we also receive referrals from, um, lending partners, people that just may not be ready yet, um, and need to learn the process so that they can understand it. Um, we also get referrals from other real estate professionals, um, and other partners, nonprofit partners throughout the community.

Concepcion Guerrero (04:56):
That's amazing. Now, in the beginning I provided a sneak peak or very high level explanation of what your role is, but can you expand on your responsibilities and what your role at HRI is and most importantly, what do you love about it the most?

Trina Bond (05:12):
I would say my role, I'm the executive director of housing resources, so that means chief cook and bottle washer, basically <laugh>. I do everything, uh, from fundraising, um, to make sure the organization has the funding it needs to, to work. Um, strategizing about our future and strategic planning, um, with my board and staff, um, communicating about the organization like I'm doing today and talking to people, letting them know we're here and exactly what we do. Um, and everything under the Sun conception, <laugh>, um, that you can think of. I do whatever needs to be done. That's so, it's a not-profit. So, you know, that's, that's how we do. Um, as far as what I love the most, um, I love seeing people, um, learn how to purchase homes and then seeing those success stories of people actually getting in the homes. That's the, that's the part I love the most cuz there's nothing like, um, seeing someone get their keys and, and knowing that they're, you know, it's endless possibilities for them.

Concepcion Guerrero (06:17):
What a wonderful feeling to just see the lives that you just, you know, you change in an everyday basis. That's amazing. Yep. Now buying a home is seen by many as the American dream and for some the path towards achieving that dream is not the same and nonetheless, something easy. Can you tell us some of the obstacles, the people that come to HRI encounter and how does HRI help them not only achieve the home ownership dream, but also make sure they continue to keep the home and increase the value of their investment?

Trina Bond (06:50):
Well, we actually, like I said in the beginning, we work with people from the beginning. Um, whether we, what we see is the majority of clients that come to us aren't ready. They, they have issues with their credit or low credit scores. So we, um, work with them to understand their credit. We pull their credit report, go over it with them so that they know if there are any issues there. There could be a lack of credit altogether. And we just educate the buyers as to what they need to do. Um, we identify the barriers, whether it's credit or any other, write them down and have the client sign, you know, to say, these are the barriers and that I have, and this is, I'm gonna take this amount of time to correct them. So we kind of come up with a plan with the buyers so they know what they need to do, and then they agree to work towards, um, eliminating those barriers.

Trina Bond (07:49):
And we just work with them through the process, whether it's, you know, we tell them the things that they need to pay off on their credit report and then help them write letters, um, to get those things removed if once they're paid off, tell them how to negotiate their debt, um, so that they can pay items, offering their credit report. Um, talk to them about their credit score and what it is right now and where it needs to be, and just work with them until they have taken care of those items that may be under their credit report. We also do budgeting, um, with, with our, uh, buyers. Um, and that doesn't hurt anyone to learn how to budget <laugh> to plan for the future because they're gonna be expenses that come up once they own a home that they need to address. Um, so I think the, the major issue that we see is the credit.

Trina Bond (08:40):
And I guess even more than that, I think, um, many of the buyers that we come across, they don't even believe that home ownership is a possibility for them. So we go about, um, talking to them and letting them know how they can actually achieve home ownership and how easy actually it can be if they follow certain steps. Um, as far as clearing up credit. And, and there may be a time that you have to wait, you know, sometimes so that your credit is seasoned or that you have established credit over a period of time. Um, and we just let them know about, um, that home ownership is possible. And I like to say we open up a world of possibilities for clients so that they understand that I can do this and we build their confidence and knowledge, um, about how to go about doing it. And I think that's like half the battle <laugh> for many people so that they understand that it's possible and how to actually purchase a home, understand the concepts, um, that are, and words and phrases that are gonna be used throughout the process so they're able to purchase homes.

Concepcion Guerrero (09:55):
That's great. And to have, you know, your clients, someone from HRI to hold them accountable, to educate them and walk them through this home buying process is amazing.

Trina Bond (10:07):
Yes. Yeah.

Concepcion Guerrero (10:09):
Now HRI offers various programs from home buying seminars that cover all the aspects of purchasing a home to post-purchase counseling for refinancing, credit repair and foreclosure prevention. Why is it so important for there to be programs available that touch in all the full circle of home ownership?

Trina Bond (10:31):
Well, I, there's it, we're like a one-stop shop, I'd like to say. Um, and home buyer education is just the beginning and people are coming to us at various stages, you know, of readiness or not. Um, so we start with the home buyer education and once people get into homes, it's a whole nother, it's more continuing education. I like to say as far as, uh, them doing the homeowner education, so they learn the responsibilities, it's just continuing to educate them so that they can be successful. Um, we don't want to just get people in the homes. We wanna make sure that they can stay there otherwise, you know, all of our work was in vain, getting them in. So the continuing education, the home maintenance classes is very important so that people can actually sustain home ownership, which, you know, it, there's a lot of forces out here that can lead to people losing their homes. Um, and we wanna make sure they're equipped so they understand and are able to retain their homes.

Concepcion Guerrero (11:35):
Now there have been many accomplishments the organization has accomplished throughout the years, but what are your most proud, what are you most proud of or what has been some big accomplishments you've seen at HRI and the work that you have done?

Trina Bond (11:50):
Um, I think the, uh, the biggest accomplishment that we have in the world of nonprofits is that we've been around for more than 31 years now. That's the major accomplishment that we were able to do that. Um, and like I said before, to see the clients achieve home ownership, it's just, I mean, it's been, there's been so many over the years that, um, that's a, an accomplishment for us that people were able to get in the homes and actually stay in homes.

Concepcion Guerrero (12:22):
That says a lot the tenure. Now, looking ahead, what's in store for the organization? Are there any exciting plans for HRI that you wanna share?

Trina Bond (12:32):
Um, well, we're actually, um, looking for a new space, so we're expanding and looking to consolidate some of our offices. We have three in, in our, in the Milwaukee area, um, and one in Racine and one in Waukesha. So we're looking to ex, uh, expand, um, and consolidate the three offices that we have in, in Milwaukee. So that's always exciting, looking to add some new staff, um, to build our capacity so we can help more buyers.

Concepcion Guerrero (13:03):
That's amazing. I can't wait to hear all about it and see HRI grow <laugh>. Congratulations,

Trina Bond (13:10):
<laugh>. Thank you.

Concepcion Guerrero (13:11):
Now to close Trina, what is one thing you want our listeners to walk away with about HRI and the people that they help?

Trina Bond (13:21):
Well, I believe our organization helps to bring dignity to people. We help people, like I said, through the process from the beginning to the end. And what we've learned is just everybody, including the people that we serve, which can be, which is the majority female, low, moderate income, and minority, that everybody just wants a safe and affordable place that they can call home. So that's what we, we are striving to do, to teach people what they need to do in order to get into that home and stay there.

Concepcion Guerrero (13:57):
Trina, thank you very much for your time today. It was a pleasure getting to chat with you.

Trina Bond (14:02):
Thank you so much.

Concepcion Guerrero (14:04):
And thank you all for listening. For all the latest industry insights, subscribe to Mortgage Connects on Apple, Stitcher, Google Podcast, Spotify, Amazon Music, or go to mortgageconnects.com.