National Standards are Introduced for Homeownership Counselors (Update)

Kerri Panchuk 01.18.08Homeownership counselors now have a set of official guidelines to follow with the introduction of the National Industry Foreclosure Counseling Standards on Friday.The standards, which were developed under the guidance of lending institutions, community development organizations, as well as real estate and mortgage insurance companies, are designed to eliminate damaging practices by ensuring customers are aided by lending professionals trained in the highest of industry standards and ethics.“By carefully measuring the needs of the counseling industry and mortgage borrowers in responding to the foreclosure crisis, the Advisory Council thoughtfully developed these performance standards -- keeping in mind how they will strengthen the confidence homeowners will have when discussing the details of their personal financial situation with a counselor," said Jayna Bower, director of the NeighborWorks Center for Homeownership Education and Counseling.The National Homeownership Industry Standards Advisory Council is behind the standards, which are described as “a set of training and performance benchmarks designed to provide guidance to those organizations and counselors providing foreclosure counseling services to consumers.”A complete list of the new counseling standards and a National Code of Ethics and Conduct are available by logging onto www.homeownershipstandards.com.