Posts

Lender Supports Financial Literacy

Churchill Mortgage announced the winner of its $5,000 nationwide sweepstakes, which was developed in recognition of Financial Literacy Month and as part of its commitment to financial health and education. Officially established in 2004, Financial Literacy Month is celebrated every April and is dedicated to teaching Americans how to establish and maintain healthy financial habits.

Featured Sponsors:

 

 
The winner is 60-year old Michael Bodnar, a resident of Carnegie, Penn. and employee with the Port Authority of Allegheny County. “I enter contests quite frequently and this is my biggest win so far, so we’re going to be smart about how we use the money,” said Bodnar. “After all, that’s what financial literacy is all about: knowing your limits, identifying what your future needs will be and working toward that.”

Featured Sponsors:

 
Click here to read a Q&A between Churchill and Bodnar and learn how he plans to invest his winnings.

The National Financial Educators Council recently surveyed 2,409 people on what high school-level course would benefit them the most. An overwhelming 54 percent selected “Money Management (Personal Finance)”, emphasizing the need for greater financial educational resources. As a lender focused on providing borrowers with a personalized path to debt-free homeownership, Churchill is dedicated to educating borrowers to ensure that they choose the right home and build wealth over time through a smarter mortgage.

Featured Sponsors:

 
“Financial literacy is a bigger issue than saving for a home purchase – it’s about making wise decisions every day and understanding the lifelong implications of each one,” said Mike Hardwick, president of Churchill Mortgage. “Education leads to empowerment, which leads to more confidence in exercising responsible financial practices. As lenders, we have a fiduciary duty to help others by guiding individuals with the heart of a teacher and providing resources to help them achieve financial freedom.”

Founded in 1992, Churchill Mortgage operates with zero debt and focuses on providing borrowers with a personalized path to debt-free homeownership. The result is an educated borrower that chooses the right home and builds wealth over time through a smarter mortgage.

Lender Furthers Financial Literacy

In recognition of Financial Literacy Month and as part of its commitment to financial health and education, Churchill Mortgage announced a nationwide sweepstakes, which will give one lucky winner $5,000. Officially established in 2004, Financial Literacy Month is celebrated every April and is dedicated to teaching Americans how to establish and maintain healthy financial habits.

Featured Sponsors:

 

 
Emphasizing the need for financial education, the National Financial Educators Council recently surveyed 2,409 people on what high school-level course would benefit them the most. An overwhelming 54 percent selected “Money Management (Personal Finance)”.

Featured Sponsors:

 
“More than 30 percent of Americans have no cash reserves and are living paycheck-to-paycheck, while consumer debt is currently more than $2 trillion. This highlights the troubling discrepancy between what people are spending and saving,” said Mike Hardwick, president of Churchill Mortgage. “Financial Literacy Month highlights this issue and is a great opportunity for us to improve individuals’ financial situations by guiding them with the heart of a teacher and providing resources to help them achieve financial freedom.”

Featured Sponsors:

 
Registration for Churchill Mortgage’s $5,000 giveaway is open until May 5 and available to U.S. residents 18 and older (excluding New York).

Founded in 1992, Churchill Mortgage operates with zero debt and focuses on providing borrowers with a personalized path to debt-free homeownership. The result is an educated borrower that chooses the right home and builds wealth over time through a smarter mortgage.

Financial Literacy

*Financial Literacy*
**By Lew Sichelman**

LewS***It’s incredible how much the American public doesn’t know about the very basics of their own financial well-being. Credit scores are a great example. According to a survey from the Consumer Federation of America, a large swath of otherwise decent, law-abiding citizens don’t know jack about their credit scores. And that’s too bad, because as CFA Director Stephen Brobeck pointed out, that’s going to cost them a boat-load of money.

****“Low credit scores will often cost car buyers more than $5,000 in additional finance charges and cost home purchasers tens of thousands of dollars in additional mortgage loan costs,” Brobeck said. “And low scores are likely to limit consumer access to, and increase the cost of, services such as cell phone service, electric service, and rental housing.”

****A more recent survey by the American Bankers Association found the same thing: Most consumers don’t even know their own score, despite its importance not only in determining whether they can get credit cards, auto loans and mortgages, but also in employment and insurance decisions.

****The survey of 1,000 adults conducted for the ABA by Ipsos Public Affairs, an independent market research firm, found that only 42 percent of consumers know their credit score. Fifty-six percent of respondents indicated they did not know their credit score, and 2 percent did not answer the question.

****In the CFA survey, which was done in conjunction with VantageScore Solutions, respondents were asked a wide-ranging set of questions about scoring. As many as two out of every five answered incorrectly.

****Here’s some of the highlights, or should I say low lights:

****>> 40 percent do not know that credit card issuers and mortgage lenders use credit scores in decisions about credit availability and pricing.

****>> 43 percent believe that personal characteristics such as age and marital status are used in calculating credit scores.

****>> 35 percent don’t know when lenders are required to inform borrowers of the credit score used in their lending decision.

****>> 26 percent do not know key how to raise or even maintain their scores.

****>> 36 percent believe that credit repair agencies are always or usually helpful in correcting credit report errors and improving scores.

****Hey, c’mon people, this is basic stuff. But it’s only basic because you and I deal with it on a daily basis. Credit scores have become part of the mortgage fabric. But ordinary people who buy houses only a few times in their lives don’t know any better.

****They should, though. And that’s why I believe financial literacy courses should be mandatory in high school. People need to know how to balance their checkbooks, and how to deal with credit. Yet, it surprising how few young people are taught those basics at home. It might even be shocking to find how many of their parents can’t perform those simple tasks, either. So it is left to our schools to pick up the slack.

Educating The Homebuyer Matters

*Educating The Homebuyer Matters*
**New Partnership Forms**

buyer-teaching***The Mortgage Bankers Association (MBA) announced that the initial stage of its partnership with EverFi, the nation’s leading education technology company, will provide interactive, web-based financial literacy education to more than 10,000 Americans across the United States as part of the Association’s Financial Fitness USA program. EverFi helps banks and other financial institutions drive innovation in financial literacy education through its learning platforms with their customers and employees or in local schools.

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver financial literacy products to Americans across this country,” said MBA President and CEO David H. Stevens. “MBA and its members are constantly looking for new ways to invest in communities and serve our neighbors, and our partnership with EverFi is doing just that.”

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver fin“Today’s consumers are digitally savvy and do almost everything online, from paying bills to finding a new home,” said EverFi CEO Tom Davidson. “EverFi learning platforms enable companies to educate consumers in a fun, engaging, new-media way – all while aligning their brand with an educational mission using robust analytics to measure the impact of their efforts.”

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver finFour financial institutions — Arvest Bank, BrandMortgage, Sente Mortgage and US Bank — have already signed on to bring EverFi’s cutting-edge, new-media technology to the communities they serve. Together, their programs will provide financial fitness courses to more than 10,000 adults and high school students. MBA and EverFi plan to announce additional participating financial institutions in the coming weeks.

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver fin“BrandMortgage is utilizing EverFi’s adult platform with our first-time homebuyer mortgage loan product to ensure that clients are fortified in the area of core financial competencies, and we donate the product to our non-profit partners with a supportive housing focus,” said Deirdra Cox, President and Community Development Officer of BrandMortgage, a wholly owned subsidiary of BrandBank. “Further, BrandBank uses the EverFi platform in 20 Gwinnett County high schools, 51% of which serve lower-middle income populations, thereby helping us meet CRA eligibility criteria. The more we improve graduation rates, credit profiles, and homeowner success rates in the communities we serve, the more we all win.”

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver finMBA’s Financial Fitness USA program brings together lenders from across the country to help educate homeowners and potential homeowners on the core concepts of personal finance – mortgages, credit scores, savings, student loans, planning for retirement, and others.

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver finEverFi@Work is a turnkey way for companies to empower their adult customers or employees with the skill-set to successfully manage their finances and make sound financial decisions. The platform features eight modules covering such critical topics as mortgages, taxes, overdraft protection, identity protection, 401Ks, savings, and investments. Interactive lessons focus on skill building, from choosing the right insurance plan to building good credit. The program can be seamlessly integrated into business-banking, rewards programs, local advertising, and other key areas. Back-end analytics provide robust data on number of users reached, user progress, polling results, top referring URLs, and more.

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver finFinancial institutions can also private-label EverFi technology in local schools. The high school platform uses the latest in new media technologies – video, animations, 3-D gaming, avatars, and social networking – to bring complex financial concepts to life for today’s digital generation, covering critical topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401Ks and other critical concepts that map to national financial literacy standards.  The learning platform tracks knowledge gain as well as students’ attitudes and behaviors on these important issues.

****“We are thrilled to partner with EverFi, a leader in technology-based education, to deliver finEverFi’s network now extends to more than 5,000 high schools, colleges and universities, including 69 of the 100 top school districts in the United States, such as Chicago, Miami, Las Vegas, Houston and Los Angeles. The company has cumulatively reached more than 5.5 million consumers with its suite of learning platforms.