Chapin Industries News • June 2, 2016
California mortgage banking firm CMG Financial knows firsthand just how difficult it can be to raise money for a home mortgage. The firm recognized the incredible potential of crowdfunding to generate financial support for mortgage down payments.
From their industry experience, CMG knew that many prospective home buyers did not recognize crowdfunding as an option, even as they struggled to find ways to make it work. They also knew that, beyond access to money, people benefit from professional assistance when navigating the home buying process and then home ownership.
CMG decided to use their resources and expertise as an industry leader to launch HomeFundMe, a crowdfunding platform for pre-approved home buyers to share their stories and solicit no-fee donations for their mortgage down payments. Throughout the process, HomeFundMe users receive support from a community of professionals, including a fundraising coach, loan officer, a realtor, and a housing counselor. Further, HomeFundMe offers a number of grants and donation matching opportunities for users who complete free, company-funded education and counseling. Thanks to the larger down payments HomeFundMe enables, home buyers enjoy a better selection of options and can more easily ensure their long-term financial stability.
The Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) were impressed enough with the idea to back a pilot project of HomeFundMe. Needless to say, CMG were thrilled. But they didn’t actually have a platform, and their new government backing meant they now had to create one with a six-week turnaround. CMG called on SC Consulting, along with project partner Chapin Industries, to make HomeFundMe a reality.
In order to be effective, HomeFundMe needed to be integrated seamlessly into CMG’s selection of services for home buyers. It had to stand on its own as a convenient, viable mortgage financing option, in addition to being a robust, fully functional crowdfunding platform
Chapin Industries created the HomeFundMe site using the Sitecore Helix pattern and also developed a HomeFundMe app for iOS and Android. As a mortgage solution, HomeFundMe easily connects with CMG’s loan management system. As a crowdfunding platform, HomeFundMe users can link their campaigns to their social media accounts, including Facebook, Twitter, and LinkedIn. At the corner of these mortgage financing and crowdfunding, Chapin Industries has helped CMG and homeowners across America realize their dreams.