MRED to help consumers afford homes in the Chicagoland area

by Marilyn Wilson on March 31, 2011

One of the key goals for the long-term survival of MLSs is to identify tools that can help create tangible results for their subscribers.  The best way to “move the needle” on customer satisfaction is to provide agents with something that DIRECTLY affects their ability to sell homes.  As MLSs review new services to consider they need to prioritize programs that will help agents and brokers be more successful.  MLS systems are a given now – the progressive MLS has to become a partner with its brokers and play a valuable role in delivering services that make the entire industry stronger. They are going to focus on services that are best suited to come from an objective third party and that can help every person actively selling real estate.

As we all know it is very difficult for many homebuyers to qualify for a loan because they cannot afford a large enough downpayment.  If the industry can help consumers afford the downpayment we can help agents sell more real estate.  Midwest Real Estate Data LLC (MRED) (www.mredllc.com) recognized this need and announced today that the organizations have entered into a contract to integrate Down Payment Resource℠ (www.downpayment-resource.com) with MRED’s listing data.

Down Payment Resource (DPR), offered by Workforce Resource, is the first product to aggregate down payment assistance program information into one platform and integrate that information into multiple listing services’ (MLS) listing data. DPR connects eligible homebuyers and properties with government-funded programs for down payments, affordable mortgages, and rehab loans. “MRED is very pleased to be able to provide our brokers and agents a tool that enables them to identify listings that qualify for down payment assistance programs and help buyers determine their potential eligibility for those programs,” said MRED’s Chief Executive Officer, Russ Bergeron. “In today’s environment, prospective purchasers face new, stricter requirements to obtain a mortgage. Down Payment Resource helps both potential buyers and the real estate professionals serving them. It is truly a winning proposition for everybody involved. This is just one more example of MRED’s dedication to offering its customers no cost applications that enable them to put people in homes they might otherwise not be able to afford.”

The tool is easy to use. As real estate professionals and homebuyers search for properties on MRED’s site, those homes eligible for down payment assistance programs will be clearly marked with DPR’s icon. Clicking on the icon allows the buyer to answer eight simple questions to see if they meet qualifications for available down payment assistance programs.  “A cornerstone of our value proposition is that everyone who uses this service wins,” says real estate and lending industry veteran Rob Chrane, founder of WFR. “While homebuyers are the ultimate beneficiaries, real estate agents and builders sell more homes; lenders make more loans; and housing finance agencies meet their missions in a time of dwindling resources. We’re very pleasedto partner with MREDs forward thinking leadership to provide their members with the tools to assist more homebuyers in finding affordable homes to purchase and live in for years to come” said Chrane.

 

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