Financial Coaching and Counseling Training
for the Foreclosure Counseling Program of the
Florida Housing Finance Corporation
With national foreclosure rates reaching the lowest levels in over a decade, Florida remains one of the top five states nationally with the highest foreclosure rates. Although Florida remains in the top five nationally, the state has dropped from its historical ranking from the top two spot to the fifth. This consistent decline indicates that Florida is on the right path of combating the existent foreclosure crisis. NCRC has partnered with Florida Housing to offer a Financial Coaching and Counseling Training to equip counselors with the necessary tools and resources to better empower their clients to become better money managers to make informed financial and housing decisions.
This training consists of three in-depth modules:
Module 1: Homebuyer Education
This first module is designed to educate and equip participants with tools and techniques needed to provide one-on-one pre-purchase and post-purchase education and homeownership counseling successfully. Counselors will be trained on best practices when preparing clients for homeownership by providing an overview of the home buying process and helping participants evaluate the feasibility of owning a home.
Counselors will understand how to develop and maintain appropriate relationships with professionals who can provide expert information on the various roles involved in purchasing a home. This module will review the appropriate client interaction including confidentiality and appropriate relationship with clients. The instructor will also discuss the different roles and responsibilities of the professionals involved in the home buying process, including the real estate agent, home inspector, termite inspector, mortgage lender, appraiser, insurance agent, and closing attorney or notary. Lastly, participants will discover how to enhance their communication, customer service and organizational skills.
Module #1 will cover the following:
• Homeownership: Positive and negative aspects of homeownership.
• Rent vs. Own: Explanation of the differences between renting and owning property.
• Homeowner Readiness: Assessment to determine the customer's readiness for homeownership.
• Analysis: Further analysis of whether the homebuyer is ready and capable of buying a home.
• Costs: How to estimate how much down payment and closing costs will be needed to buy a home.
• Ethical Guidelines and Standards: Each of the Instructors and NCRC, are part of and have adopted, the National Industry Standards for Homeownership Education and Counseling and the class will be trained on these standards during this module.
• Effective Communication
Module 2: Financial Management
The second module of this curriculum is designed to help housing counselors work with their clients to better assist them by managing their financial resources, track their daily spending habits, and identify tools that will help them become better money managers.
Additionally, this training will review the basics of understanding money, banking, and financial institutions, as well as the importance of keeping your financial house in order and understanding the client's credit report. The training will also explore the key elements of evaluating a financial education program in relation to financial educators.
Module #2 will cover the following:
• Financial Literacy: Financial literacy and why it is so important in today's economy.
• Your Money: Budgeting, Goals and Spending Plans
• Banking and Protections: Banking Basics, Consumer Protection and Consumer Rights
• Managing Debt: Debt Reduction, Student Loan Debt, and Laws Pertaining to Fair Debt Collection practices
• Planning: Long Term Financial Planning, investing and Insurance
• Investment Strategies: Building Legacy Wealth
• Stewardship: Fiscal Stewardship
Module 3: Improving Your Homeownership Program through Financial Capability and Coaching
With decreasing funding and increasing community need, it is critical to achieve and demonstrate client outcomes related to financial health and attaining homeownership. Integrating financial capability activities and including financial coaching into homeownership programs will deepen the impact in the community, better connect with clients, and attract new funders.
In this final module of the curriculum, counselors will learn about what financial capability means for their clients. Counselors will gain knowledge of best practices, test new tools and enhance skills to help clients reach their financial goals and build financial health. Attendees will get hands-on experience with transferring knowledge and changing behaviors so that clients can make financial decisions about setting goals, maximizing income, spending, saving, borrowing and protecting their money that are in line with their financial goals and overall financial well-being.
Module #3 will cover the following:
• Coaching vs. Counseling: The difference between counseling and coaching
• Roles: Roles of Coaches vs. Counselors
• Coaching Communication: How to provide effective communication as a coach and not a counselor
• Goal Setting: Setting goals, maximizing income, spending, saving, borrowing and protecting money
• Financial Assessment: Assessing money relationships, identifying needs and wants, and attitudes towards money
• Facilitating Behavior Change: Overcoming change challenges, ways to facilitate, facilitation skills, pros and cons of changing, personality type and facilitation style
• Collecting Data and Tracking Outcomes: Gauging the Success of the Coaching/Counseling Program, keeping clients accountable, client commitments, and checking in with clients
• Providing Referrals: Knowing when to make referrals, how to make referrals and providing referral resources.