This article was originally published at PROGRESS In Lending Association on March 23, 2023.
MATT PETTIT
President
Arrive Home
About seven years ago, just as he was beginning his career in mortgage, Matt Pettit quickly became aware of one troubling fact: Getting down payment assistance is hard. Helping people who meet all the qualifications for assistance and are eager to purchase a home is hard. It’s a process slowed by hurdle after hurdle, burdened by unnecessary costs, shrouded in confusion, and inevitably glued to a timeline that seems to stretch into infinity. And the whole situation deters lenders from pursuing down payment assistance for borrowers who could really benefit. But it doesn’t have to be this way, Matt insisted. It shouldn’t be this way.
And so, Matt set out to instigate change. Last year, he teamed up with former colleagues to establish Arrive Home, a social enterprise dedicated to helping responsible borrowers in underserved communities through alternative credit solutions and down payment assistance programs. As President of Arrive Home, Matt’s goal is to tear down the barriers that prevent unconventional yet credit-worthy borrowers from securing a home loan. The idea is to work with governmental entities, lenders and nonprofit groups to offer innovative mortgage products that will enable correspondent lenders to confidently deliver loans to reliable borrowers who qualify under FHA guidelines. For Matt, building a system that makes down payment assistance accessible for correspondent lenders is key.
He and his team at Arrive Home have built a platform where lenders can easily work through the process, requesting assistance on behalf of a borrower, receiving notification of acceptance, and processing payments. Leveraging tech, Arrive Home has eliminated the long wait times and confusion that traditionally accompany requests for down payment assistance, making it easier and therefore more appealing for lenders to work with borrowers who need DPA. Matt’s mission is to change the way lenders view down payment assistance by educating the industry about these programs and disrupting a market that has traditionally been dominated by state FHA programs. Now, with more DPA providers in the mix, better technology and competitive pricing will emerge, making these programs more accessible to homeowners. In effect, this will go a long way to achieving Matt’s ultimate goal to break down barriers to homeownership in underserved communities.