Update on NACA Operations During the Covid-19 Outbreak

NACA Founder and CEO Bruce Marks conducted a nationwide conference call with all NACA staff members at 12:00 noon Eastern Time today to update everyone on NACA’s operational plans during the duration of the Coronavirus crisis.  Among the key points:

All NACA offices nationwide will remain open for the duration of the Coronavirus emergency. However, there will be significant changes in how we work with our members. All counseling sessions will be conducted by videoconference using the Go To Meeting app until further notice. The app is available for PC, Mac and mobile devices. This will allow our members to avoid unnecessary travel and will also reduce traffic in and out of our offices.  Local office kiosks will still be available for members to scan and upload their documents if they do not have scanning capabilities at work or at home.

All local Homebuyer Workshops/Qualification Workshops are cancelled until further notice. They are being replaced with online webinars that will be conducted through the Go To Meeting app.  English webinars will be conducted three times each Saturday, at 9:00 am, 1:00 pm and 5:00 pm Eastern Time. Spanish webinars will be conducted each Saturday at 1:00 pm Eastern Time.  Advance registration is a requirement without exception as access information must be sent out to each participant prior to the webinar.

Local Purchase Workshops are also cancelled until further notice and are being replaced with online webinars that will be conducted through the Go To Meeting app.  Purchase workshops will be conducted online each Thursday at 6:00 pm and 9:00 pm Eastern Time.  The same pre-registration requirements for Qualification Workshops apply to Purchase Workshops as well.

In each case, additional webinars will be added if the demand calls for it. Members may also sign up for counseling sessions online through their webfile.

NACA is also in the process of creating a secure means for our members to sign their bank applications electronically without compromising security.  We will announce this when it becomes available.

Both our Atlanta, GA and Raleigh, NC Achieve the Dream events have been postponed until further notice.  We hope to reschedule both for mid to late May. Our Charlotte event scheduled for April 2 though 5 has not been postponed yet, but it is a strong likelihood that it also will be postponed.  Please continue to monitor www.naca.com for the latest information.

Bank of America is still processing applications and closings will continue to happen during the days ahead.

Members needing their approval letters will be able to access them online in their webfiles AFTER they have attended the Purchase Workshop.

In summary, NACA is committed to remaining open and continuing to create homeowners during this troublesome period. We are not only open for business, but working on new and better ways to streamline the NACA process that also protect the health and well-being of our members and staff as we ride out the Corona virus outbreak.                                                                                                    

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4 Comments

  1. Matt S.
    Posted March 21, 2020 at 4:28 pm | Permalink

    What about borrowers who are in contracts on homes that are about to be worth significantly less than the contracted price? What about borrowers in contracts who’s income may be negatively affected by this crisis?

    • Posted March 23, 2020 at 10:53 am | Permalink

      Hello Matt S,

      Those are actually very broad and entirely hypothetical questions, which makes a specific answer virtually impossible. There are also variables that will apply to each individual situation.

      In brief though NACA’s policy of not allowing a purchase price greater than the appraised value of the home still stands and will not change under any circumstances.

      How a decrease in buyer’s income will affect the process again has many variables, largely based upon how long the income is affected and by how much. A dip in income under thirty days that can be proven to be directly related to the Covid-19 outbreak may well be eligible to be overlooked, especially if the household bills were paid on time during the period. Breaks or reductions of more than 30 days, reductions that resulted in past due obligations or bounced checks and so on are more likely to result in a setback. Each situation will have to be reviewed on a case by case basis.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  2. Lashawnda Lewis
    Posted March 25, 2020 at 5:44 pm | Permalink

    I completed my bank application prior to Covid-19 the 11th to be exact. I do not know where I at with the process. I still havent received the appraisal

    • Posted March 31, 2020 at 3:21 pm | Permalink

      Hello Lashawnda Lewis,

      File status updates can be obtained by calling NACA Member Services at 425-602-6222 Monday through Friday, 8:30 am to 5:30 pm Eastern Time.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

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