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The First-Time Homebuyer Education and Counseling Demonstration

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The First-Time Homebuyer Education and Counseling Demonstration The First-Time Homebuyer Education and Counseling Demonstration Baseline Report: Study Design and Implementation U.S. Department of Housing and Urban Development | Office of Policy Development and Research The First-Time Homebuyer Education and Counseling Demonstration Baseline Report: Study Design and Implementation Prepared by Donna DeMarco Nichole Fiore Shawn Moulton Debbie Gruenstein Bocian Laura Peck Sarah Ballinger Karen Cuenca Louise Rothschild Stephen Whitlow Abt Associates Prepared for U.S. Department of Housing and Urban Development Office of Policy Development and Research January 2017 Acknowledgments The authors of this report gratefully acknowledge the efforts of many individuals who have assisted in carrying out the First-Time Homebuyer Education and Counseling Demonstration since it began in 2011. They particularly thank the government technical reviewer Dr. Marina Myhre for her guidance and support throughout all phases of the research. Other staff members at the U.S. Department of Housing and Urban Development, Office of Policy Development and Research, have provided valuable guidance and technical oversight for the study. We also extend our appreciation to Sarah Gerecke, Deputy Assistant Secretary for Housing Counseling for HUD’s Office of Housing Counseling. Special thanks are due to the individual participants in the First-Time Homebuyer Education and Counseling Demonstration, who have continued to share their experiences of the homebuying process with the study team. The study would not be possible without the enthusiasm and dedication of the participating lenders and housing counseling agencies. The study team is grateful for their many contributions and continued commitment to the study. Specifically, we would like to thank NeighborWorks America, ClearPoint, Community Ventures Corporation, and the National Council of La Raza. This study has benefited from the contributions of a number of technical experts. The study design reflects guidance from experts in random assignment methodology and from subject matter experts knowledgeable about and close to the operations of homebuyer education and counseling services. The authors are especially grateful to Dr. Stephanie Moulton (Ohio State University), Doug Dylla, and Lucy Gorham (University of North Carolina). The study team would like to recognize Dr. Jonathan Spader (Joint Center for Housing Studies of Harvard University) for his direction, leadership, and passion as the project’s former director at Abt Associates. We also thank the members of our expert panel, J. Michael Collins (University of Wisconsin- Madison), Chris Herbert (Joint Center for Housing Studies of Harvard University), Peter Zorn (Freddie Mac), Carolina Reid (University of California-Berkeley), Kris Rengert (Federal Deposit Insurance Corporation), Kenneth Brevoort (Consumer Financial Protection Bureau), and Genevieve Melford (Consumer Financial Protection Bureau). Implementing the study design required the efforts of a large team to recruit and work with housing counseling agencies, enroll study participants, develop site-specific implementation plans, and conduct random assignment. The following staff at Abt Associates carried out this work: Lionel Combat and Brian Sokol designed the random assignment and service tracking data collection system, and Sage Computing developed the randomization software. Louise Rothschild, Stephen Whitlow, Elizabeth Giardino, Valerie Benson, Elizabeth Copson, Tara Wommack, Zachary Epstein, Galen Savidge, and Jill Hamadyk worked with the agencies collecting service tracking data and conducted on-site research to learn about their services. Karen Cuenca, Sarah Ballinger, Stephanie Mills, Lily Rosenthal, Yolanda Borquaye, Marble Karuu, Renee Lamoreau, Amar Patel, Emily Bell, and Cora Goldston contacted study participants to encourage them to complete the services offered them. Anna Jefferson coordinated the study participant outreach effort. Edward Bein, Utsav Kattel, Alison Comfort, Tanya de Sousa, and Stephanie Mills contributed to the analysis conducted for this study. ii The First-Time Homebuyer Education and Counseling Demonstration involved an extensive effort to collect data directly from study participants at several junctures. Abt SRBI led the participant data collection activities under the direction of Chintan Turakhia, Robert Magaw, and Julie Pacer. Molly Caldaro, Nick Bertoni, Yasmin Pluss, Brian Shepard, Emily Martinez, Sandra Hernandez, Estella Sena, and Amanda Reilly (all at Abt SRBI) also played key roles in coordinating and monitoring data collection activities. The study team would also like to thank the telephone and field interviewers who spent many hours collecting survey information from study participants. Laura Peck (Abt Associates), Roberto Quercia (University of North Carolina), and Debbie Gruenstein Bocian (Abt Associates) are the project’s principal investigators. Donna DeMarco (Abt Associates) is its project director and Nichole Fiore (Abt Associates) is its deputy project director. Shawn Moulton (Abt Associates) is the study’s director of analysis. The study’s project quality advisor, Dr. Jill Khadduri (Abt Associates), provided technical guidance throughout all phases of the project and thoughtful and constructive comments on this report. Dr. Meryl Finkel (Abt Associates) provided management oversight throughout all phases of the project. Disclaimer The contents of this report are the views of the contractor and do not necessarily reflect the views or policies of the U.S. Department of Housing and Urban Development or the U.S. government. iii Foreword The U.S. Department of Housing and Urban Development (HUD) has sought to measure the impact of pre-purchase counseling for nearly 40 years. Although a number of recent studies have shown positive or neutral results of homebuyer education or counseling on outcomes such as personal budgeting, use of credit, mortgage delinquency, and foreclosure avoidance, none of these studies has been a large-scale, long-term, random-assignment trial. Congress and researchers have long recognized the importance of a true randomized research demonstration to isolate the effect of housing education and counseling on first-time homebuyer outcomes from other effects. This report provides a window into the rigorously designed demonstration now under way to provide insight into the value of homebuyer education and counseling that meet HUD Housing Counseling Program standards and that is delivered both remotely (through the Internet and telephone) and in person to potential first-time homebuyers. In 2014, HUD successfully launched a large-scale, randomized experiment to reliably assess the impact of homebuyer education and counseling for a diverse sample of more than 5,800 low-, moderate-, and middle-income prospective first-time homebuyers in 28 U.S. metropolitan areas. Preliminary 12-month findings on the first 2,377 study participants were available and released in June 2016 [https://www.huduser.gov/portal/sites/default/files/pdf/First-Time-Home-Buyers.pdf]. With enrollment of the full study sample complete, this report presents the study research design and describes its implementation, the characteristics of the treatment and control groups, and participants’ early experiences with the intervention, including an analysis of focus group discussions. Like most “firsts,” this study has already shed light on key issues for replicating such research and for policy. In particular, although the very low take-up for in-person education and counseling and the much higher take-up of online education and remote counseling documented in the preliminary report persist for the full sample, we are now discovering additional information on what drives those differences in consumer preference and behavior. The research and focus group results point to various strategies to reach potential first-time homebuyers and to the types of people for whom a particular mode of education or counseling may be most desirable. The study underscores the public- and private-sector contributions necessary to stand up a randomized controlled trial of this complexity and scope, and it reflects the strength of HUD’s underlying commitment to homebuyer knowledge and how knowledge influences behavior. The magnitude of the sample (N = 5,854), the geographic representation (28 large U.S. metropolitan areas), and the scientific rigor and independence of the study are unparalleled in the housing counseling field. With the successful implementation of the randomized experiment, we are hopeful that over the next 3 years the study will produce the long-sought answers about the impact of homebuyer education and counseling on first-time homebuyers’ mortgage literacy and preparedness, homebuyer outcomes, and loan performance. The study will also measure the value of housing counseling and education for those who chose not to buy or were unable to buy their first home after the education and counseling. Katherine M. O’Regan Assistant Secretary for Policy Development and Research Department of Housing and Urban Development iv Contents Executive Summary ..................................................................................................................... ix Experimental Evaluation Design .......................................................................................... ix The Intervention ..................................................................................................................... x Baseline Characteristics
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