TDAY Offers Down Payment Assistance, Interest Rate Buy-Downs Via Oro Benefit
TDAY introduced Oro benefit offering down payment assistance, private mortgage insurance coverage and interest rate buy-downs to employees, enabling purchases such as Brian Morales’ triplex. The service includes tailored stipulations requiring employees to remain with the company after using the benefit to support retention and workforce productivity.
1. Benefit Launch
TDAY has partnered with fintech provider Oro to roll out an employee homeownership benefit that can cover down payment funds, private mortgage insurance costs and interest rate buy-downs. Employers can customize funding levels and eligibility criteria to meet their workforce planning goals.
2. Employee Case Study
Engineer Brian Morales used the Oro benefit to purchase a triplex, living in one unit and renting the other two to generate rental income that offsets his mortgage payment. This real-world example highlights how the program can accelerate property ownership for staff who might struggle to save for a down payment.
3. Retention and Productivity Impact
The Oro benefit includes provisions that require employees to remain with TDAY for a set period after receiving assistance, reinforcing worker retention. By reducing financial stress and commuting burdens, the company aims to boost on-the-job productivity and lower turnover costs.