The HOPE NOW Alliance and ClearPoint Credit Counseling Solutions are collaborating on a one-year pilot program that assists homeowners in California who have reverse mortgage issues, concerns and questions. Five public events are being organized, beginning in March, and lasting throughout the year. “The goal is to create face-to-face interactive events where participants can gain … more New Collaboration Focuses on CA Borrowers
Housing counselors seeking continuing education units to fulfill HUD’s Roster requirements can earn up to eight HECM-specific CEUs at NRMLA’s Annual Meeting & Expo in Chicago, November 14-16, after the Department’s Office of Housing Counseling approved four courses this week. The courses include: The Math Behind HECMs (1 CE) NRMLA’s Code of Ethics and Its Impact … more HECM Counselors: Get Your CE Units in Chicago
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
HUD awarded more than $42 million in housing counseling grants to hundreds of national, regional and local organizations on Tuesday to help families and individuals with their housing needs and to prevent future foreclosures. HUD’s housing counseling grants and the additional funding they leverage will assist more than 1.4 million households find housing, make more … more HUD Awards $11.84 Million in Housing Counseling Grants to Intermediaries
The Department of Housing and Urban Development reminded housing counselors this week that the Reverse Mortgage Analyst (RMA) software has a new feature that allows them to create and track client responses to the required questions asked during counseling sessions. Based on current usage reports, HUD said only 11% of counseling agencies have utilized the … more HUD Reminds Counselors of New Software Tracking Feature
NRMLA was recently made aware that the North Carolina Commissioner of Banks posted an FAQ on its website indicating that telephone counseling is permissible under the state’s Reverse Mortgage Act. The FAQ states: Q. Is telephone counseling permissible under the reverse mortgage act? A: Yes. Although HUD Guidelines recommend face-to-face meetings with potential reverse mortgage … more Telephone Counseling Permitted in North Carolina
The most important consumer protection built into the reverse mortgage program is the requirement that a prospective borrower must first meet with an exam-qualified, independent third-party counselor approved by the U.S. Department of Housing and Urban Development (HUD) before signing a loan application or incurring any fees. No other consumer product requires this same protection. For … more Complying with FHA’s HECM Counseling Guidelines: Frequently Asked Questions
HUD has published the long-awaited HECM counseling protocol. We’ve summarized some of the important parts and provided a copy to download. At the bottom of the memo is an update published by FHA that noted some inconsistencies in the protocol.
In a memo to counseling agencies, the Department of Housing and Urban Development clarified that there is no cap or maximum amount that can be charged for HECM counseling. As stated in Mortgagee Letter 2011-09, a fee of $125.00 is neither a maximum nor a minimum allowable charge. HUD published the memo on June 2, … more HUD Reiterates Policies on HECM Counseling Fees
The U.S. Department of Housing and Urban Development awarded $36 million in grants to hundreds of national, regional and local organizations to cover the costs of providing housing counseling services, including HECM counseling. Among the national HECM counseling intermediaries, HUD awarded the following amounts to cover HECM counseling, and a range of additional services: Neighborhood … more HUD Awards $36 Million in Housing Counseling Grants