Connecticut Governor Dannel Patrick Malloy signed reverse mortgage counseling legislation into law this week that emulates existing rules mandated under the federal Home Equity Conversion Mortgage program. The … more CT Governor Signs Reverse Mortgage Counseling Bill
Counseling
HUD Committed to Helping HECM Borrowers Who Are Facing Default
The Department of Housing and Urban Development remains committed to operating the HECM program on a fiscally sound basis and to providing greater assistance for reverse mortgage borrowers … more HUD Committed to Helping HECM Borrowers Who Are Facing Default
Guidance on California’s “Cooling Off” Period
The California Department of Business Oversight (DBO) recently issued an Interpretative Letter regarding the cooling off period for reverse mortgage application processing as governed under the California Civil … more Guidance on California’s “Cooling Off” Period
Helping Your Clients Who Are In Default
This list represents the agencies currently known to provide HECM default counseling and may not be all inclusive. Greenpath (888) 860-4167 Money Management International (866) 765-3328 National Foundation … more Helping Your Clients Who Are In Default
New Collaboration Focuses on CA Borrowers
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 … more New Collaboration Focuses on CA Borrowers
HUD Reminds Counselors of New Software Tracking Feature
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 … more HUD Reminds Counselors of New Software Tracking Feature
Telephone Counseling Permitted in North Carolina
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 … more Telephone Counseling Permitted in North Carolina
HECM Counseling Protocol
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.
HUD Reiterates Policies on HECM Counseling Fees
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 … more HUD Reiterates Policies on HECM Counseling Fees
Massachusetts In-Person Counseling Requirements
Massachusetts’ Division of Banks confirmed with NRMLA’s outside legal counsel that those seniors who received counseling on or before July 31, do not have to be re-counseled in-person.