NRMLA submitted comments to HUD requesting that HECM counselors be exempted from new examination requirements that will assess a housing counselor’s competency guiding consumers through the homeownership process.
NRMLA is disseminating the following notice to members as a reminder of the counseling safeguards that HECM counselors and lenders must follow when meeting with prospective clients.
In an email sent to HECM Counselors, HUD clarified the meaning of non-recourse and promised to update the HECM Counseling Protocol in Handbook 7610.1.
HUD sent a similar notice this week to all mortgagees advising them not to steer clients, participate in counseling sessions, or inappropriately prep clients in advance of counseling.
The FTC issued a comprehensive new advertising and recordkeeping regulation with the potential to greatly affect the mortgage origination and servicing industry, as well as the greater real estate industry that provides complementary services to the mortgage industry.