What happens during a HECM counseling session? Are reverse mortgage professionals properly preparing homeowners for their counseling sessions? We interviewed Greg Smalls with Consumer Education Services, Incorporated to answer these questions and more.Â
Continue readingWhich came first, the chicken or the egg? That rhetorical question came to mind when hearing various reports of loan officers who found some confusion surrounding the gathering of a prospect’s financial data prior to HUD counseling. Once such loan professional is…
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If you originate in California you will want to follow this story. The California Senior Legislature has asked for mandatory face to face reverse mortgage counseling. If passed, it would be a substantial change to the way California originators do business in the future.
Here is a link to the story on Reverse Mortgage Daily for more info.
Is it new HUD counseling protocols or low appraisals causing record fall-out rates? See what industry leaders have to say.
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As we enjoyed our weekend October 1st came and went marking the beginning of the fiscal year 2012 and more importantly the date when funding from the government for mandated HUD counseling stops. This is creating delays in scheduling counseling and even worse may prevent lower income homeowners without the money for upfront counseling fees from moving forward. Either way you slice it, this is hurting the potential borrower the worst.
Ironically when the government created the HECM (Home Equity Conversion Mortgage) program, counseling was a built in requirement. Why does congress fail to fund a requirement for a federal program they created in the first place? Politics aside it appears we may have some hope of seeing funds restored at some level in the future.
Loan officer responsibilities and HUD Counseling
A quick look at how you can increase your success and build trust with your potential borrowers before and after required HUD Counseling for their reverse mortgage.
Part 2 (Your thoughts after…)
Last month (September 11th) brought the implementation of the Financial Interview Tool & Benefits Check Up (BCU) as part of HUD counseling for all reverse mortgage applicants.
Please give us your thoughts (positive or negative) on this new protocol and questions to be covered. We want your perceptions now that the protocol is in effect and you and your clients have had some experience with the new protocol.Continue reading
Part 1 (Your thoughts before…)
This week (September 11th) begins the implementation of the Financial Interview Tool & Benefits Check Up (BCU) as part of HUD counseling for all reverse mortgage applicants.
Please give us your thoughts (positive or negative) on this new protocol and questions to be covered. We want your perceptions before the protocol goes into effect, and after you and your clients have had some experience with the new protocol.Continue reading
Effective 9/11/2010, HUD will begin implementing the use of the Financial Interview Tool (FIT) and Benefits Check Up (BCU) as part of the new counseling protocol for reverse mortgages. Learn why you must prepare yourself and your clients with the free online training session. Register today here.Continue reading
It’s important to be informed of the new HUD Counseling Requirements, and to pass the information along to your reverse mortgage clients. Watch the video for information on HUD Counseling Goals, considering your client’s budget, and more!
Webinar Rebroadcast: HUD Counseling Requirements: 1/7/10 from Reverse Fortunes on Vimeo.
