HECM Counseling

Following is a Q&A developed by NRMLA covering some of the most important rules and regulations that pertain to counseling.

The Department of Housing and Urban Development published the following FAQs for HECM counselors who have questions about the new Roster.

The FTC today issued a Business Alert, “Housing Counselors: How To Help People Avoid Reverse Mortgage Missteps."

HUD distributed the following email thru its counseling network.

We want to alert members that FHA plans to issue guidance to the counseling agencies regarding client payment for counseling.

This NRMLA Member Alert describes a "Best Practice" that NRMLA recommends Members consider adopting in this area, as a way to increase uniformity and efficiency in the administration of the borrower paid billing process for the benefit of all industry stakeholders and, especially, the seniors we all serve.

HUD announced May 23 that it had revised the HECM Counseling Certificate to conform with Mortgagee Letter 2008-12, which permits borrower-paid counseling.

Today, HUD published Mortgagee Letter 2008-12 to permit counseling agencies to charge seniors a fee for counseling services.

The U.S. Department of Housing and Urban Development published Mortgagee Letter 2006-25 to clarify who must receive HECM counseling, and what activities a HECM lender may perform prior to a prospective HECM borrower receiving HECM counseling.

NRMLA's legal counsel Weiner Brodsky Sidman Kider, PC, produced the following memo which provides excellent background information on the steps involved to become a HUD-approved counseling agency.