Comments on: HUD Approves Borrower Paid Counseling For Reverse Mortgages http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/ Reverse Mortgage News and Information Tue, 14 Oct 2008 20:37:30 +0000 http://wordpress.org/?v=2.3.1 By: hecm counselor http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-8762 hecm counselor Sun, 28 Sep 2008 06:57:19 +0000 http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-8762 its funny that you are concerned about the cost of HECM counseling. How about cutting your fees 2% origination fee is pretty high also. its funny that you are concerned about the cost of HECM counseling. How about cutting your fees 2% origination fee is pretty high also.

]]> By: Tric Ortiz http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-4615 Tric Ortiz Tue, 01 Jul 2008 18:46:22 +0000 http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-4615 I have a client with macular degeneration that asked me to set her appt. Vision frustration is only one issue. Most Reverse Mortgage clients are going to have vision, hearing and comprehension issues of telephone technology and leaving mesaages that do not get returned and they forget who they called. After reviewing HUD list and Fannie Mae list, options are slim to none. AARP uses same HUD list. I am in agreement that something must be done. I handle reverse mortgages in a fairly good size metropolis and if I am having this kind of difficulty, I can't imagine what smaller communities are facing regarding HECM Counseling options. The Govt should provide the counseling on the Govt loan and have clear instructions on finding a provider that is either at no charhe or nominal fee, especially when they are not paying for the fuel to get to the appt. I have a client with macular degeneration that asked me to set her appt. Vision frustration is only one issue. Most Reverse Mortgage clients are going to have vision, hearing and comprehension issues of telephone technology and leaving mesaages that do not get returned and they forget who they called. After reviewing HUD list and Fannie Mae list, options are slim to none. AARP uses same HUD list. I am in agreement that something must be done. I handle reverse mortgages in a fairly good size metropolis and if I am having this kind of difficulty, I can’t imagine what smaller communities are facing regarding HECM Counseling options. The Govt should provide the counseling on the Govt loan and have clear instructions on finding a provider that is either at no charhe or nominal fee, especially when they are not paying for the fuel to get to the appt.

]]> By: Housing Counselor http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-4440 Housing Counselor Wed, 18 Jun 2008 05:57:28 +0000 http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-4440 HUD can update its website daily if it chooses, if you have a problem with an agency report them. HUD is watching the whole borrower pay thing pretty closely. HUD has always allowed counseling agencies to take money from lenders/broker... but anyway, you should find short wait times now that there's actually a system that allows counseling agencies to get paid for the work they do. No need to put up with long wait times..or bad counseling.. unless you are shopping for free sessions.. then like you say good luck! HUD can update its website daily if it chooses, if you have a problem with an agency report them. HUD is watching the whole borrower pay thing pretty closely.

HUD has always allowed counseling agencies to take money from lenders/broker… but anyway, you should find short wait times now that there’s actually a system that allows counseling agencies to get paid for the work they do.

No need to put up with long wait times..or bad counseling.. unless you are shopping for free sessions.. then like you say good luck!

]]> By: Dana McCall http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-4157 Dana McCall Wed, 14 May 2008 17:17:50 +0000 http://reversemortgagedaily.com/2008/05/12/hud-approves-borrower-paid-counseling-for-reverse-mortgages/#comment-4157 Here is the problem: HUD has not updated the website. Quite a few of the "Counseling Agencies" are now lenders and even the CCCS advertises a reverse mortgage seminare. They were charging the brokers prior to HUD telling them they could but good luck having someone call when requested if they aren't paid by the broker as the agencies will tell you they aren't/weren't getting paid for them so they were not a priority--30 days out!. I think a little more attention should be paid to these agencies. If we are reduced to only 1 then we really can't give our clients the choice HUD is requiring. Here is the problem: HUD has not updated the website. Quite a few of the “Counseling Agencies” are now lenders and even the CCCS advertises a reverse mortgage seminare.
They were charging the brokers prior to HUD telling them they could but good luck having someone call when requested if they aren’t paid by the broker as the agencies will tell you they aren’t/weren’t getting paid for them so they were not a priority–30 days out!.
I think a little more attention should be paid to these agencies. If we are reduced to only 1 then we really can’t give our clients the choice HUD is requiring.

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