Comments on: MMI Offering Free Reverse Mortgage Counseling http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/ Reverse Mortgage News and Information Fri, 10 Feb 2012 19:11:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: counselor http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/comment-page-1/#comment-38392 counselor Wed, 22 Jul 2009 09:39:00 +0000 http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/#comment-38392 How would any of you feel if another lender decided that they would waive origination fees for the next three months? How would you feel if counselors told clients, "there is a lender who will waive his origination fee, just go some research"? How would you like it if counselors provided prospective borrowers with a list of lenders, detailing how much you charge? So why do you think it's a great idea to do this to counselors? It's all very well to say that MMI's move may make other agencies consider their fees, but it's a bit like saying that when Wal-Mart gives something away, other businesses feel forced to do likewise. In the world of business, what MMI is doing would be considered a flagrantly anti-competitive practice, using government money to essentially shut down its competitors until after October 1. Other agencies don't have the option of doing this, because they don't receive the huge grant from HUD that MMI did. As a consequence, your clients will get crappy counseling, but, hey, it will be free -- for now. How would any of you feel if another lender decided that they would waive origination fees for the next three months? How would you feel if counselors told clients, “there is a lender who will waive his origination fee, just go some research”? How would you like it if counselors provided prospective borrowers with a list of lenders, detailing how much you charge? So why do you think it’s a great idea to do this to counselors? It’s all very well to say that MMI’s move may make other agencies consider their fees, but it’s a bit like saying that when Wal-Mart gives something away, other businesses feel forced to do likewise. In the world of business, what MMI is doing would be considered a flagrantly anti-competitive practice, using government money to essentially shut down its competitors until after October 1. Other agencies don’t have the option of doing this, because they don’t receive the huge grant from HUD that MMI did. As a consequence, your clients will get crappy counseling, but, hey, it will be free — for now.

]]> By: counselor http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/comment-page-1/#comment-33189 counselor Wed, 22 Jul 2009 07:39:55 +0000 http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/#comment-33189 How would any of you feel if another lender decided that they would waive origination fees for the next three months? How would you feel if counselors told clients, "there is a lender who will waive his origination fee, just go some research"? How would you like it if counselors provided prospective borrowers with a list of lenders, detailing how much you charge? So why do you think it's a great idea to do this to counselors? It's all very well to say that MMI's move may make other agencies consider their fees, but it's a bit like saying that when Wal-Mart gives something away, other businesses feel forced to do likewise. In the world of business, what MMI is doing would be considered a flagrantly anti-competitive practice, using government money to essentially shut down its competitors until after October 1. Other agencies don't have the option of doing this, because they don't receive the huge grant from HUD that MMI did. As a consequence, your clients will get crappy counseling, but, hey, it will be free -- for now. How would any of you feel if another lender decided that they would waive origination fees for the next three months? How would you feel if counselors told clients, “there is a lender who will waive his origination fee, just go some research”? How would you like it if counselors provided prospective borrowers with a list of lenders, detailing how much you charge? So why do you think it's a great idea to do this to counselors? It's all very well to say that MMI's move may make other agencies consider their fees, but it's a bit like saying that when Wal-Mart gives something away, other businesses feel forced to do likewise. In the world of business, what MMI is doing would be considered a flagrantly anti-competitive practice, using government money to essentially shut down its competitors until after October 1. Other agencies don't have the option of doing this, because they don't receive the huge grant from HUD that MMI did. As a consequence, your clients will get crappy counseling, but, hey, it will be free — for now.

]]> By: HECM_Dude http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/comment-page-1/#comment-33127 HECM_Dude Tue, 14 Jul 2009 16:23:24 +0000 http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/#comment-33127 It's easy. In the list of counseling agencies we give to our customers (and we list 10), we include the amount each agency charges for the counseling session, along with whether telephone counseling is available. It's easy. In the list of counseling agencies we give to our customers (and we list 10), we include the amount each agency charges for the counseling session, along with whether telephone counseling is available.

]]> By: Atare Agbamu http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/comment-page-1/#comment-33109 Atare Agbamu Tue, 14 Jul 2009 09:23:57 +0000 http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/#comment-33109 Markjudge makes a valid point. The MMI decision on free HECM counseling would cause other counseling agencies to rethink their strategy. It is a plus for seniors. Markjudge makes a valid point. The MMI decision on free HECM counseling would cause other counseling agencies to rethink their strategy. It is a plus for seniors.

]]> By: Name http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/comment-page-1/#comment-45760 Name Mon, 13 Jul 2009 15:23:00 +0000 http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/#comment-45760 Easy! Explain to your client that there are companies out there that will do it for free. It's up to them to do the research. This way you did not steer, you mearly educated. Easy! Explain to your client that there are companies out there that will do it for free. It’s up to them to do the research. This way you did not steer, you mearly educated.

]]> By: Name http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/comment-page-1/#comment-33092 Name Mon, 13 Jul 2009 13:16:13 +0000 http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/#comment-33092 Easy! Explain to your client that some companies will not charge them to counsel, it's up to them to do the research. This way you didnt steer, you educated. Easy! Explain to your client that some companies will not charge them to counsel, it's up to them to do the research. This way you didnt steer, you educated.

]]> By: markjudge http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/comment-page-1/#comment-33090 markjudge Mon, 13 Jul 2009 12:52:50 +0000 http://reversemortgagedaily.com/2009/07/10/mmi-offering-free-reverse-mortgage-counseling/#comment-33090 "HUD does not permit lenders to steer to any particular agency, but having a no cost option for counseling is a great thing to have."<br><br>So, HUD does not pernit lenders to steer to any particular agency. I realize that is their policy but how can we, as people that are supposed to be working for the senior citizen, not point them to the free one? I am guessing everyones customers are like mine, 70% have a hard time coming up with the counseling fee. I think it would be wrong of us NOT to guide them towards the free one. “HUD does not permit lenders to steer to any particular agency, but having a no cost option for counseling is a great thing to have.”

So, HUD does not pernit lenders to steer to any particular agency. I realize that is their policy but how can we, as people that are supposed to be working for the senior citizen, not point them to the free one? I am guessing everyones customers are like mine, 70% have a hard time coming up with the counseling fee. I think it would be wrong of us NOT to guide them towards the free one.

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