HUD Creating Reverse Mortgage Counseling Survey

image The Department of Housing and Urban Development announced that it’s creating a new HECM counseling survey to obtain information about borrowers counseling experience.  The information obtained will help HUD determine performance reviews of counseling agencies.

According to the Federal Register Notice, HUD is soliciting comments from members of the public and affected agencies concerning the proposed collection of information to:

  1. Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility.
  2. Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information.
  3. Enhance the quality, utility, and clarity of the information to be collected.
  4. Minimize the burden of the collection of information on those who are to respond; including through the use of appropriate automated collection techniques or other forms of information technology.

Federal Register Notice

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  • As a counselor at Spectrum Generations we have also tried to randomly assess our client’s experience for QA purposes, but have found that if we don’t catch the client within several days of counseling, they don’t recall the experience itself as they are receiving similar information from several sources. We welcome the feedback as we are confident that our clients are receving professional & accurate education, but worry that the survey will not be received in a timely enough manner to actually ascertain a true review of the session(s).

  • I recently received a reverse mtg and
    was disappointed that I was not informed about the two deeds that had
    to be signed as well as the formula they use for the
    encumberance amount. Also the fees for us seniors are
    very high and should be reconsidered!

    Thanks
    Mary

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