Reverse Mortgages Counselors: Time to Study for a New Exam

The Home Equity Conversion Mortgage counselor exam administered under the Department of Housing and Urban Development will change, with a new exam rolling out on Monday, November 28.

The exam is required to obtain and retain a place on the HUD HECM Counselor Roster, and has not been revised since May 2009. The new revision will continue to include 100 questions, but the number of question in each of four content categories and the questions themselves will change.

Reverse Mortgage Basics; HECM Costs and Benefits; Alternatives to Reverse Mortgages; and HECM Counseling will remain the four content categories, but the new version will include a greater emphasis on HECM Counseling and less emphasis on HECM Costs and Benefits and Reverse Mortgage Basics.

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The current exam will be offered through November 27, 2011.

Find out more about the changes to the exam here.

Written by Elizabeth Ecker

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    • Why do you think that?  The revision of the exam simply updates the questions to reflect the last two years’ changes in the HECM product, and the new requirements put in place by the HECM Counseling Protocol.  It also re-focuses the exam on its core purpose — to make sure entry-level counselors have the knowledge needed to do competent counseling.  This should be good news for anyone in the reverse mortgage counseling world.

      • That does sound like good news.  We had a counselor the other day discussing servicing fees and the abililty to negotiate things like the broker or lender picking up third-party closing costs.

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