A brand new office designated to housing counseling is scheduled to launch today under the Office of Housing and Urban Development. Previously operating under HUD’s Office of Single Family Program Development the new office will stand as its own separate department.
There should be no immediate impact on Home Equity Conversion Mortgage counselors, the National Reverse Mortgage Lenders Association noted in an email to its members about the organizational change.
Under the new department structure, the Office of Housing Counseling will comprise several areas including policy and grant administration; outreach and capacity building; and oversight and accountability, according to the NRMLA notice. Those departments will have their own leadership, many of whom are HUD staffers nationwide.
Creation of the department was mandated under the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act in an effort to streamline counseling policies, reporting and grant requirements.
Written by Elizabeth Ecker