HUD Wants to Collect Counseling Data on Reverse Mortgage Borrowers

The Department of Housing and Urban Development (HUD) is currently seeking approval to collect information on hundreds of consumers who participate in mandatory Home equity Conversion Mortgage (HECM) counseling, according to a recent proposal published Monday in the Federal Register.

HUD proposes to collect information on 300 individuals or households in its efforts to determine the quality of prospective borrower HECM counseling sessions as part of “periodic agency performance reviews,” states the Federal Register notice, which seeks approval from the Office of Management and Budget (OMB).

The notice is soliciting comments from the public as well as other affected parties concerning HUD’s collection of information for 60 days to gauge whether the proposed collection of information is necessary for the property performance of HUD’s functions, including whether such information will have practical use.

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Comments should also address the accuracy of HUD’s estimate of the burden that such information collection will impose, as well as ways to enhance the quality, utility and clarity of the information to be collected; and ways to minimize the burden of the collection of information on respondents, including through the use of technology or other forms of collection techniques.

“HUD encourages interested parties to submit comment in response to these questions,” states the notice.

HUD advises comments should refer to the proposal either by name or by OMB control number by March 25, 2016.

Anyone who is interested in submitting a comment should send their remarks to Colette Pollard, reports management officer for HUD, at 451 7th Street SW., Room 4176, Washington, D.C. 20410-5000—or email Pollard for a copy of the proposed forms or other available information at Colette.Pollard(at)hud.gov.

View HUD’s proposal in the Federal Register.

Written by Jason Oliva

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  • Jason,

    This is not about borrowers if HUD is choosing 300 from the population who have participated in counseling. Remember about 5% of counselees never bother getting a case number assigned and now about 40% of the remaining 95% who do, do not close their loans.

    HUD is simply assessing the job counseling is doing by looking at a sample of counselees. From the body of your report there is no indication that the sample will be limited to borrowers.

    If it is borrowers only, please clarify.

    Thanks,

    The_Cynic

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