Changes to Home Equity Conversion Mortgage Program (HECM) Counseling Protocol Compliance: The recently signed HECM Stabilization Act authorized HUD to issue new policy and guidance for the HECM program. HUD is aware of recent advertising where lenders are encouraging prospective borrowers to take advantage of the current program before the policy changes take effect. HUD anticipates that counseling agencies will see a short term increase in request for counseling sessions. This communication reviews and emphasizes the protocol requirements for thoroughness of counseling sessions. It also addresses the protocol for emergency counseling. Counselors cannot use the anticipated program changes as justification for conducting emergency counseling. In addition, it also serves as a reminder to lenders on the restrictions for contacting counseling agencies on behalf of prospective borrowers. Read more.
Resource for HECM Counselors: NeighborWorks America sponsors the HECM Counselor Resources website incorporating content and features for both Active and Prospective HUD HECM Counselors and information for HECM consumers. Read more.
Information for HECM Counselors