Yes. Once a housing counseling agency has decided to enter into a relationship with a particular lender, HUD requires that you enter into an MOU, signed by both parties, to formalize the relationship between the housing counseling agency and the lender. The MOU must outline the expectations of each party.
The MOU must also ensure compliance with the Real Estate Settlement Procedures Act (RESPA) requirements by requiring discussion of comparable loan products from three different lenders and ensuring any fee income is based on services rendered.
Housing counseling agencies must also include in their disclosure forms their relationship with any lenders and other partners.