Housing Counseling FAQ
Q

How do counseling agencies provide for payment when a client elects to finance the counseling fee but has not seen a lender and ultimately does not go forward with the loan?

Date Published: September 2015

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A

The agency should establish procedures for collection of the counseling fee. In the case where a client does not get a Home Equity Conversion Mortgage (HECM) loan, the agency may try to collect the fee from the client 180 days after the HECM counseling session.


Tags: Housing Counseling Program HECM Counseling Fees

FAQ ID:

2549