The Origination Package

The Originator’s Checklist was created to collect information from potential borrowers on the initial call. The objective of this first call is to educate the borrowers so they can decide if they want to go forward. Go over the loan requirements; ask about value of home and whether or not there are existing liens on the property.

Encourage the customer to go the counselor so they can learn about the program to make an informed decision. Be sure to tell them the meeting with the counseling agency is private, and is designed as a fact-finding tour for consumers. They are under no obligation to continue with the loan.

Ask three questions:
1. Did you get the information I sent to you?
2. Do you have any questions?
3. Have you scheduled the required third party meeting with a counselor?

The Application package should explain the steps involved in the loan process, the third party education session and should include where they need to call to arrange counseling. You can obtain a list of the counseling agencies for HECM on the HUD website and you may utilize the AARP counseling services. If you choose to give counselor information to borrower, you must supply contact information for at least 10 counselors; 5 of whom can be national but the remaining 5 must be in the state where property is located and one must be in driving distance.

Requesting Reverse Mortgage Counseling HUD website:
http://www.hecmresources.org/requests.cfm