The most important piece of the puzzle will be counseling. We have been speaking with many Reverse Mortgage Counseling Agencies and they are definitely starting to see a rush of business with the upcoming changes. Some HECM Counseling Agencies that used to schedule appointments within 2 days, are now reporting that their earlist dates are at least 2 weeks out.
We strongly recommend that you to speak with your clients about the urgency involved and encourage them to call every counseling agency on their HUD compliant list to find out which agency is scheduling the quickest. There are still agencies that are scheduling within 1 to 3 days (sorry we can't tell you who they are) so please insist that your clients call every agency on their list to get the earliest possible appointment.
In addition, you will need to provide your clients with the new documenation requirements as of Sept. 11 (Details can be found in our last blog post). Most lender's software make these items available to you, and some also add a counselor's access code. This access code will enable the counselor to review the Reverse Mortgage Documents that you provided to your client. This is very helpful to have the counselor explaining the exact Reverse Mortgage numbers that you presented to your client.
If you fail to provide these documents to your client prior to counseling, the counselor will terminate the session, and mail out a copy of the documents to your client. This will only delay the process, and hinder your ability to obtain an FHA Case Number before Oct. 4th.
All of us here at Reverse Pipeline Management will be working diligently on every file to ensure that we have an FHA Case Number assigned for every client that has the necessary documentation submitted. If you are not a current client of ours, and would like to learn more about our Reverse Mortgage Contract Processing services, please give us a call. You'll be glad you did!