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| Title: | HUD Offers Guidance on HECM Counseling Fees (ML 08-12) | | Source: | HUD | | Date: | 5/12/2008 |
Summary:
In accordance with the regulations at 24 CFR 214.313, the Federal Housing Administration (FHA) has determined that agencies
participating in HUD’s Housing Counseling Program may charge a fee for HECM counseling services as long as the cost is reasonable
and customary, does not create a financial hardship for the client, and meets the other requirements of the regulation. The
housing counseling agency must make a determination about a client's ability to pay, which should include factors, including,
but not limited to, income and debt obligations. HUD recommends that the housing counseling agency have written procedures
in place for determining ability to pay.
See Related Documents to view Mortgagee Letter 08-12.
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