Alliance Credit Counseling has released a new counseling locator tool that will make the lives of both lenders and borrowers a little easier. At least when it comes to locating an approved reverse mortgage counselor.
According to their website Reverse Mortgage Counseling Locator helps to easily locate counseling agencies. Anyone can quickly find nearby HUD-approved agencies by just entering a five digit zip code. Homeowners can review the agency list (five local, five national), and select the agency they desire, including those that offer money-saving options. Additionally the system provides directions to the locations and shows what type of counseling is available: in person, by phone, or by webinar.
The service also enables lenders to print or email counseling lists to prospective borrowers, along with the NCOA’s “Use Your Home to Stay at Home” and HUD’s “Preparing for Your Counseling Session” letter. In addition, lenders have the ability to track which loan officers have sent out counseling materials to specific borrowers.
