Learn if a mortgage is good for you, your clients &/or customers.
Housing counselors provide advice on buying a home, renting, defaults, foreclosures, and credit issues.
In NY, 2 nationally approved housing counselors are:
After, January 10, 2014 lenders will be required to provide a list of ten (10) housing counselors to all applicants for federally-related loans.
The list will also include this warning:
"The counseling agencies on this list are approved by the U.S. Department of Housing and Urban Development (HUD), and they can offer independent advice about whether a particular set of mortgage loan terms is a good fit based on your objectives and circumstances, often at little or no cost to you. This list shows you several approved agencies in your area. You can find other approved counseling agencies at the Consumer Financial Protection Bureau’s (CFPB) website: consumerfinance.gov/mortgagehelp or by calling 1-855-411-CFPB (2372). You can also access a list of nationwide HUD-approved counseling intermediaries at http://portal.hud.gov/hudportal/HUD?src=/ohc_nint.”
No need to wait until January 10th - real estate professionals should start directing consumers to this list today.