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#269549 - 11/01/04 09:39 PM Homeownership Counseling Notice
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
Regarding the required notice under 12 USC 1701x(c)(5), am I correct in that there is no model language or size requirement for the notice?
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Lending Compliance
#269550 - 11/01/04 09:58 PM Re: Homeownership Counseling Notice
David Dickinson Offline
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David Dickinson
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Central City, NE
I believe you are correct. Here's all that we recommend:
"If your home secures this loan, you may call 800-569-4287 to obtain a list of HUD approved nonprofit organizations that can provide homeownership counseling to you."
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#269551 - 11/01/04 10:03 PM Re: Homeownership Counseling Notice
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
I agree and the language David shows is the language we use. We include it on all our PC generated past due letters.

I would caution on the size requirement. Although there is no specific font requirement I would be leery of putting it in 6 point when all others are in 10 point. We have the statement as the last paragraph of the letter in the same font size as the others.
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#269552 - 11/01/04 10:43 PM Re: Homeownership Counseling Notice
swiggles Offline
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swiggles
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Thanx, guys. I'll use your suggestions. We're trying to get the language added to our past due notices, but our current text is too wordy to fit.

I assume the toll-free number you gave is the most current?
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#269553 - 11/01/04 11:32 PM Re: Homeownership Counseling Notice
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Quote:

I assume the toll-free number you gave is the most current?



I just called the number to ensure that it was correct. I recieved the "HUD referral counseling line."
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#269554 - 12/21/04 03:00 PM Re: Homeownership Counseling Notice
OnTheEdge Offline
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Joined: Apr 2002
Posts: 1,677
SmallTown, USA
David, If we've already sent the letter once, do we need to send again?
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#269555 - 12/21/04 05:48 PM Re: Homeownership Counseling Notice
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
Quote:

David, If we've already sent the letter once, do we need to send again?




I'm not David, but you must provide the notice EACH time the account goes 45 days past due, this is why we have incorporated it into all of our past due letters.
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#269556 - 12/21/04 05:54 PM Re: Homeownership Counseling Notice
OnTheEdge Offline
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Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Thanks for your response. In a past life, we also incorporated the notice on late notices. In my present life, the notice has always been sent separately. (Old dogs/new tricks).
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