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#683790 - 02/09/07 01:47 PM Home Ownership Counseling Notice
P*Q Offline

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It's Friday, having a brain cramp, where can I find the home ownership counseling notice requirements? Thanks.

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Lending Compliance
#683818 - 02/09/07 02:15 PM Re: Home Ownership Counseling Notice P*Q
David Dickinson Offline
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106(c)(5) of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x). It's on page 8740.51 of the FDIC R&R's.
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#683831 - 02/09/07 02:24 PM Re: Home Ownership Counseling Notice David Dickinson
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Thanks David.

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#683843 - 02/09/07 02:38 PM Re: Home Ownership Counseling Notice P*Q
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I found some info on the FDIC website but page 8740.51 doesn't tell me the applicablity of it. Is it on to be given on mortgage loans? Does lien status matter?

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#683846 - 02/09/07 02:41 PM Re: Home Ownership Counseling Notice P*Q
Dan Persfull Offline
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Lien status does not matter. If the loan, any loan, is secured by a 1-4 family dwelling the notice applies.
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#683851 - 02/09/07 02:44 PM Re: Home Ownership Counseling Notice Dan Persfull
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Great, thanks Dan.

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#683854 - 02/09/07 02:46 PM Re: Home Ownership Counseling Notice P*Q
David Dickinson Offline
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BOL has a great recap of these requirements in their Top Story section. You can find it here.

Another BOL resource on this topic, is an article Mary Beth wrote in January 2002. Click here for this article.

And finally, the FDIC issued FIL 43-2002 on May 7, 2002 about the HOC requirements.
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#683873 - 02/09/07 03:05 PM Re: Home Ownership Counseling Notice David Dickinson
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Thanks again. I did try a search but was unsucessful as usual.

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