Pre-Purchase
What are the 3 ways we offer Pre-Purchase counseling?
What is over the phone, Ehomeamerica and Frameworks
Who's DOB should be entered into Genii if there is more than one client?
Who is the client with the youngest qualifying age
62 years or older
What does RMA Mean?
What is Reverse Mortgage Analysis
When doing intake, what things do you need to double check?
Spelling on names, addresses and phone numbers
POA or language concerns
Home value
Script for Pre-purchase in English & Spanish
Main points:
3 ways- 1 on 1 with a counselor over the phone for $150
Ehomeamerica online ecourse for $99
FrameWorks online ecourse for $75
How would you phrase looking for language concerns or POA?
Are there any hearing or language concerns that we can accommodate for?
Is there a POA that will be present for your counseling session?
Who is required for the counseling session?
What is included in an RMA?
The RMA (Reverse Mortgage Analysis) includes
Print out of loan comparisons
Total annual loan cost
loan amortization schedule
Do we counsel in all 50 states for Reverse Mortgage?
NO- we dont counsel in Massachusetts or Minnesota
True or False:
If a client is doing any of the online courses, we can just provide the information for that course and refer client there.
True!
How do you get the HECM documents to the client? How long does it typically take?
What is create a task and 24-48 hours
How much is a Reverse Mortgage session and how long is the certificate good for?
The session is $199 and the certificate is good for 180 days or 6 months.
What does HECM stand for?
What is Home equity conversion mortgage
Tell me the process for creating a task for documents for HECM
Go to tasks in Genii- Click the new task on the bottom right hand corner- select RM packet request- assign to CSR and type in the body whether its for email request or for mail.
What information do you give the client if they are doing an online course?
What is the website and phone number for customer service
How do you process a certificate correction for a Reverse Mortgage?
Verify account-create a task for HECM cert correction-fill out template- Notate what needs to be changed/updated-set turnaround time as 24-48 hours
What documents does the proprietary RM sessions need?
What is nothing- lender provides all documents required for the client to complete the session
What are some of the requirements by the lender that the client needs to maintain if they get a Reverse Mortgage?
You have to keep up with the property taxes, insurance and HOA fees.
Give me a word track that you would use to help determine which RM session the client needs
•"Did your lender tell you what session you needed?”
“Do you have the paperwork that the lender provided?
Section 32 or High Cost mortgage. What type of counseling is this?
What is phone counseling
How soon can we schedule an appointment if we mail out documents to the client vs Emailing them?
5-7 business days for phone appointments
48 hours after for email
62 years or older
Fee for the session of $199
Certificate is good for 180 Days or 6 Months after completion of counseling
Anyone the lender requires for counseling must attend
Name all the Proprietary RM sessions
HomeSafe, Equity Elite, Equity IQ, Platinum, HELO, Smartifi Choice
When do the funds from the Reverse Mortgage come due?
•The homeowner passes away
•Homeowner moves and sells the home
•If the homeowner is not able to have the property as it’s primary residence (example, has to move to a nursing home facility)