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Notice Language For Homeownership Counseling

Question: 
To comply with the Homeownership counseling requirement, we put the phone number for customers to call for a list of counseling agencies on our 30 day demand notice. Are we still in compliance? We don't send out any type of pamphlets.
Answer: 

There is no need to send out a pamphlet, and no particular format is prescribed, so you could include the notice on your demand notice. Just putting the phone number, however, is probably not sufficient, unless you also include wording that explains what the phone number is for.

In a prior article, we give some additional suggestions for the wording:
http://www.bankersonline.com/compliance/cihome.html

First published on BankersOnline.com 6/3/02

First published on 06/03/2002

Filed under: 
Compliance
Filed under compliance as: 
Homeownership Counseling

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