Counseling Statistics
Successful Pilot Program
On July 1, 2006, with the knowledge of the NFCC and HUD we implemented a pilot program to test the DirectConnect Reverse Mortgage Counseling Services management system. The pilot program ran from July 1, 2006 to October 1, 2006 for HECM and cash Account counseling.
HECM Counseling Pilot Results:
August 06 Results:
This was the second month of operations. 68 borrowers were registered into the DirectConnect system. Of the 68 borrowers, 68 were issued a certificate. The average completion time was 2 days (48 hours) from date of registration into the DirectConnect system by the lenders.
Click here to see the actual statistical report on August clients.
Cash Account Advantage Counseling
Pilot Results For Financial Freedom:
September 06 Results:
This was the third month of operations. We created a Cash Account counseling modular in the DirectConnect system for the Financial Freedom Cash Account Advantage product. At the time of we launched the Cash Account modular, Cash Account borrowers needing counseling were back up by eight weeks.
On September 11th 2006, Financial Freedom, Western Operation in Roseville, CA started registering the back log of Cash Account borrowers into the DirectConnect system. Below are the results on what DirectConnect can do for Cash Account counseling.
337 Cash Account borrowers were registered and completed from September 11th to Spetember 26th 2006 in the DirectConnect system. The average completion time was 2 days (44 hours) from date of registration into the DirectConnect system by the lenders.
Click here to see the actual statistical report on August clients.
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