The Department of Housing and Urban Development (HUD) has created a new advisory committee that will explore ways to make counseling more accessible for new homebuyers and troubled borrowers.
The Dodd-Frank Act of 2010 called for the creation of a 12-member advisory committee to improve housing counseling and develop innovative strategies to support community-based counseling agencies.
The Housing Counseling Federal Advisory Committee includes three representatives from each of the four mortgage, real estate, consumer and housing counseling sectors.
The committee members are slated to have their first meeting in August, according to committee member Pamela Marron from New Port Richey, Fla., a senior loan officer at Innovative Mortgage Services Inc.
“I’m in Florida, the land of underwater homes,” Marron said an interview Wednesday. She noted non-government-sponsored enterprise interest-only mortgages and home equity lines of credit are starting to reset and it is very difficult to refinance.
“I would tell them what is really happening at ground zero. And I am expecting the other members will have similar stories,” Marron said. “We have a good diverse group and I am excited about that.”