HECM Broker Advisory

Thank you for your interest in the OmniHome Broker Advisor Program. Now you have the opportunity to be a part of an expanding market that enables Seniors to convert their home equity into money they can use with no income or credit requirements.

The Reverse Mortgage program is saving the quality of life for many Seniors and it has proven to be a nice additional product for brokers and an excellent opportunity to create extra revenue.

BENEFITS TO YOU:

• Earn up to $1,813 for services you provide to your clients
• No need for FHA approval
• No cost to participate
• OmniHome handles all processing from application to funding
• OmniHome provides all sales training for you and your loan officers

YOUR RESPONSIBILITIES:

Identify and Pre-Qualify prospective HECM Clients
As the Advisor, you will be responsible to identify and pre-qualify clients.  You will also fill out the Advisor Certificate.

Educate Clients about the Reverse Mortgage Program
Education is important and it will be your responsibility to explain the costs and benefits to the Reverse Mortgage client. You will also have the client sign the Applicant Assistance Agreement that acknowledges that you, the Advisor, will be paid for services provided to the client. Prior to funding, you will fill out a HECM Advisor Certificate accenting the services you have performed for your client.

Contact an OmniHome Rep to Begin the Application Process
It is a HUD requirement that only an employee of the Correspondent Lender, OmniHome, may actually take an application for a Reverse Mortgage. One of our Reverse Mortgage Consultants will meet with your clients and complete the loan application in the client's home or they can come to our local office if they choose.

YOUR COMPENSATION
Your Advisor Compensation is a maximum of 25% of the total origination fee charged to your client. The total origination fee is capped by HUD at a maximum of 2% of the lesser of the appraised value or the FHA Lending Limit for the county where the property is located (not the loan amount).

For Example, A Home Value might be $500,000; but FHA lending limit in Los Angeles and surrounding Counties is capped at $362,790
Maximum Origination Fee = $7,255 or 2% of $362,790
Maximum Advisor Fee = $1,813 or (25% of Max. Orig. Fee)

HOW TO PARTICIPATE

• Download the easy to read HECM Broker Advisor Forms
• Provide a copy of your California DRE Broker License
• Be prepared to work with the Best in the Business