1. Contact the Administrator.
2. Verification of employer benefit
Your administrative representative will complete
verifications and administer them directly to the
requesting service provider to ensure integrity in documentation.
3. Selection of the mortgage service provider
Employees can use dedicated mortgage service providers that are experienced in underwriting housing benefit plans. These experienced providers will verify and document your housing plan lump sum disbursement. Your taxable compensation can be wired to the settlement agent per your instructions or wired to your discretionary account.
OR, use any local lender when your taxable compensation is administered at the time of closing.
EITHER WAY, the funds will be promptly wired by the Administrator per your instructions.
4. Complete the requirement packet.
You must complete your authorization form, educational and community reinvestment forms. The packet is a self-administered
test with reading material covering the Real Estate Settlement Procedure Act (RESPA) and a Housing & Urban Development (HUD) pamphlet: Buying a Home. Additionally, you must invest six (6) hours of your time in community service. The directions and verification forms are within the benefit application and must be completed and received prior to settlement.
Employees are to complete the following portion of the benefit application packet and fax or mail it to the administrator:
Pg 4: Verification of Community Reinvestment
Pg 5: Employee Information
Pg 6-8: Education Packet
5. Taxable compensation at the closing
The IRS clearly states the housing benefit, earned by completing the requirements, is a taxable event. A 1099 will be issued to the employee in the same calendar year the real estate transaction is completed. The settlement agent will require you to sign a 1099 acknowledgment at the time of title transfer.
Relocation & Housing Benefit Requirements
1. Complete the intake election form
2. Notify your agent that you have plan coverage
3. Verify your agent has received brokered referral
4. When you receive your election form, sign & return
5. Complete the requirement packet to verify your knowledge
6. Support your community with reinvestment service
© Copyright 2007-2011 Employer Consortium For Workforce Relocation and Housing Benefits Privacy Policy
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This tutorial will support the completion of your required Employer Consortium's educational packet.
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Adminstrative Office: 800-514-7980
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Complete my intake packet
Brush up my knowledge & reinvest in my community
Taxable compensation at closing
1. Click & complete
Just complete the above
two page intake form.
Employee Intake
and Requirements
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