Effective April 7, 2010
All FHA Approved Servicers
FHA centralizes the Management and Marketing (M&M III) contract process. FHA also introduces a new web portal for submitting documents regarding the protection and preservation of pre-conveyance foreclosures, title reviews and reimbursement for allowable costs.
FHA reduced the number of M&M providers from 14 to just one MCM; Michaelson, Conner and Boul. HUD’s National Servicing Center (NSC) in Oklahoma City is now responsible for managing the MCM contract. MCM is responsible for expense reimbursements, title reviews, extension request, inspection audits and making sure conveyed properties meet FHA standards.
Use of the P260 internet portal is required. Servicers scan and electronically upload documentation for pre and post-conveyance activities to P260. HUD has scheduled online training sessions and provides a Portal User Guide and training videos. FHA will release additional information regarding requirements and submission documentation in an upcoming Mortgagee Letter.
How does it change or benefit the industry:
This change significantly improves the consistency of the M&M process and communication by consolidating the number of contractors to one, and the oversight of MCM to one HUD location from the four Home Ownership Centers. The P260 portal transforms the paper intense process to an image enabled process, which will save time and expenses associated with mailing or faxing required documentation.
About this AllRegs HUD Mortgagee Letter Synopsis:
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