Announcements

October 27th, 2010 Transition to M&M III

Under M&M III, HUD homes will be managed by various Field Service Managers (FSMs) for property maintenance issues and Asset Managers (AMs) for marketing services. There may be more than one FSM and AM for your area. For a listing of designated FSMs and AMs, please refer to www.HUDHomeStore.com for further assistance.

As the transition to M&M III continues, effective October 27, 2010 all properties that are currently listed on MCB’s website will continue to be listed for an additional 15 day period and all bids will be opened on November 12, 2010. All bids placed during this 15 day period will be considered to have been received simultaneously and will be reviewed by the new AM contractor. The notification of an acceptable offer may be delayed for several days during this transition.

Effective November 12, 2010 all remaining properties that are currently listed on MCB’s website will continue to be listed for an additional 15 day period and all bids will be opened on November 26, 2010. All bids placed during this 15 day period will be considered to have been received simultaneously and will be reviewed by the new AM contractor. The notification of an acceptable offer may be delayed for several days during this transition.

Effective November 27, 2010 MCB will no longer be listing any HUD properties.

All questions concerning bids on November 12th and 26th must be directed to the new AM contractor who will make the decision to accept or not. MCB will not be able to provide further assistance regarding these properties. If you have a sales contract that has been ratified by MCB it will continue to be handled by us until December 11. Any cases not closed by that date will be forwarded to the new AM.

Please refer to www.HUDHomeStore.com for further assistance.

July 29th, 2010 Mortgagee Memo

The Mortgagee Memo is one way MCB intends to reach out and provide news, information, and tips on how Mortgagees can avoid the issues that can cause delays in processing property conveyance to HUD.  Our communication goal is to help Mortgagees improve the way requests are submitted, not only increasing the opportunity for approvals, but receiving the decision more quickly.  This bulletin is the first in a series of communications to Mortgagees and Servicers toward this goal.

For suggestions on topics you would find useful, or general questions related to mortgagee compliance requests, please e-mail mcm-info@mcbreo.com

July 19th, 2010 Incentive Expiration for Arizona and Nevada

HUD's $100 Down payment initiative will expire on July 31, 2010. The $100 down payment was for owner occupants (Any individual who purchases a HUD home as their primary residence for at least 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months) purchasing a HUD Home with FHA financing. This incentive will continue to be eligible for all contracts signed by seller by July 31, 2010.  Contracts signed after the July 31, 2010 deadline will not be eligible for the $100 Down payment incentive.

February 5th, 2010 Announcement

MCB is proud to announce that it has been awarded the nationwide Mortgagee Compliance Manager (MCM) contract from the U.S. Department of Housing and Urban Development.  MCB will be responsible for pre-and-post conveyance activities including, but not limited to, review of over allowable requests, extensions of time requests, claims reviews, title package reviews and approvals, and ensuring properties are conveyed to HUD in accordance with FHA standards.  For additional information please select the following link: http://www.hud.gov/offices/hsg/sfh/nsc/mcm.cfm.

November 3rd, 2009 Change to Allowable Closing Costs for 203(k) Rehabilitation Loans

Please click here, to see Notice H2009-17 which revises certain provisions related to allowable closing costs for 203(K) rehabilitation loans.  For 203(k) loans, HUD will reimburse loan origination fees up to:  one percent (1%) of the total 203(k) mortgage amount, plus the Supplemental Origination Fee calculated on line B11 of form HUD-92700 (line B11 is the greater of $350 or 1.5% of the total of rehabilitation costs and allowable fees.)

March 27th, 2009 Neighborhood Stabilization Program Bulk Sales Initiative: Currently, the bulk sale initiative applies only to Michigan

HUD's new Neighborhood Stabilization Program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes. For more information see HUD’s NSP website:   http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/

As part of this important program, HUD has introduced its Bulk Property Sales Initiative, for eligible NSP grantees to purchase HUD homes with their NSP funds. Properties that have been marketed by MCB for more than 60 days are eligible for this program. While these properties will simultaneously be offered to the general public, NSP participants may locate them on our website under Special Programs- NSP Bulk Sales Listings. Please click here for all specific program information. Please click here for the Michigan NSP Listings.