In 2010, MCB was pleased to be awarded Mortgagee Compliance Manager (MCM) under the first and only nationwide contract as part of the third generation of Management and Marketing (M&M III) for the United States Department of Housing and Urban Development (HUD). HUD centralized the pre-conveyance functions for ALL of their single family assets from 12 different contractors into one national MCM contractor. Our contractual objectives were to oversee the conveyance processes for FHA insured foreclosed homes from the mortgage lenders to HUD. Our goal was to convey homes with good and marketable title, and to ensure the home has been properly preserved and maintained. In 2015, this contract was awarded to Information Systems and Networks Corporation (ISN Corp).
MCB audited claims that were filed against the FHA insurance funds from two critical standpoints. The first was to insure that the conveyance of the physical property was in compliance with HUD Handbooks and the requirements contained in the Code of Federal Regulations. Second, we audited all expenses claimed by the Mortgagee to confirm that expenses were accurate, reasonable and were actually incurred. To accomplish these goals, we processed about 70,000 different types of transactions every month that were submitted by the Mortgagee community – within short timeframe requirements. Examples of the types of transactions we reviewed and processed are:
- Overallowable Requests and Appeals.
- Extensions of Time Requests and Appeals.
- Surchargeable Damage Requests and Appeals.
- Requests from Foreclosed Homeowners for Occupied Conveyance.
- 27011-A Claim Reviews.
- 27011-BCDE Claim Reviews.
- Title Packages.
- Post Conveyance Demands for HOA, Utility, Taxes or Damage Discovered at Conveyance.
- Reconveying the Property Back to the Mortgagee as a Result of Title Issues or Damages.
If you have any questions, please contact ISN Corporation at www.isncorp.com