HUD has received a tremendous response from the Industry regarding Mortgagee Letter 2010-18, Update of Property and Preservation Requirements and Cost Reimbursement Procedures. Although the effective date of Mortgagee Letter 2010-18 was July 13, 2010, the Department would like to continue to collect your questions and comments.
HUD appreciates the feedback that it has received to date. Industry partners are encouraged to continue to submit questions regarding this Mortgagee Letter and the P&P process. Please call 1-877-622-8525 for Mortgagee Compliance related questions and comments.
M&M Mortgagee Compliance Manager (MCM)
HUD has centralized its Mortgagee compliance functions into a single point of contact, designated as the Mortgagee Compliance Manager (MCM) (see Mortgagee Letter 10-16 for further information). The installation of the Mortgagee Compliance Manager is the first phase implemented under the new M&M III property disposition procedures. The MCM contract has been awarded to Michaelson, Connor & Boul. ML 10-16 also introduced HUD's Internet portal, P260. Under M&M III, all documentation related to Mortgagee compliance must now be electronically scanned and uploaded into P260.
Mortgagees - if you have discovered reporting issues within SFDMS that might be causing loans not to appear in the P260 Portal, please e-mail a request for assistance to email@example.com. For additional direction on how to locate loans in the P260 Portal, please contact the Yardi Help Desk firstname.lastname@example.org.
As a reminder for P260 access:
Mortgagees - You will be required to be the primary SuperUser and to set up access for any vendor or agent you use in managing your Property Preservation & Protection work. Per the instructions and requirements under ML 2009-42, the Mortgagee remains fully responsible for proper servicing as the actions of the servicer/agent will be considered to be the actions of the Mortgagee. You may assign your vendor/agent a SuperUser status in the P260 Portal and, in turn, they will have the access needed to set up their staff assigned to your company's preservation work.
Vendors/Agents - Your lender must give you access to the P260 Portal. Your access can be that of a SuperUser so you may provide access to your staff. Additionally, you must have a separate login for each lender you represent or for which you need access into the P260 Portal.
The effective date of the requirements for the MCM and P260 Portal presented in this communication is April 7, 2010.
Michaelson, Connor, and Boul can be reached at:
4400 Will Rogers Parkway, Suite 300
Oklahoma City, OK 73108
Phone: (877) 517-4488
Local: (405) 595-2000
FAX: (405) 595-5005