HUD has received a tremendous response from the Industry regarding Mortgagee Letter 2010-18, Update of Property and Preservation Requirements and Cost Reimbursement Procedures. Since the effective date of Mortgagee Letter 2010-18 has been changed to July 13, 2010, the Department would like to continue to collect your questions and comments. A Frequently Asked Questions (FAQ) document is available with further information about ML10-18. Further information about the timeline for the implementation of ML 10-18 is available here.
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 email any related questions and comments to firstname.lastname@example.org. HUD will publish an online summary of questions, comments and Department responses for industry to review. Please continue to monitor this web site for updated information and guidance to assist you with implementation of FHA's new P&P procedures and requirements.
M&M III 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 new Internet portal, P260. Under M&M III, all documentation related to Mortgagee compliance must now be electronically scanned and uploaded into P260. Additional information about the MCM contractor, its role under M&M III and the P260 Portal is available in the updated MCM FAQs.
During the initial 30 days of MCM and P260, HUD discovered a group of loans not found in the P260 Portal. This error has been corrected. For additional direction on how to locate loans in the P260 Portal, please utilize the MCM FAQ link. 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.
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 he 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
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