HUD Mortgagee Letter 2010-18
May 21st, 2010
Update: An updated mortgagee letter has been posted with an effective date of July 13, 2010.
To view the Mortgagee Letter, please click on the following link:
HUD ML 2010-18
***** Please note: Please see the following email from Amy Foster Housing Program Specialist MCM-GTM
From: Foster, Amy D [mailto:Amy.D.Foster@hud.gov]
Sent: Thursday, May 20, 2010 3:19 PM
Subject: UPDATE: Announcing Mortgagee Letter 2010-18
The Industry Conference Call to discuss the release of Mortgagee Letter 2010-18 has been scheduled.
Thursday, May 27th
2:00pm CST
Participant Dial-In Number(s): (866) 393-4425
Conference ID # 77236441
Please submit questions regarding ML 10-18 to mcmnsc@hud.gov to ensure they are addressed.
Additionally, the FAQ for the Mortgagee Compliance Manager and P260 Internet Portal have been updated. You will find updated information on our website at
http://www.hud.gov/offices/hsg/sfh/nsc/mcm.cfm
Amy Foster
Housing Program Specialist
Mortgagee Compliance Manager - GTM
U.S. Dept of HUD - National Servicing Center
301 N.W. 6th Street, Room 200
Oklahoma City, OK 73102
HUD released Mortgagee Letter 2010-18 titled, Update of Property and Preservation (P&P) Requirements and Cost Reimbursement Procedures.
This Mortgagee Letter provides updated consolidated property and preservation (P&P) guidance for foreclosed properties that had been secured by FHA-insured mortgages, and provides cross-references to the compliance requirements within HUD handbooks, regulations and current P&P guidelines. This Mortgagee Letter:
• Changes the process requirements for over-allowable expenses, including;
o Setting a per property allowable cost limit; and
o Mandating submission of all documents to the Mortgagee Compliance Manager
(MCM) through HUD’s P260 system;
• Emphasizes FHA’s current conveyance condition standards; and also,
o Re-introduces requirements for removal of interior debris and maintain the
property in broom-swept condition; and
• Reminds servicers of FHA’s inspection requirements.
This Mortgagee Letter and its attachment (Exhibits A and B) supersede Mortgagee Letter 2008-31 (and its attachment) in its entirety.
Effective Date of Mortgagee Letter
The requirements presented herein are effective with the release of this Mortgagee Letter.
To view Mortgagee Letter 2010-18 in its entirety, please click here
***** Please note: Please see the following email from Amy Foster Housing Program Specialist MCM-GTM
From: Foster, Amy D Amy.D.Foster@hud.gov
Sent: Fri May 14 15:15:48 2010
Subject: Announcing Mortgagee Letter 2010-18
HUD would like to announce the release of Mortgagee Letter 2010-18 “Update of Property Preservation (P&P) Requirements and Cost Reimbursement Procedures”.
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-18ml.pdf
HUD will host an industry conference call the week of May 24th to review the guidance and answer your questions regarding this new policy. Additional information regarding this conference call will be sent next week.
As you review the Mortgagee Letter, please compile any questions you may have and send them to mcmnsc@hud.gov. so we can answer them during the industry call.
Amy Foster
Housing Program Specialist
Mortgagee Compliance Manager - GTM
U.S. Dept of HUD - National Servicing Center
301 N.W. 6th Street, Room 200
Oklahoma City, OK 73102
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.