The Dept. Of Housing and Urban Development has released Mortgagee Letter 2007-10 titled, "Single Family Mortgage Insurance Premiums: Pay.gov Implementation".

With this Mortgagee Letter HUD announces a change to the Upfront and Periodic Mortgage Insurance Premium (MIP) collection processes.  This modification of the existing process is being made in response to the Department of the Treasury's mandate for all agencies to switch from their current lockbox services to Treasury's Pay.gov collection service. 

After September 30, 2007, all single-family MIP payments currently collected through the two payment service providers, Mellon Bank and PNC Bank, will be collected directly by HUD and processed using Treasury's Pay.gov system. Therefore, effective September 30, 2007, HUD will no longer accept any single-family MIP payments sent to Mellon Bank or PNC Bank. 

Additional information regarding the new process is available at  http://www.hud.gov/offices/hsg/comp/premiums/sfpaygov.cfm.

Questions or comments concerning this process should be directed to the Single Family Insurance Operations Division (SFIOD) via e-mail at:  sfpaygov@hud.gov

To view the Mortgagee Letter in its entirety, please click here.

####

Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, OH  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 425 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.