The purpose of this Mortgagee Letter is to update the conditions under which FHA will pay loss mitigation claims for modifications of loans where the current note rate is 50 basis points or more over the current market rate as defined herein.  To qualify for the incentive payment and allowable costs on such cases, the modified loan must meet the term and interest rate requirements prescribed in this Mortgagee Letter.  These requirements are effective thirty days from the date of this letter.

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

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.