FHA HIRES COMPLIANCE MANAGER TO OVERSEE INVENTORY OF 'HUD HOMES'
Contract designed to reduce risk and increasing return on resale of property:
WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced the agency is contracting with Michaelson, Connor & Boul, Inc. (MCB) of Huntington Beach, California to serve as a Mortgagee Compliance Manager. MCB will be responsible for ensuring that Federal Housing Administration (FHA)-approved lenders and loan servicers convey foreclosed properties to the FHA in acceptable condition.

MCB will establish a central office for lender compliance oversight in Oklahoma City, which is projected to create 75 - 100 new professional jobs. HUD's National Servicing Center (NSC) in Oklahoma City will be responsible for the direct oversight of the new compliance manager contract.

"This new contract is part of FHA's continuing effort to reduce risk, increase return, and improve efficiency in the resale of its inventory of foreclosed property," said HUD Deputy Assistant Secretary Vicki Bott. "It is critically important that FHA recaptures as much of our claims through the eventual sale of these properties and this compliance management firm will help us do that."
Under M&M III, lenders and loan servicers seeking to convey foreclosed properties to FHA will find a more efficient and less complex process than under previous M&M contracts. Michaelson, Connor & Boul, Inc will serve as the sole entity responsible for mortgagee compliance.