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HUD Aims to Speed REO Sales Process.(Brief Article)
It looks like the Department of Housing and Urban Development is close to getting its accelerated claims disposition program off the ground.
The new initiative is supposed to get the FHA out of the single-family property management business by selling defaulted loans through joint venture partnerships.
HUD officials say they are not ready to talk about the CD program yet. But sources tell MSN that HUD is about to issue a request for proposals for potential joint venture partners who would get the loans ready for sale or foreclose on the properties. HUD would have an equity stake in the JV.
Sources also say several servicers are ready to sign up for a pilot program to sell their nonperforming loans to the JV.
Ideally, these FHA loans would be 91 to 120 days delinquent and unsuited for loss mitigation.
But the 91-120 day window period would be longer in some states because of judicial reviews or other factors.
Supposedly, HUD will offer incentives for servicers to sell their loans to the joint venture. HUD has dropped the idea of charging a repurchase fee if the JV returns loans to the servicer.
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Source: HighBeam Research, HUD Aims to Speed REO Sales Process.(Brief Article)