FHA PFS with ATP already issued. Now working on submitting HUD and the negotiator's e-mail states dual agency is not permitted per FHA guideline. I don't remember reading this in the FHA docs I have read.
I guess I wouldn't have a problem with it expect that I've already worked on this with the buyer up to this point and hate to have to turn it over to another agent this late in the game.
Anybody have any expertise on this?
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You could always ask the servicer where they received that information from and then confirm with HUD. The servicer can actually "get in trouble" for not following the servicing guidelines. HUD will probably refer you to mortgagee letter 08-43 which doesnt' mention dual agency, but does mention "The broker/agent selected should have no conflict of interest with the mortgagor, the mortgagee, the appraiser or the purchaser associated with the PFS transaction. Any conflict of interest, appearance of a conflict, or self-dealing by any of the parties to the transaction is strictly prohibited."
Thanks KerryAnn. I think a separate thread revealed that it is not a HUD guildeline but a BoA policy.
I believe according to HUD's regulations, the servicer must follow HUD's guidelines and not their own rules. Call HUD and find out if it is allowable. BOA could lose their HUD eligibility or something of the sort if they do not service loans in accordance with HUD's guidelines.
BOA can't make their own separate 'guideline' on this issue. It's not their call.
http://shortsalesuperstars.com/group/fhashortsales/forum/topics/dua...
Kevin, I think you are a wonderful asset to this group. Thanks for the input. I think I may have a way to do it. My husband is also an agent in my brokerage and he will be the buyer's agent. I wonder if they'll have a problem with him being my husband.