New HUD PFS new mortgagee letter effective 10/1/13. HUD 2103-23. This Inman News article http://www.inman.com/2013/09/20/nar-hud-shooting-itself-in-the-foot... says the new policy prohibits dual agency. I don't see anything in the mortgagee letter about that. Does anyone know anything about this?
I saw the NAR announcement...I'm wondering if the Bank of America employees know about it. They sent out an announcement yesterday based on the 'old news'.
Just in… Dual Agency Reversal has been published by HUD in ML 2013-34 http://portal.hud.gov/huddoc/13-34ml.pdf
Implementation of the “PFS Participation Requirement” section stipulated in Mortgagee Letter (ML) 2013-23 has been delayed until further notice. PFS participation requirements denoted in ML 2008-43, 2002-13, and 2000-05 remain in effect.
All other provisions included in ML 2013-23 remain in effect.
Delayed Implementation of “PFS Participation Requirement” Section included in Mortgagee Letter 2013-23, Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure Requirements
Get this out to all of the servicers you’re working with RE FHA PFS transactions
We did it… This battle is done but the fight is far from over… LOL
I think proper recognition should be given to Sarah Young of NAR Government Affairs Department on this issue. Here's the story:
On August 8th, I contacted Sarah to inform her my understanding of the possible problem of dual agency restriction within the new HUD guidelines released in ML 2013-23. She immediately requested and received confirmation from HUD that our understanding was correct - NO DUAL AGENCY would be allowed. She requested the reason and was told because of concern of fraud/misrepresentation, however, no factual data was produced. Sarah continued to 'bull-dog" this issue, which was no easy task, and on Thursday, September 18, letter was sent to the Assistant Secretary of HUD by NAR President Gary Thomas. By this time many other individuals and associations had entered into the fray and Sarah was at the center of it all. HUD responded by agreeing to remove all verbiage from the new PFS guidelines- FOR NOW! Work still needs to be done.
As the Short Sale Facilitator/Trainer for Long Realty, my only duty is to research and stay as current as possible on all the different short sale programs. Over the past few years, I have had to contact NAR on numerous short sale issues. Both Charlie Dawson and Sarah Young in the NAR Government Affairs Department have always been to there to "cover our backs". Their passion and commitment to help and protect our industry is amazing. Thanks to both of them.