Homes And People

Many of you heard that there was a window of opportunity for us  yesterday  for us to be able to ship for closings for HUD transactions.  As of  5pm yesterday HUD will  no longer accept any more sets of figures for this week and due to the VA holiday.   This mandate will stay in place because these closings are still with MCB and the switch to the three new asset managers still has not taken place and this is for a temporary time only.

The latest updated on the temporary hold for HUD transactions is that all files that were currently with MCB are currently in transit to the three new asset managers (HomeTelos, Matt Martin Realty and Pemco).  We are told they should all have their inventory by this coming Monday, November 8, 2010.  Whether or not they will be ready to open their doors for “business” we have not yet been advised however we would imagine that they are as anxious as everyone else to get going as they have been staffed for quite some time and as we all know that requires money.   For those of you who have files to that need to get to the closing table the question will be which asset manager has your file and how ready will they be to get it to the closing table?    

The Department of HUD has just advised us that as of 5:00pm today if you have not already had your closing figures submitted and already scheduled and in place then any future properties currently under contract are being placed on hold until further notice and MCB will no longer be handling those files as the Asset Manager.   All files that have been currently handled by MCB will now be transferred to three new asset managers (HomeTelos, Matt Martin Realty and Pemco Asset Management).  All properties will be listed through the new website of www.hudhomestore.com   Hopefully the hold will not be in place for too long but as always Homes And People is here to help everyone work through this transition and help make your transactions go as smoothly as possibly.