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Learn to use Neighborhood Watch: Early Warning System
Yesterday, HUD released Mortgagee Letter 09-ML-02 on Mortgagee Monitoring,
In a nutshell, HUD has reinstated SWAT (Special Work Assessment Teams) to conduct on-site audits of mortgagees that are originating loans showing signs of distress.
Giving us a clue as to what the SWAT team would audit is this reminder from the Mortgagee Letter:
The Department urges you to review your company's procedures to ensure that your organization is in full compliance with all FHA requirements. While not an exhaustive list, it is imperative that you ensure your organization:
• implements and mai ...
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