With increasing regulation and higher penalties, it is imperative that you have a highly capable vendor who is well versed in the intricacies of the FHA/HUD Process.
At First Rate we have perfected the process, enabling a smooth transition period from default through foreclosure, sale, and conveyance.
FHA assets need firm management to ensure that timelines are met and P260 uploads are accurate.
The proper communication of controllable and uncontrollable delays is what will ensure a smooth process no matter the difficulty of the asset in question.
Properties need to be managed and coddled according to their loan type with a specific focus on recurring themes per region. Issues in the southeast are different than issues in the north central. Some states will naturally have larger trash-outs needed or are more prone to natural disasters. Geography matters to the efficacy of your FHA program and to your vendors being able to maintain proper timelines and procedures.