Home / Daily Dose / HUD Awards New Mortgagee Compliance Manager Contract for $42 Million
Print This Post Print This Post

HUD Awards New Mortgagee Compliance Manager Contract for $42 Million

money-fourBethsesda, Maryland-based IT and logistical support provider Information Systems & Network (ISN) Corporation has been awarded the contract to serve as Mortgagee Compliance Manager (MCM) for the U.S. Department of Housing and Urban Development (HUD).

The MCM contract was awarded to ISN for the amount of $42,048,600. Neither HUD nor ISN could immediately be reached for comment on the awarding of the MCM contract.

According to HUD, the MCM position was established in 2010 as a way to centralize the Department's compliance functions into a single point of contact, and was installed as the "first phase implemented under the new M&M (Management & Marketing) III property disposition procedures."

The MCM for HUD is responsible for ensuring that lenders and loan servicers approved by the Federal Housing Administration (FHA) convey foreclosed properties to FHA in acceptable condition, according to HUD. The M&M III procedures were put in place to simplify and centralize the process of conveying foreclosed properties to FHA for FHA lenders and servicers. The M&M III procedures were also implemented to "improve communication and the dissemination of program guidance and requirements, according to HUD.

In 2010, when the position was established, the MCM contract was awarded to real estate solutions provider Michaelson, Connor & Boul, based in California and Oklahoma, which held the contract for five years.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

Check Also

Real Estate Investors Getting More Bang for Their Buck

Investors are buying up more real estate and paying less for it, as a new report finds investors now account for 15% of all residential property purchases.

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.