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CA Firm Nails HUD Compliance Contract

Michaelson, Connor & Boul named mortgagee compliance manager

March 19, 2010

By staff

A company headquartered in Huntington Beach, Calif., has been tapped by the U.S. Department of Housing and Urban Development to ensure mortgagee compliance on foreclosed properties. Around a hundred jobs will be added to accommodate the contract.

HUD said yesterday that it has decided to utilize a private firm to serve as mortgagee compliance manager for the agency. The move is part of HUD's strategy to "reduce risk, increase return and improve efficiency in the resale of its inventory."

The mortgagee compliance manager will ensure that foreclosed properties conveyed from approved Federal Housing Administration mortgagees and servicers are in acceptable condition.

"It is critically important that FHA recaptures as much of our claims through the eventual sale of these properties, and this compliance management firm will help us do that," HUD Deputy Assistant Secretary Vicki Bott said in the statement.

HUD's choice for the compliance manager was Michaelson, Connor & Boul Inc.

The contract was awarded under FHA's Management and Marketing III disposition structure, which centralizes and streamlines the process of conveying foreclosed properties to FHA. HUD noted it is the largest seller of real estate in the country and has been outsourcing the disposition of its foreclosed FHA inventory under the disposition structure since 1999.

While Michaelson, Connor & Boul is based in California, it will establish a central office for lender compliance oversight in Oklahoma City. HUD has a national servicing center in Oklahoma City that will oversee the compliance manager contract.

Between 75 and 100 Oklahoma jobs are expected to be created at the company.

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