U.S. Department of Housing and Urban Development

H O U S I N G

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Special Attention of: Notice H 91-6 (HUD)

Directors of Housing

Field Office Managers Issued: January 25, 1991

Directors of Housing Management Expires: January 31, 1992

Regional Coordinators for

Mortgagee Reviews (RCMR)

Chiefs of Loan Management Cross References:

Single Family Supervisory Loan

Specialists

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Subject: Monitoring of Monthly Mortgage Insurance Premium (MIP)

Remittances (Limited Scope)

Effective immediately upon receipt of this Notice, but

no later than March 1, 1991, monitoring monthly mortgage

insurance premiums (MIP) remittances must be among the areas

given priority when performing on-site mortgagee reviews.

Based upon the Insurance Operations Division (IOD) reports,

which indicate the amount of outstanding MIP funds, the Headquarters

Single Family Financial Management Task Force on monthly

MIP remittances decided that more aggressive measures must be

undertaken to reconcile MIP records and collect the debt. It was

decided that Field monitoring staff could play an important role

in improving mortgagee compliance with respect to MIP

remittances.

Monitoring monthly MIP remittances must become an integral

part of all mortgagee reviews. Although every aspect of a

lending institution\'s servicing operation is important, if time

and travel funds constraints prohibit expanding the current

mortgagee review format, areas where HUD is less vulnerable must

be excluded from the review in order to accommodate the review of

MIP.

Field monitoring staff will not be required to collect MIP

or to reconcile data. Headquarters accounting personnel will

perform that aspect. Field staff is not authorized to proceed

beyond the requirements of this Notice.

Even though the field staff\'s role will be limited in scope,

we believe it will have a significant impact. Mortgagees will

become more aware that HUD is concerned with the accuracy of

monthly MIP submissions and in the proper completion of Forms

HUD-92080, Mortgage Record Change, (Attachment A) and HUD-2344,

Lender\'s Request for Termination of Home Mortgage Insurance,

(Attachment B) which is extremely important in reconciling HUD\'s

records with the mortgagee\'s and in billing for MIP.

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HSSL : Distribution: W-3-1, W-2(H), W-2(OGC), W-2(Z), W-3(A), W-3(H),

W-4(H), R-1, R-2, R-3, R-3-1(H), R-3-2, R-3-3, R-6,

R-6-1, R-6-2, R-7, R-7-1, R-7-2, R-8, R-8-1, R-9-1

Previous Editions Are Obsolete HUD 21B (3-80)

GPO 871 902

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Field Offices must carefully read the following procedures.

Monthly or periodic MIP applies to mortgages prior to

September, 1983 and all General Insurance, (GI) and Special Risk

Insurance, (SRI) fund mortgages insured from September, 1983 to

present. (Refer to Attachment Q which lists the ADP codes for

mortgages obligated from the GI and SRI funds.) Each month,

HUD\'s Single Family Insurance Operations Branch (IOD) sends to

the mortgagee an Advance Notice of Annual Premiums listing

mortgages which have an anniversary date 13 months hence

(Attachment C). This report assists mortgagees in establishing

the exact MIP amount to collect from mortgagors each month for

the next 12 months to ensure that the total annual MIP is in

escrow when the remittance is due. Each mortgage is listed along

with the annual MIP amount which will become due on its

anniversary one year hence.

Mortgagees are required to remit MIP to HUD on or before the

10th day of the month equal to the total of all MIP amounts

collected from mortgagors during the preceding month. Or, as an

option, mortgagees may remit monthly 1/12th of the annual MIP for

each mortgage in their portfolio. Regardless of which method of

remittance the mortgagee selects, Form HUD-2748, Single Family

Mortgage Insurance Premium Remittance Summary, must accompany

each remittance. (Attachment D.) (See Mortgagee Letter 82-6,

dated April 22, 1982, Revision to Mortgagee Remittance

Requirements for Single Family Mortgage Insurance Premiums.)

Generally, mortgagees remit monthly MIP as required. However,

one of the major problems is that the amounts remitted by

mortgagees are not the amounts as estimated by HUD due to

discrepancies between HUD\'s records and those of the mortgagees.

Discrepancies are attributed, in part, to errors and omissions by

mortgagees in the submission of Form HUD-2344, and Form HUD-92080.

Until the Insurance Operations Division is properly notified

of a change in the status of a mortgage, the system will continue

to generate a notice of a monthly MIP payment due to the most

recent mortgagee of record.

Field staff will review information from the Single Family

Insurance System (SFIS) to determine if a portfolio reconciliation

is necessary. The mortgagees method of submitting Form HUD-2344

when FHA insurance is terminated and Form HUD-92080 when

mortgages are purchased and/or sold must be reviewed on-site.

To assist in the review, field staff will be provided

specific mortgagee data from the SFIS denoting missed or late

monthly MIP remittances (not remitted on or before the 10th day

of the month in which due), the monthly MIP amounts

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2

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which have been remitted by the lender and HUD\'s listing of the

mortgages in each mortgagee\'s portfolio (Attachment E). Field

Offices must examine this information in order to be thoroughly

familiar with the mortgagee\'s monthly MIP transactions before the

review.

Procedures to follow prior to the review, on-site and

following the review are outlined herein. Regions and Field

Offices must pay particular attention to time frames within this

Notice (Pages 4, 8 and 9). Since information necessary to

perform MIP reviews must be requested from Headquarters in some

instances, it is essential to allow sufficient turnaround time.

Also, since Headquarters must analyze the success of this

project, MIP findings and recommendations must be forwarded to

Regional Offices, as instructed, in a timely manner.

Attached are samples of the forms and printouts with which

field staff must become familiar in order to perform a review.

Information about the forms is provided so that guidance can be

given to mortgagees on how to properly prepare and submit them.

Items which must be discussed with mortgagees, as appropriate,

are identified on the printouts.

Irving Burton Associates (IBA) will also perform on-site

monthly MIP reviews. One hundred (100) mortgagees will be

selected for review during FY 91. A tentative list of the

mortgagees selected for IBA is provided. (Attachment P). Since

this list is subject to change, prior to scheduling a review date

for IBA, IOD will contact the Chief, Loan Management or

Supervisory Loan Specialist in the Field Office which has

jurisdiction over the mortgagee to verify that no monthly MIP

review has been performed or scheduled by either the local HUD

Office or the Headquarters Monitoring Division. Since IBA will

perform only an MIP review, these 100 mortgagees still may be

scheduled for a review of all other servicing functions.

A. PRIOR TO THE REVIEW

1\. Familiarize yourself with the following Regulations,

Handbook references, Mortgagee Letters and Mortgage

Insurance Accounting System (MIAS) Letters on

monthly MIP, Form HUD-2344 and Form HUD-92080:

a\. Regulation 24 CFR 203.259 through 203.268

\- Periodic MIP. (Attachment F)

b\. Regulation 24 CFR 203.315 through 203.321

\- Termination of Insurance. (Attachment G)

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c\. Handbook 4330.1, Administration of Insured Home

Mortgages, Chapter 6, paragraphs 96 and 97

\- Sale and Transfer of Mortgages

d\. Handbook 4330.1, Chapter 5, paragraph 5-4 - Pro

Rata Earned Mortgage Insurance Premium (also

discusses Form HUD-2344)

e\. Mortgagee Letter 80-31, dated July 31, 1980

\- Mortgage Record Change - Sale of HUD-insured

Mortgages and Loans

f\. Mortgagee Letter 82-6, dated April 22, 1982

\- Revision to Mortgagee Remittance Requirements

for Single Family Mortgage Insurance Premiums

g\. MIAS Fiscal Letter 86-2, dated May 9, 1986

\- Submission of Mortgage Record Change Form

HUD-92080

h\. MIAS Fiscal Letter 88-2, dated November 27,

1988 - Submission of Mortgage Record Change Form

HUD-92080.

2\. Attached is a list of Regional and Field Offices

which have already been given access to the SFIS A43

System and the tentative dates for providing access

to all other Offices. (Attachment H). All Field

Offices should be on line before the end of FY 91.

Therefore, all Offices which have access to SFIS

A43, must retrieve a hard copy of the monthly MIP

remittance data for the mortgagee being reviewed by

accessing A43 in the normal manner. The screen

which contains the information required to perform

the monthly MIP review is A31 Master File Scroll

Function M 06.

Offices which do not have access must, 30 days prior to the

review, request from IOD a printout of the SFIS A31 Master File

Scroll reflecting monthly MIP remittance transactions for the

past 12 months. (See sample request form Attachment I.)

HUD\'s listing of the mortgagees\' portfolio (Attachment E)

cannot be retrieved from the SFIS. All Offices must request it

from the Insurance Operations Division using the form memorandum

provided. (Attachment B). This information must also be

requested 30 days prior to the review.

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4

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3\. Analyze data from the SFIS to determine if there

were months in which the mortgagee did not pay

monthly MIP although HUD \"expected\" MIP to be

remitted. (Attachment J).

Non payment generally indicates that the mortgages for

which MIP was due to be paid were sold and either HUD was not

properly notified on a HUD-92080 or HUD was properly notified but

the information was not accurately processed. In these

instances, the purchasing mortgagee has probably remitted the MIP

on these mortgages. Another reason for nonpayment could be that

the FHA insurance has been terminated but HUD was not notified

with Form HUD-2344. (See 24 CFR 203.315 and 203.321.)

4\. Analyze data to identify where the monthly MIP

\"remitted\" was less (or more in some instances) than

the amount HUD \"expected\" to be remitted. (Attachment

K). In cases where the amount \"remitted\" is

different from the amount \"expected\", it is again

likely that either the mortgage insurance has been

terminated or mortgages have been sold or purchased

but HUD was not properly notified.

If possible from the information provided by

Headquarters, identify the most recent months in

which the amount \"remitted\" and \"expected\" were

closest to being equal. A significant increase or

decrease in the amount \"remitted\" from month to

month clearly indicates a change in the mortgagees\'

portfolio. By comparing the monthly amounts

\"remitted\" with the amounts \"expected\" by HUD for

the same months, it can be determined whether HUD

was notified timely of the increase or decrease in

the mortgagees\' portfolio.

5\. Review the procedures for completing Form HUD-92080,

Mortgage Records Change and Form HUD-2344,

Lenders Request for Termination of Home Mortgage

Insurance. (See Attachments A and B and MIAS Fiscal

Letters 86-2 and 88-2).

Reviewers must be able to instruct mortgagees in the

correct preparation of these forms.

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5

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B. ON-SITE

1\. Arrange to meet with the Supervisor of the Department

which receives the \"Advance Notice of Annual

Premiums\" from Headquarters (Attachment C) and is

responsible for remitting monthly MIP and completing

Form HUD-2748, Single Family Mortgage Insurance

Premium Remittance Summary. (Attachment D).

2\. Discuss the significance of the SFIS A43 printouts.

Point out month(s) in which no MIP was remitted and

month(s) in which differences between the amounts

\"remitted\" and the amounts \"expected\" by HUD occur.

3\. Review with the Department Supervisor the proper

method for completing the HUD-2344 and HUD-92080.

Discuss specifically the time frame requirements for

submitting both forms. Also advise that it is the

selling mortgagee\'s responsibility to submit

HUD-92080s to HUD when mortgages are sold. (See

Mortgagee Letter 80-31.)

4\. Test for mortgagee compliance with departmental

procedures by reviewing a sample of the following:

a\. select cases at random from HUD\'s listing of

mortgages in the mortgagees\' portfolio. Compare

those cases with the mortgagee\'s records to

determine if there are mortgages for which HUD

holds the mortgagee responsible which are not

actually in the mortgagees\' portfolio.

b\. randomly select escrow files to verify that the

mortgagee escrows for MIP. Review the Annual

Statements which are sent to the mortgagor at

the end of each calendar year to ensure that MIP

remittances are reported annually to the

mortgagor.

c\. obtain the most recent Advance Notice

(Attachment C) from the Department Supervisor

and select cases. Review several escrow

analyses for the cases selected to ensure that

individual mortgagor\'s premiums are reduced each

year. (24 CFR 203.260).

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5\. Leave HUD\'s listing of mortgages in the mortgagees

portfolio (Attachment E) with the Department

Supervisor. You must also provide the mortgagee at

the closeout meeting Attachment O which states a

through g below.

a\. The reconciliation of the mortgagee\'s records

with the HUD listing must be completed within 60

days to clear the finding. Since the review

report is generally not issued for 30 days,

HUD\'s listing of mortgages in the mortgagee\'s

portfolio has been given to the MIP Department

Supervisor so that they may immediately begin to

reconcile the records.

b\. To complete the reconciliation of records and

resolve the finding, mortgagees must contact

the Single Family Insurance Operations Branch,

(IOD), HUD Headquarters, Washington, DC at (202)

619-8397.

c\. The MIP finding will remain open until the

Insurance Operations Branch advises the

mortgagee, in writing, that the records are

reconciled.

d\. The mortgagee must notify the Field Office, (or

the Headquarters Mortgagee Monitoring Division

if the review is a \"Top 100\" mortgagee), in

writing, when the reconciliation of the records

is completed.

e\. Mortgagees should consider utilizing magnetic

tape updates, automated portfolio reconciliations

and Automated Clearing House (ACH)

payments. (See Attachment L.) Additional

information regarding these methods can be

obtained from the IOD Specialist with whom they

are coordinating the portfolio reconciliation.

f\. Mortgagees must maintain all MIP-related records

for each mortgage serviced back to September 1,

1982, when monthly MIP began. These records

must be retained for at least 3 years after the

mortgage is removed from the portfolio. Records

to be maintained include, evidence of MIP

remittances made, mortgages acquired, sold and

paid-in-full, voluntary terminations and those

subject to claims. (See Mortgagee Letter 82-6,

item 10.)

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g\. Mortgagees acquiring servicing of insured

mortgages become responsible to HUD for all MIP

required to be paid from origination. It is

acquiring mortgagees\' responsibility to assure

that any obligation to HUD arising before the

acquisition of servicing was satisfied by

former mortgagees. HUD will not deal with

originating mortgagees or former servicers on

MIP-related issues.

C. FOLLOWING THE REVIEW

1\. Prepare review report within 30 days. The mortgagee

review report must clearly establish what action the

mortgagee must take in order to reconcile the

records and clear the MIP review finding. Attachment

N provides suggested language to use.

2\. Prepare (may be handwritten) original and one copy

of the \"Monthly MIP Remittance Data Input Form\"

(ATTACHMENT M).

Field Offices must keep the original \"Monthly MIP

Remittance Data Input Form\" to use as a reminder to

clear the findings.

3\. In addition to submitting the complete review report

to the Regional Coordinator for Mortgagee Reviews

(RCMR) Field Offices must also provide a separate

copy of ONLY the Monthly MIP Remittance Data Input

Form, the cover letter to the mortgagee and the

portion of the review report relating to the MIP

finding and recommendation. This must be done in

order for the RCMR to provide information to

Headquarters IOD. On each sheet, at the top,

handwrite the name of the mortgagee and the Field

Office name in the event the package is separated.

A sample with suggested language for a finding and a

recommendation is provided. (Attachment N).

4\. Field Offices and the RCMR must include MIP findings

in their regular tracking procedures. The \"Data

Input Forms\" should provide sufficient information

for this purpose.

5\. By the 5th working day of each month, the RCMR is to

package their Field Offices MIP Data Input Forms,

cover letters, and MIP findings and recommendations

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and forward them to: Single Family Insurance

Operations Branch, HPMOS, Room 2228, Attention:

Collections Specialist Staff.

(Headquarters Mortgagee Monitoring Division staff

will forward the Data Input Forms, cover letters and

MIP findings and recommendations directly to the

Single Family Insurance Operations Branch as

indicated above.)

6\. Field staff must follow-up with mortgagees which

have outstanding MIP findings at 60 day intervals to

monitor their progress in reconciling the portfolio

with Headquarters or until the Field Office receives

written notification that the findings have been

resolved. (This can be done either by telephone or

in writing.)

While following up on MIP findings, take this

opportunity to clear other findings which remain

open from the review.

Headquarters will analyze the effectiveness of this

procedure within a year to determine if field staff should

continue monitoring MIP. Therefore, your tracking and reporting

are essential.

We would appreciate feedback with respect to this procedure.

Suggestions to improve the process are welcome and should be

forwarded to Ann M. Sudduth, Chief, Insured Servicing Branch,

Room 9176, 451 \"7\" Street, SW, Washington, DC 20410-0001.

Questions regarding this Notice should be directed to the

RCMR who may in turn contact the appropriate desk officer in the

Insured Servicing Branch at Headquarters.

Very Sincerely yours,

Arthur J. Hill

Acting Assistant Secretary for

Housing-Federal Housing Commissioner

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ATTACHMENT A

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SAMPLE

MORTGAGE RECORD CHANGE

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ATTACHMENT B

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Lenders Request for

Termination of Home

Mortgage Insurance

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ATTACHMENT B

CONT.

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ATTACHMENT C

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Advance Notice

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ATTACHMENT D

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Single Family Mortgage

Insurance Premium

Remittance Summary

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ATTACHMENT D

CONT.

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ATTACHMENT E

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A43BSI1 - PORTFOLIO REPORT

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ATTACHMENT E

CONT.

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ATTACHMENT F

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MORTGAGE INSURANCE PREMIUMS - IN GENERAL

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ATTACHMENT G

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TERMINATION OF INSURANCE CONTRACT

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ATTACHMENT H

We currently have 52 offices who have access to SFIS.

Listed below are the offices by Region:

Region I

Hartford

Manchester

Providence

Region II Region III Region IV

Albany Philadelphia Atlanta

Buffalo Baltimore Columbia

Camden Pittsburgh Coral Gables

New York Charleston Tampa

Newark Richmond Jacksonville

Washington Louisville

Nashville

Orlando

Caribbean

Region V Region VI Region VII

Chicago Fort Worth Kansas City

Indianapolis Little Rock Des Moines

Houston St. Louis

New Orleans

Columbia

Region VIII Region IX Region X

Denver San Francisco Seattle

Helena Sacramento Portland

Salt Lake City San Diego Anchorage

Fresno Boise

Los Angeles Spokane

Honolulu

Reno

Phoenix

Santa Ana

Las Vegas

Tucson

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ATTACHMENT H

CONT.

Tentative Implementation Schedule for Field Office Access to

Single Family Insurance Systems (SFIS A43)

For FY 1991

Type of

Date Location Training

October (Date to be set) Birmingham on site

October (Date to be set) Memphis on site

October 21, 22, & 23 Jackson on site

October 24, 25, & 26 Knoxville on site

October 29 & 30 Greensboro telephone

November 1 & 2 Shreveport telephone

November 8 & 9 Dallas telephone

November 13, & 14 San Antonio on site

November 15 & 16 Lubbock on site

November 26 & 27 Albuquerque telephone

December 9, 10, & 11 Oklahoma City on site

December 12, 13, & 14 Tulsa on site

January 6, 7, & 8 Detroit on site

January 9, 10, & 11 Cleveland on site

February 3, 4, & 5 Columbus on site

February 6, 7, & 8 Cincinnati on site

March 6 & 7 Flint telephone

April 3 & 4 Grand Rapids telephone

April 5 & 6 Minneapolis telephone

April 24 & 25 Milwaukee telephone

June 4 & 5 Omaha telephone

The proposed schedule for on site training is based on 2

individuals providing the training. The telephone training will

be split on an alternating schedule.

\* Schedule is subject to change provided there are travel funds.

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ATTACHMENT I

Information Request Form

(Insert Date)

TO: Single Family Insurance Operations Branch, HPMOS

Room 2228

ATTENTION: Collections Specialist Staff

FROM: Single Family Loan Management Branch, (Insert Mail Code)

Attention: (Insert Contact Person)

(Insert Field Office) (HQ Mortgagee Monitoring Staff must

insert mailing address to which information should be

mailed)

SUBJECT: Monthly MIP Review

Request for Information

Mortgagee Name: (Insert)

Mortgagee Number (Insert)

Mortgagee Review scheduled on \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Please
forward:

(Check (X) as needed)

A\) Mortgagee Portfolio \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

B\) Printout of Monthly MIP remittance transactions

(SFIS A31 Master File Scroll) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

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ATTACHMENT J

Months in which no

MIP was paid.

EXAMPLE #1

DATE 09/19/90 S.F.I.S. A31 MASTER FILE SCROLL FUNCTION M 06

TIME 13:03:55 NEXT KEY NO 64352

FILE DATE : 09/17/90

MORTGAGEE : FINANCIAL CORP

REMIT LAST MONTHLY AMOUNT PAID

DATE UPDATE REMITTED - EXPECTED = DIFFERENCE LATE

90/09 10/13/89 0.00 0.00

90/08 10/13/89 0.00 9,605.96 ( 9,605.96)

90/07 10/13/89 0.00 9,703.07 ( 9,703.07) Y

90/06 10/13/89 0.00 11,007.43 ( 11,007.43) Y

90/05 10/13/89 0.00 11,123.90 ( 11,123.90) Y

90/04 10/13/89 0.00 11,539.91 ( 11,539.91) Y

90/03 10/13/89 0.00 11,475.26 ( 11,475.26) Y

90/02 10/13/89 0.00 12,014.25 ( 12,014.25) Y

90/01 10/13/89 0.00 11,937.22 ( 11,937.22) Y

89/12 10/13/89 0.00 12,421.46 ( 12,421.46) Y

89/11 10/13/89 0.00 12,609.00 ( 12,609.00) Y

89/10 10/13/89 2,992.58 12,855.03 ( 12,855.03)

89/09 09/13/89 3,105.45 12,895.84 ( 12,895.84)

89/08 08/31/89 10,852.83 12,852.09 ( 12,852.09)

89/07 07/17/89 11,030.05 20,199.22 ( 20,199.22)

XMIT=PROCESS F1=HELP F2=SIGNOFF F3=CHANGE CLEAR=MENU F6=FWD F7=BWD

EXAMPLE #2

DATE 09/19/90 S.F.I.S. A31 MASTER FILE SCROLL FUNCTION M 06

TIME 13:00:45 NEXT KEY NO 63055

FILE DATE : 09/17/90

MORTGAGEE : MORTGAGE CORP

REMIT LAST MONTHLY AMOUNT PAID

DATE UPDATE REMITTED - EXPECTED = DIFFERENCE LATE

90/09 0.00 0.00

90/08 0.00 12,951.34 ( 12,951.34)

90/07 0.00 12,966.38 ( 12,966.38)

90/06 0.00 13,017.74 ( 13,017.74)

90/05 0.00 13,171.03 ( 13,171.03)

90/04 0.00 13,251.78 ( 13,251.78)

90/03 0.00 13,342.17 ( 13,342.17)

90/02 0.00 13,375.99 ( 13,375.99)

90/01 0.00 13,441.76 ( 13,441.76)

89/12 10/31/89 0.00 13,569.58 ( 13,569.58) Y

89/11 02/28/89 0.00 13,620.30 ( 13,620.30) Y

89/10 10/31/89 3,282.08 13,700.42 ( 10,418.34)

89/09 10/31/89 0.00 13,730.72 ( 13,730.72) Y

89/08 10/31/89 0.00 13,858.43 ( 13,858.43) Y

89/07 10/31/89 0.00 13,889.32 ( 13,889.32) Y

XMIT=PROCESS F1=HELP F2=SIGNOFF F3=CHANGE CLEAR=MENU F6=FWD F7=BWD

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ATTACHMENT J (Cont.)

Example #1: Mortgagee must be asked to explain why MIP was

remitted in amounts less than \"expected\" in July,

August, September and October, 1989, then no MIP

was remitted the balance of the year. Possible

the portfolio was slowly sold through October; by

November all of the mortgages requiring monthly

MIP were sold.

Example #2: Illustrates an apparent portfolio reconciliation

which has been completed. HUD expected a \$12,000

to \$13,000 MIP remittance each month through

August 1990. In September 1990, nothing was owed.

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ATTACHMENT K

Remitted/Expected Differences

SAMPLE

DATE 08/29/90 S.F.I.S. A31 MASTER FILE SCROLL FUNCTION M 06

TIME 09:07:32 NEXT KEY NO 09506

FILE DATE : 08/27/90

MORTGAGEE :

REMIT LAST MONTHLY AMOUNT PAID

DATE UPDATE REMITTED - EXPECTED = DIFFERENCE LATE

90/08 08/13/90 0.00 0.00

90/07 08/13/90 101,954.94 113,714.86 ( 11,759.92)

90/06 07/20/90 103,286.02 114,426.34 ( 11,140.32)

90/05 06/18/90 101,867.99 116,068.55 ( 14,200.56)

90/04 05/21/90 106,648.39 117,331.68 ( 10,683.29)

90/03 04/27/90 108,474.68 119,026.75 ( 10,552.07)

90/02 03/22/90 109,760.89 114,329.14 ( 4,568.25)

90/01 06/22/90 111,225.20 116,126.17 ( 4,900.97)

89/12 01/23/90 118,556.47 121,383.76 ( 2,827.29)

89/11 12/19/89 114,257.13 122,361.34 ( 8,104.21)

89/10 11/30/89 117,500.93 126,232.56 ( 8,731.63)

89/09 11/01/89 125,709.91 126,417.16 ( 707.25)

89/08 09/20/89 122,663.97 126,150.80 ( 3,486.83)

89/07 08/31/89 250,895.14 121,589.74 129,305.40

89/06 07/31/89 132,858.77 123,151.53 9,707.24

XMIT=PROCESS F1=HELP F2=SIGNOFF F3=CHANGE CLEAR=MENU F6=FWD F7=BWD

Assuming the mortgagee review is scheduled for October 1990,

this printout was requested in September 1990 which reflects all

monthly MIP remittance transactions from June 1989 to August

1990\.

For example, in July 1990, the mortgagee was billed

(\"Expected\") \$113,714.86. The mortgagee \"Remitted\" \$101,954.94.

The \"Difference\" is \$11,759.92.

The \"difference\" could be attributed to the sale of

mortgages without proper notification to HUD, terminations of

FHA-insurance which were not reported or a combination.

Notice in September 1989, the difference was \$707.25.

However in October 1989 the difference increased to \$8,731.63.

It may be assumed that during that period a block of loans may

have been sold but HUD was not notified with a HUD-92080

submitted in a timely manner.

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ATTACHMENT L

Page 1 of 3

SINGLE FAMILY MONTHLY AUTOMATED CLEARING HOUSE (ACH)

PARTICIPATION PROCEDURES

Introduction:

This procedure outlines steps to be taken to participate in

the program to pay Single Family Monthly Insurance premiums by ACH.

By participating, you will authorize premium payments to be made

directly from your bank account, and you will complete an electronic

form on a microcomputer, rather than send a paper form to HUD.

Start-up time is approximately 2 weeks. The 2 week window

starts when you decide to participate and ends when HUD notifies

you that you can start processing.

Outline of the Process:

Generally the initiation process consists of: a mortgagee

review of detailed system information; a decision to participate;

transfer of information needed to place the mortgagee on the

system; testing; verification of user or mortgagee information;

and, then start up. Except for the installation of a data

communications modem, participation in the ACH program does not

require detailed data processing support. However, some mortgagees

have used their data processing personnel for review of the system

information.

After the initial contact, most of the information transfer

must take place in writing. There are a number of reasons for

this, the most important being the accuracy of the transfer of

information. For example, bank account and bank identification

information must be correct when they are used by the system.

The remainder of the steps are verification tasks to insure

the accuracy of data and the security of the system.

The steps that must be taken are:

1\. Mortgagee or servicer desires additional information on

the ACH program and contacts HUD.

2\. HUD furnishes information to the mortgagee or servicer.

3\. Mortgagee or servicer reviews package.

4\. Mortgagee or servicer decides to participate.

5\. Mortgagee or servicer submits participation letter.

6\. HUD places mortgagee or servicer on system.

7\. HUD furnishes diskette to the mortgagee or servicer.

8\. HUD notifies the mortgagee or servicer that they are set-up.

9\. Mortgagee or servicer can test system.

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ATTACHMENT L

Page 2 of 3

Description of Process:

Mortgagee or servicer desires additional information on

Automated Clearing House Telecash service (ACH) and contacts HUD.

Upon reading the mortgagee participation letter, the mortgagee would

then contact HUD for additional information concerning ACH. The

contact point is the Insurance Operations Division at (703) 235-8117.

HUD furnishes the Mortgagee or servicer with information - This

function supplies the mortgagee with:

1\. Initial information package

2\. Training package

3\. Any additional information not covered in the package

4\. Logon information for testing

5\. Logon information for operations (Sent after HUD

receives notification of decision to participate)

6\. System or procedural changes

Mortgagee reviews package - Appropriate staff and

management review the initial information package. This

package should answer most of the questions needed to make

a decision. However, if there are any questions that arise

from the review, the number listed above may be called.

Mortgagee decides to participate - If the decision is

made to participate, prepare a letter that contains a

statement of willingness to participate. See below for more

information.

Most lenders have opened a separate bank account for the

ACH program. We highly recommend this practice.

In your letter please include:

\*5-digit Mortgagee or Servicer ID number

\*Bank account number

\*9-digit ABA number (Transit routine)

\*MICR Specification sheet (Magnetic Ink Coding Sheet

may be attained from your bank)

The transit routing number is the bank\'s identifier in the

Federal Reserve System and can be found on the lower left hand

side of the check.

Mail this letter to the following address or by facsimile on

\(202\) 708-0459

Department of Housing and Urban Development

Chief, Insurance Operations Systems Management Branch

Room 2242

451 7th St. SW

Washington, D.C. 20410

Attn: Monthly Premiums

2

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ATTACHMENT L

Page 3 of 3

HUD places lender on system - A copy of the participation

letter is forwarded to the Mellon Bank for entry into the system.

Mellon Bank has been selected by the Department of the Treasury

to handle this ACH program for HUD. On entry of the bank and

account data into the system, Mellon Bank creates a prenote

transaction that is sent to the bank indicated by transit routing

number. A prenote transaction is a zero dollar amount paper

transaction that is sent to the bank to verify the account

information. If the bank does not send the transaction back with

corrective information on it, Mellon assumes that the data was

correct. HUD will contact you when the prenote has been created.

HUD notifies the mortgagee that they are set-up - Once the

mortgagee number, bank account and ABA number have been set up on

the ACH program, HUD will notify your contact person.

Thank you for considering ACH.

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ATTACHMENT M

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MONTHLY MIP REMITTANCE DATA INPUT FORM

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ATTACHMENT N

Suggested Finding and

Recommendation

Finding

Monthly mortgage insurance premiums (MIP) have not been

remitted in the amounts estimated by HUD Headquarters Single

Family Insurance Operations Division on the Advance Notice of

Annual Premiums.

Recommendation

At the closeout, you were provided with a copy of HUD\'s

listing of mortgages in your portfolio so that you could

immediately begin reconciliation of the records. You must

complete reconciliation of the records within 60 days of the date

of this report. If you have not already done so, you must

contact HUD Headquarters, Washington, DC, Single Family Insurance

Operations Branch (IOD) at (202) 619-8397 for assistance with the

resolution and completion of this finding. Specific instructions

regarding how to reconcile the records will be provided by the

IOD staff.

This finding will remain open until you have accounted for

each mortgage for which HUD holds your company responsible. HUD

Headquarters IOD will advise you in writing when the records

reconciliation is complete. In order to clear the finding, you

must then notify in writing the local HUD Field Office,

ATTENTION: Chief, Loan Management, that the reconciliation is

completed. (Headquarters Mortgagee Monitoring staff must insert

an address to receive this correspondence.)

NOTE TO FIELD STAFF:

If a reconciliation of records is not necessary. The

recommendation must require the mortgagee to immediately remit

all delinquent MIP payments and include the late charge and

interest as billed by HUD Headquarters.

If the mortgagee has not maintained MIP records as stated in

Section B, 5, f of this notice, it must be a finding and the

recommendation must state the information in B, 5, f.

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ATTACHMENT O

MORTGAGEE INFORMATION

a\. The reconciliation of the mortgagee\'s records with the

HUD listing must be completed within 60 days to clear

the finding. Since the review report is generally not

issued for 30 days, HUD\'s listing of mortgages in the

mortgagee\'s portfolio has been given to the MIP

Department Supervisor so that they may immediately begin

to reconcile the records.

b\. To complete the reconciliation of records and resolve

the finding, mortgagees must contact the Single Family

Insurance Operations Branch (IOD), HUD Headquarters,

Washington, DC at (202) 619-8397.

c\. The MIP finding will remain open until IOD advises the

mortgagee, in writing, that the records are reconciled.

d\. The mortgagee must notify the Field Office, (or the

Headquarters Mortgagee Monitoring Division if the review

is a \"Top 100\" mortgagee), in writing, when the

reconciliation of the records is completed.

e\. Mortgagees should consider utilizing magnetic tape

updates, automated portfolio reconciliations and

Automated Clearing House (ACH) payments. (See Attachment

L.) Additional information regarding these methods

can be obtained from the IOD Specialist with whom they

are coordinating the portfolio reconciliation.

f\. Mortgagees must maintain all MIP-related records for

each mortgage serviced back to September 1, 1982, when

monthly MIP began. These records must be retained for

at least 3 years after the mortgage is removed from the

portfolio. Records to be maintained include, evidence

of MIP remittances made, mortgages acquired, sold and

paid-in-full, voluntary terminations and those subject

to claims. (See Mortgagee Letter 82-6, item 10.)

g\. Mortgagees acquiring servicing of insured mortgages

become responsible to HUD for all MIP required to be

paid from origination. It is the acquiring mortgagee\'s

responsibility to assure that any obligation to HUD

arising before the acquisition of servicing was

satisfied by former mortgagees. HUD will not deal with

originating mortgagees or former servicers on MIP-related

issues.

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ATTACHMENT P

IBA MIP REVIEWS

Mortgagee ID \# Mortgagee Name

13004 First Source Bank

14009 Norwest Bank Des Moines N.A.

14015 First Federal Savings Bank

15155 Mid-Continent Fed S&L Assn.

16028 First National Bank

17233 Sunburst Bank

17268 State Natl Life Ins. Co.

17307 Cosmopolitan Credit Inv.

17399 Leader Federal Mortgage Inc.

17413 Deposit Trust Savings Bank FSB

19406 Sharon Savings & Loan

19484 Guaranty Mortgage Corp.

19506 Sentry Mortgage Bankers, Inc.

19512 E B Mortgage Corporation

19469 MNC Financial

19516 Heritage Mortgage Corporation

19522 Fairfax Mortgage Corporation

20136 Boston Federal Savings Bank

20197 FDIC Receiver for Yankee Bank

21023 Old Kent Bank

21326 Liberty State Bank & Trust

21457 Great Northern Financial Corp.

21532 First Federal Savings Bank

21788 First Financial Mortgage Corp.

21806 Bloomfield Mortgage Corp.

22014 Norwest Bank Minn Central NA

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22026 Northwest Bank Minnesota North

22025 Norwest Bank Minnesota NA

22464 Nickels & Smith Co.

22269 Norwest Bank Minnesota SE, NA

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IBA MIP REVIEWS ATTACHMENT P

Cont\'d

Mortgagee ID \# Mortgagee Name

02015 Western Savings & Loan Assn.

02167 Capital Savings & Loan Assoc.

02199 Continental Homes Mortgage Co.

04175 Valley Federal S&L Assn.

04294 Beverly Hills Savings A Fed S&L

04597 Imperial Savings Association

04889 Enterprise Mortgage Service

05136 Colorado State Bank

05147 World S&L Assn.

05193 Moore financial Services Inc.

05386 American Continental Mtg. Co.

05391 Field Mortgage Company

06108 Bank of Boston Connecticut

06122 Connecticut Bank and Trust Co.

06266 Dupont Mortgage Corporation

06190 Comfed Savings Bank

08781 Florida Group Inc.

06110 Society For Savings

08656 Sunbank Mortgage Company

08867 Equity Mortgage Corporation

08876 Loan America Financial Corp.

08973 Financial Research Services

08999 Bancsmiths Mortgage Corp.

09154 Great Southern Federal S&L

09205 Decatur Federal Savings Alabama

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05390 Criterion Financial Corp.

05165 Middle Park Bank

05342 First Denver Mortgage Company

02033 Arizona Trust Company

08411 Alliance Mortgage Co.

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IBA MIP REVIEWS ATTACHMENT P

Cont\'d

Mortgagee ID \# Mortgagee Name

24003 St. Louis Federal S&L Assn.

24819 Tomahawk Mortgage Co. Inc.

25053 First Security Bank Glendive

26421 Creative Financing Inc.

27001 First Interstate Bk Nevada NA

27013 Security Pacific Bank Nevada

27019 Valley Bank Nevada

28186 Consumes Mortgage Inc.

29260 Lincoln Federal S&L Assn.

30285 Pioneer Mortgage Inc.

32155 Moncor Mortgage

33001 Morgan Guaranty Trust Co.

33083 Norstar Bank

33219 Norstar Bank NA

33672 Norstar Bank Upsate NY

33827 Manhattan Life Insurance Co.

34015 Anchor Savings Bank

34412 Turnpike Holding Corp.

34455 Reliance Equities Inc.

36014 Midwest Federal Savings bank

37613 Cardinal Federal Savings Bank

37735 First Border Savings Bank

38155 Covenant Mortgage Corporation

38339 Mortgage Executives Inc.

38365 Banc One Mortgage Corp.

39008 First City Bank NA

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39155 Peoples S&L Assn Bartlesville

39174 Capitol Federal Savings Ala

39280 First Oklahoma Mortgage Co.

39399 First Security Mortgage Co.

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ATTACHMENT P

IBA MIP REVIEWS Cont\'d

Mortgagee ID \# Mortgagee Name

42629 Clarion Mortgage Company

47269 Republic National Bank

47280 Academy Mortgage Corp.

48086 United National Bk-Castlewood

50332 Southland Life Insurance Co.

50724 Capitol Mortgage & Trust Co.

50746 Southwest Savings & Loan Assn.

50938 Sunbelt Savings FSB

51077 Lubermens Investment Corp. Tx

51358 CTX Mortgage Company

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ATTACHMENT Q

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Home Mortgage ADP Code

Chart

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ATTACHMENT Q (Cont.)

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