AM_Industry_Day_Presentation_Atlanta-_Fobbs.pdf

M&M III

Overview of the Program

Requirements for Asset Manager

Contracts (3.7)

Key Components of M&M III Program

• Separates mortgagee compliance, property maintenance, and property marketing functions to allow for a system of checks and balances amongst respective contractors.

• HUD has a centralized case management application (P260) and

Internet bid site (HUDHomestore.com) to provide real-time property data, improve bid analysis, and ensure oversight controls.

• Transitioning to a system of single contractors, operating in exclusive areas, to improve operational efficiency, increase response times to changing market conditions, and decrease operating costs.

An Overview of M&M III: Program Functions

M&M III Property Disposition Structure

• Ensures mortgagees meet property conveyance standards

• Responsible for time extension requests, title reviews, etc.

Mortgagee Compliance Manager

• Maintains and Preserves the property on an ongoing basis

• Manages the payment of property charges

Field Service Manager

• Directs the marketing and sale of the REO property

• Establishes relationship with local broker/selling agents

Asset Manager

An Overview of M&M III: Program Functions

Primary Responsibilities of the Asset Manager

Inspections

Property Valuations

Market Analysis

Listing Broker Network

Contract Acceptance

Closing Activities

An Overview of M&M III: HUD Technology

P260 Case Management System and Bid Site

• Centralizes REO case management into one system versus separate contractor owned and run systems

• Centralized web-based REO listing and electronic bid site versus separate designs per contract area or contractor

• Allows for the ability of all stakeholders to determine the AM and FSM assigned to the property

P260 Case

Management

System

HUDHomestore.com

An Overview of M&M III: Contract Areas

M&M III Contract Area Map

An Overview of M&M III: 3.7 Solicitation Areas

Contract Areas Specific to 3.7

An Overview of M&M III: Accountability

What HUD Expects

• Contractors that can address the local contract area challenges

• Increase Net Return

• Improved management, marketing, and sales of REO properties

• Enhanced customer service to those interested in properties and HUD.

An Overview of M&M III: Additional Resources www.hud.gov/fha

Please visit the main website for more information on the latest FHA programs:

More information surrounding FHA policy is also available at the following location:

www.hud.gov/hudclips

An Overview of M&M III: Question and Answer

Ivery Himes, Director, Office of Single Family Asset Management

Ralph Jackson, REO Director, Atlanta Homeownership Center

If you have questions about the M&M III program or AM operations, FHA representatives in attendance:

If you have additional questions at the conclusion of this event, the respective FHA representatives are:

Melissa Fobbs, Principal AM Governmental Technical Representative

Peter Jackson, Principal FSM Governmental Technical Representative