HUD Announces New Contract Servicer
The U.S. Department of Housing and Urban Development announced that DEVAL LLC will perform loan servicing support services for many of its loan programs, including HECM, beginning February 23, 2012.
Once the loan balance on a HECM reaches 98% of the maximum claim amount, a HECM servicer has the option to assign the loan to HUD, who is then responsible for administering the loan until pay-off. HUD contracts its servicer role to third-party contractors, such as DEVAL and its predecessor C&L Service Corporation.
Servicers should forward all recorded legal instruments and documents for Secretary-held mortgages previously sent to C&L Service Corporation to:
1255 Corporate Drive
Irving, Texas 75038
The telephone numbers are as follows:
Toll Free: (877) 622-8525
Local: (469) 647-4450
Local Fax: (469) 647-4451
General email boxes are as follows:
HECM servicer inquiries: firstname.lastname@example.org
HECM P&P over allowable requests only: email@example.com Note: All other over allowable requests continue to be submitted via P260.