The Federal Housing Administration has just issued a partial temporary waiver that permits mortgagees to send original hard copies of the Loan Agreement and exhibits directly to Compu-Link, FHA’s HECM servicing contractor, instead of sending them directly to a Homeownership Center in the FHA case binder.
At the outset of the COVID pandemic, mortgagees stopped sending hard copies of the original Loan Agreement and related exhibits (Schedule of Closing Costs and Liens, Payment Plan, and Repair Rider, if applicable) to the regional HOCs after federal employees started working remotely.
In lieu of sending hard copies to the HOCs, mortgagees started to store everything in-house. Mortgagees are once again able to start sending hard copy files to FHA and this change is designed to eliminate unnecessary costs and transfers of the original Loan Agreement.
With this waiver, mortgagees have the option to submit these documents directly to Compu-Link at: 14002 East 21st Street, Suite 300 Tulsa, OK, 74134.
Mortgagees choosing to send the original Loan Agreement and exhibits directly to Compu-Link must still include two PDF copies of the Loan Agreement and related exhibits in the FHA endorsement case binder submitted to the HOC for an insuring decision.
If the mortgagee chooses not to send these documents directly to Compu-Link, they not only are required to send hard copies of the original Loan Agreement and related exhibits, but they must also send two additional hard copies of the Loan Agreement and related exhibits to the HOC, as required by the current case binder stacking order published in Mortgagee Letter 2014-22, Attachment 1. The HOC will then submit these hard copy documents to Compu-Link on their behalf.