Test your FHA Conveyance Knowledge

True or False;

1)      MCM is otherwise known as a Money Control Manager.

2)      To convey as-is or with unfinished renovations, MCM needs the following additional documentation: Original BPO, Contractor’s Statement, and weather reports.

3)      MCM appreciates P260 photo dumping.

4)      Itemized structural bids must be requested by Bob the Builder.

5)      MCM reviews FHA claims that are filed under two components

a.       Physical property is within HUD compliance

b.       Expenses claimed are accurate, reasonable and incurred

______________________________

Answers:

1)      False, but I dare you to call them the Money Control Manager.  MCM is the “Mortgagee Compliance Manager”.

2)      False. To convey as-is or with unfinished renovations, you need the Claim Denial (if applicable), 203K agreement (if applicable) and the Original Appraisal.  If you answered true, you might want to rethink your property disposition strategy.

3)      False.  MCM does not want to see your family photos.  Only provide the photos in P260 that are necessary to justify the work being submitted. 

4)      False, although if you can get bids from Bob the Builder, I’d like to see them.  Two itemized foundation/structural bids are needed.

5)      True, but let me know if you submit your dental bills and get them reimbursed.

For more information on MCM requirements, visit the below link.

https://www.isncorp.com/wp-content/uploads/2016/10/Newsletter-NOV-2016.pdf

 or subscribe to ISN’s newsletter: https://www.isncorp.com/hud-mcm/

To read more, visit my blog;  https://aimyourway.com/blog/

 

Suzanne Golden