NAHMA Rural Housing Update: USDA-RD releases Unnumbered Letter on Management of Loan Payoffs
Recently, USDA-RD published an Unnumbered Letter discussing options for handling properties with an RD mortgage that has reached its maturity date, superseding the UL issued in April of 2015.
The UL provides additional guidance to Agency staff, owners, and managers of Section 515 and Sections 514/516 properties reaching their maturity date naturally or through “Paid Ahead” status, and to discuss possible efforts to retain properties in the RD portfolio.
Below are the steps that Servicing Offices need to take to review any accounts that are within 36 months of naturally maturing:
- Review Loan Status
- Notify Borrowers of Options
- Process a “Re-am Lite” (intended to speed processing the re-amortization request)
- Track Borrower and Tenant Notifications
Juliana Bilowich, Government Affairs Coordinator
National Affordable Housing Management Association
400 N. Columbus St., Suite 203, Alexandria, VA 22314
Phone 703-683-8630, ext.116 Email firstname.lastname@example.org, Website www.nahma.org
NAHMA is the leading voice for affordable housing management, advocating on behalf of multifamily property managers and owners whose mission is to provide quality affordable housing.