BISMARCK, ND – The U.S. Department of Housing and Urban Development’s (HUD) National Servicing Center has ranked the North Dakota Housing Finance Agency (NDHFA) as a Tier 1 Federal Housing Administration (FHA) loan servicer for FY 2018.
A state agency, NDHFA provides first-time buyers with purchase assistance including loan guarantees that allow low- to moderate-income borrowers with low down payments to achieve homeownership.
“NDHFA’s homeownership programs are not only affordable, all of our loans are serviced locally so that our borrowers are able to speak to a real person if they have a question about their loan,” said Dave Flohr, the agency’s homeownership division director.
The tier ranking system measures FHA servicer compliance with guidelines and intervention requirements, loss mitigation engagement, and reporting. The intention is to protect borrowers and alert HUD to potential problems. A high work-out ratio shows a servicer’s effectiveness in working with delinquent borrowers to keep them out of foreclosure.
“HUD is very focused on timely reporting of delinquency issues with the intention of getting borrowers back on track as soon as possible,” said Flohr.
The loan servicers receive quarterly scores that were averaged to produce the final fiscal year-end score. NDHFA scored 95.77 percent for the year.
Of the 9,000 loans NDHFA currently services, approximately 45 percent are FHA guaranteed.
A self-supporting state agency, NDHFA is dedicated to making housing affordable for all North Dakotans. The Industrial Commission of North Dakota, consisting of Governor Doug Burgum as chairman, Agriculture Commissioner Doug Goehring and Attorney General Wayne Stenehjem, oversees the agency. More information about NDHFA is available online at www.ndhfa.org.