North Dakota Agency Retains top FHA Loan Servicer Ranking

(North Dakota Housing Finance Agency provided image)

Bạn đang xem: North Dakota Agency Retains top FHA Loan Servicer Ranking

Xem thêm : Wipe Out Your Student Loans Faster by Doing These 5 Things Now — but Don’t Do This

(KNOX) – North Dakota Housing Finance Agency (NDHFA) was ranked a Tier 1 Federal Housing Administration (FHA) loan servicer for FY 2024 by the U.S. Department of Housing and Urban Development’s (HUD) National Servicing Center.

“North Dakota Housing Finance Agency offers affordable financing options, including government-backed loans, that allow individuals and families with modest incomes to purchase a home with as little as $500 down,” said Dave Flohr, the agency’s executive director. “In addition to being cost-effective, our homeownership programs are serviced locally, ensuring our borrowers have direct access to a real person whenever they have questions or need assistance.”

Loan guarantees provided by HUD reimburse lenders for their loss in the event that a homeowner defaults. Of the nearly 13,500 loans NDHFA currently services, 42 percent are FHA guaranteed.

Loan servicers receive quarterly scores that are averaged to produce a final fiscal year-end score. NDHFA’s FY2024 score is 94.15 percent, up from 93.53 the previous year. The agency was one of 87 loan servicers ranked as Tier 1 for FY2024. There were 495 FHA servicers nationwide.

Xem thêm : Here’s how to decide on the right student loan repayment plan for you

The ranking system measures FHA servicer compliance with guidelines and intervention requirements, loss mitigation engagement, and reporting. The intention of the ranking 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.

The National Servicing Center has ranked NDHFA a Tier 1 servicer for seven years running.

A self-supporting and mission-driven agency, NDHFA is dedicated to making housing affordable for all North Dakotans. The North Dakota Industrial Commission, consisting of Governor Kelly Armstrong as chairman, Agriculture Commissioner Doug Goehring and Attorney General Drew Wrigley, oversees the agency. More information about NDHFA is available online at www.ndhfa.org.