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HUD / FHA History

 
 

  
The Department of Housing and Urban Development (HUD) was initially called the Federal Housing Administration (FHA) which was established in 1934.  Two primary objectives of FHA Program were to allow individuals to purchase a home with a minimum downpayment and to protect the lender's investment in case the buyer defaulted on the mortgage. This was accomplished by the home buyer purchasing an insurance policy on the mortgage.

The Program has two policies. Prior to 1983, the insurance was paid in monthly installments and is referred to as Mutual Mortgage Insurance or MMI. After 1983, a second policy was introduced by which the insurance was paid in-full at the closing. This policy is known as One-Time Mortgage Insurance Premium or OTMIP.

As an example under the OTMIP policy, the insurance premium for an FHA 30-yr fixed mortgage in the amount of $150,000 was equal to as much as 2.25% of the loan or $3750.00

Regardless of the policy by which the insurance premium was paid, the borrower was informed that if they either paid off the loan without missing any payments, sold the home or refinanced the loan with a non-FHA mortgage they would be eligible for a prorated refund on the insurance premium they had paid.

Over the years, a situation has occurred. When the FHA mortgage is retired either by full payment, by a sale or by refinancing it takes the Government months to process the paperwork to cancel the mortgage insurance. By the time the refund notice is sent out to borrower, he has likely moved and the notice never reaches the borrower.

Month after month the refund notice is sent to the same address and never reaches the borrower. After a two year period, the refund is placed into an unclaimed refund account and the borrower's name, last known address and refund amount is published in the public domain. Don't miss out on this work from home opportunity.

As a result, there are currently over 750,000 unclaimed mortgage insurance refunds totaling more than $2500 million. With the explosion of refinancing over the past few years due to low interest rates, this pool of unclaimed refunds is expected to swell to over $300 million by 2008. This work from home opportunity will generate an income for years to come.

Not long ago, the General Services Administration directed HUD/FHA to expedite the distribution of these unclaimed refunds. One method was to allow individuals, like yourself, become "Third Party Processors" in locating these borrowers and assist them in recovering their refunds. .With this work from home opportunity, you can collect a generous processing fee in the amount of 25% of the refund.

The Startup Info Package available through AMERICAN REFUND SERVICES will give more details on this job as a work from home opportunity. As a bonus we include 200 cases of unclaimed refunds.







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