HUD ML 2014-16 Electronic Retention of Foreclosure-Related Documentation
On July 23, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2014-16, subtitled Electronic Retention of Foreclosure-Related Documentation.
MORTGAGEE LETTER 2014-16
To: All Approved Mortgagees
Subject: Electronic Retention of Foreclosure-Related Documentation
Purpose: The purposes of this Mortgagee Letter are to provide guidance on the
retention of foreclosure-related documents in servicing files (stored
electronically) and to extend the record retention period to at least seven years
after the life of an FHA-insured mortgage.
Effective Date: This Mortgagee Letter is effective for all foreclosures, associated with
FHA-insured mortgages, occurring on or after October 1, 2014.
Affected Policy: HUD Handbook 4330.1, Sections 1-4, 7-12
Please click here to view the letter in its entirety.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.