HUD Removes Dual Agency Restrictions
As reported earlier this week, NAR Government Affairs informed you that on October 1st HUD would be implementing a new policy that would have prevented dual agency agreements in FHA pre-foreclosure transactions.
NAR has been working with HUD closely to modify the policy. Yesterday afternoon HUD reported to NAR that they will reissue the July Mortgagee Letter and remove all dual agency language (Part Three of the PFS Participation Requirements).
The result is that the dual agency policy will not be implemented on October 1, 2013 allowing NAR to continue the dialog with agency officials on a formal solution.
HUD announced the policy change in response to fraud and abuse detected by the HUD Inspector General in the pre-foreclosure sales process.
The letters sent to HUD by our State and Local Association Presidents highlighted NAR's concerns about the policy and the disruptive effect its implementation would have on communities across the nation.
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