BISMARCK, ND – The U.S. Department of Housing and Urban Development’s (HUD) National Servicing Center ranked North Dakota Housing Finance Agency (NDHFA) a Tier 1 Federal Housing Administration (FHA) loan servicer for FY 2019.
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. Of the 9,000 loans the agency currently services, approximately 45 percent are FHA guaranteed.
“NDHFA’s focus is making housing affordable for all North Dakotans,” said Dave Flohr, the agency’s interim executive director/homeownership division director. “Our homeownership programs are not only affordable; all of NDHFA’s loans are serviced locally, providing our borrowers with the ability to speak to a real person when they have a question.”
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.
Loan servicers receive quarterly scores that are averaged to produce a final fiscal year-end score. NDHFA scored 95.26 percent for the year.
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.