BISMARCK, ND – The U.S. Department of Housing and Urban Development’s (HUD) National Servicing Center ranked North Dakota Housing Finance Agency (NDHFA) as a Tier 1 Federal Housing Administration (FHA) loan servicer for FY 2022. This is the fifth year running in which the agency has achieved this ranking.
“North Dakota Housing Finance Agency’s loan servicing staff works one-on-one with our homeowners who experience financial difficulties to help maintain their housing stability and preserve their financial well-being,” said Dave Flohr, the agency’s executive director.
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. NDHFA’s FY2022 score is 91.92%, down slightly from 93.53% the previous year.
“The federal regulations associated with lending to lower income households and first-time homebuyers requires labor intensive loan documentation and customer service work,” said Flohr.
Known primarily for the affordable mortgage loans and down payment and closing cost assistance it provides through its FirstHome™ program, NDHFA has serviced its own mortgage loans since 1991.
“While the majority of the loans that North Dakota Housing Finance Agency services are its own, the agency also services loans for Bank of North Dakota and local nonprofit housing providers,” said Flohr. “Doing so helps these organizations to increase their lending capacity.”
NDHFA was one of 265 loan servicers ranked as Tier 1. Nationwide, 656 FHA servicers participate in the scoring. Of the more than 11,500 loans the agency currently services, 46 percent are FHA guaranteed.
More information about NDHFA and its homeownership programs is available online at www.ndhfa.org.
A self-supporting state agency dedicated to making housing affordable for all North Dakotans, NDHFA is overseen by the North Dakota Industrial Commission, consisting of Governor Doug Burgum as chairman, Agriculture Commissioner Doug Goehring and Attorney General Drew H. Wrigley.