11.4 Program Closing Provisions

A. Chapter 19 (Closing Guide) addresses various program closing provisions and procedures that the Lender must be aware of to prepare for initial closing, final closing and initial/final closing events. The HUD Underwriter’s responsibilities (or RC Director as applicable) include:

1. Ensuring all special conditions to the Commitment have been individually addressed and satisfied, including the resolution of any open DEC referrals, prior to or in tandem with closing.

2. Reprocessing and amending Firm Commitments as necessary and appropriate [Cross references: FHA Closing Guide Section 19.1.02 and Regulations 24 CFR 200.46 for Commitment Issuance & 200.47 for Firm Commitment].

3. Extending or Re-issuing Firm Commitments. [Note: The Reopening fee for an expired Firm Commitment is $0.50 per thousand (Regulations 24 CFR 200.40(g)); Cross references: 24 CFR 200.46 and 200.47].

4. Coordinating with Asset Management staff to ensure the orderly transition from Production to Servicing.

5. Coordinating the closing schedule with OGC, the Lender, and Borrower.