19.2.4.3 Implementation

A. The RC Director will determine whether to approve a Lender’s request for assignment, in consultation with the HUD Closing Attorney. HUD will issue approvals in writing. If HUD provides approval for assignment of the FHA-insured Loan, the Lender has 30 days to complete the assignment, and 7 days from the consummation of the assignment to submit a final set of assignment documents to HUD, including copies of filed and recorded documents, e.g.:

1. Assignment of the Security Instrument (must be recorded before the endorsement to the lender’s title policy can be issued); and

2. Amendment of UCC-1 Financing Statements (state and county).

B. The RC Director may extend the 7-day deadline submission of final documents in jurisdictions where early or contemporaneous recording is not available, and in other exigent circumstances as determined by the RC Director.

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Chapter 19 Closing Guide 19.3 Final Loan Closing Procedures for New Construction and Substantial Rehabilitation

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