19.5.6.2 Surety Requirements

A. Sureties must be on the accredited U.S. Treasury list, Circular 570, available online at www.fms.treas.gov/c570/c570.html, and published annually in the Federal Register on or about July 1. Bonds must not exceed limits listed in Circular 570. An original power-of-attorney from the surety company to its agent must be attached to each Performance and Payment Bond. A facsimile transmission (or PDF file sent via email) addressed to the HUD Closing Attorney must be received on the day of closing from the surety company (not local agent’s office) confirming the agent's power-of-attorney to bind the surety company as of the date the bonds are executed and delivered to Lender and HUD. The facsimile or PDF transmission must identify the agent, date of bonds, amount of each bond, obligee(s), principal, FHA project name and number, and name and title of sender. The bonds cannot be dated prior to the date of the Construction Contract to which they refer, but they may be dated the same date as that contract or a later date.