North Dakota HFA remains top ranking for HFA loan services
The North Dakota Housing Finance Agency (NDHFA), the state agency that provides residents, usually first-time buyers, with home purchase assistance, continues to be rated as a Level 1 loan service. from the Federal Housing Administration (FHA).
“It has been a difficult year for many North Dakotas,” said Dave Flohr, executive director of the NDHFA. “Our loan staff have worked hard to help borrowers facing financial challenges understand their options so that they can continue to be successful homeowners.”
The National Servicing Center of the United States Department of Housing and Urban Development (HUD) has classified the NDHFA as a Level 1 service agent for three consecutive years. The filing system measures the FHA service agent’s compliance with response guidelines and requirements, loss mitigation commitment and reporting. The intent of the filing is to protect borrowers and alert the HUD to potential issues. A high ripple ratio shows the effectiveness of a service agent in working with delinquent borrowers to keep them from foreclosure.
“The North Dakota Housing Finance Agency is unique in that it manages its own mortgages,” Flohr said. “Providing the new owners who make up our customer base the opportunity to speak to a real person who is local and who is focused on helping the person or family stay financially stable.” “
Loan managers receive quarterly scores, which are averaged to produce a final year-end score. The NDHFA score for fiscal 2020 is 91.81%, compared to 95.77% for fiscal 2018 and 95.26% for fiscal 2019. The agency was one of 284 loan departments. Classified as Level 1 for fiscal 2020. There were 979 FHA repairers nationwide.
The purchase assistance provided by NDHFA includes affordable financing, down payment and assistance with closing costs, as well as loan guarantees that help low to moderate income borrowers access homeownership. Of the 9,500 loans the agency currently manages, about 47% are guaranteed by the FHA.
The NDHFA is an autonomous state agency dedicated to making housing affordable for all North Dakotas. The North Dakota Industrial Commission, made up 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.