83 FR 9533 - Notice of HUD Vacant Loan Sales (HVLS 2018-1)
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Federal Register Volume 83, Issue 44 (March 6, 2018)
Federal Register Volume 83, Issue 44 (March 6, 2018)
| Page Range | 9533-9535 | |
| FR Document | 2018-04528 |
[Federal Register Volume 83, Number 44 (Tuesday, March 6, 2018)] [Notices] [Pages 9533-9535] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-04528] ----------------------------------------------------------------------- DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-6089-N-01] Notice of HUD Vacant Loan Sales (HVLS 2018-1) AGENCY: Office of the Assistant Secretary for Housing--Federal Housing Commissioner, HUD. ACTION: Notice of sales of reverse mortgage loans. ----------------------------------------------------------------------- SUMMARY: This notice announces HUD's intention to competitively offer multiple residential reverse mortgage pools [[Page 9534]] consisting of approximately 650 reverse mortgage notes secured by properties with a loan balance of approximately $136 million. The sale will consist of due and payable Secretary-held reverse mortgage loans. The mortgage loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a non-borrowing spouse. This notice also generally describes the bidding process for the sale and certain persons who are ineligible to bid. This is the third sale offering of its type and the sale will be held on April 11, 2018. DATES: For this sale action, the Bidder's Information Package (BIP) is expected to be made available to qualified bidders on or about March 7, 2018. Bids for the HVLS 2018-1 sale will be accepted on the Bid Date of April 11, 2018 (Bid Date). HUD anticipates that award(s) will be made on or about April 13, 2018 (the Award Date). ADDRESSES: To become a qualified bidder and receive the BIP, prospective bidders must complete, execute, and submit a Confidentiality Agreement and a Qualification Statement acceptable to HUD. Both documents are available via the HUD website at: http://www.hud.gov/sfloansales or via: http://www.verdiassetsales.com. Please mail and fax executed documents to Verdi Consulting, Inc.: Verdi Consulting, Inc., 8400 Westpark Drive, 4th Floor, McLean, VA 22102, Attention: HUD SFLS Loan Sale Coordinator, Fax: 1-703-584-7790. FOR FURTHER INFORMATION CONTACT: John Lucey, Director, Asset Sales Office, Room 3136, Department of Housing and Urban Development, 451 Seventh Street SW, Washington, DC 20410-8000; telephone 202-708-2625, extension 3927. Hearing- or speech-impaired individuals may call 202- 708-4594 (TTY). These are not toll-free numbers. SUPPLEMENTARY INFORMATION: HUD announces its intention to sell in HVLS 2018-1 due and payable Secretary-held reverse mortgage loans. The loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a non-borrowing spouse. A listing of the mortgage loans is included in the due diligence materials made available to qualified bidders. The mortgage loans will be sold without FHA insurance and with servicing released. HUD will offer qualified bidders an opportunity to bid competitively on the mortgage loans. The loans are expected to be offered in regional pools. The Bidding Process The BIP describes in detail the procedure for bidding in HVLS 2018- 1. The BIP also includes a standardized non-negotiable Conveyance, Assignment and Assumption Agreement for HVLS 2018-1 (CAA). Qualified bidders will be required to submit a deposit with their bid. Deposits are calculated based upon each qualified bidder's aggregate bid price. HUD will evaluate the bids submitted and determine the successful bid, in terms of the best value to HUD, in its sole and absolute discretion. If a qualified bidder is successful, the qualified bidder's deposit will be non-refundable and will be applied toward the purchase price. Deposits will be returned to unsuccessful bidders. This notice provides some of the basic terms of sale. The CAA, which is included in the BIP, provides comprehensive contractual terms and conditions. To ensure a competitive bidding process, the terms of the bidding process and the CAA are not subject to negotiation. Due Diligence Review The BIP describes how qualified bidders may access the due diligence materials remotely via a high-speed internet connection. Mortgage Loan Sale Policy HUD reserves the right to remove mortgage loans from HVLS 2018-1 at any time prior to the Award Date. HUD also reserves the right to reject any and all bids, in whole or in part, and include any reverse mortgage loans in a later sale. Deliveries of mortgage loans will occur in conjunction with settlement and servicing transfer, approximately 30 to 45 days after the Award Date. The HVLS 2018-1 reverse mortgage loans were insured by and were assigned to HUD pursuant to section 255 of the National Housing Act, as amended. The sale of the reverse mortgage loans is pursuant to section 204(g) of the National Housing Act. Mortgage Loan Sale Procedure HUD selected an open competitive whole-loan sale as the method to sell the mortgage loans for this specific sale transaction. For HVLS 2018-1, HUD has determined that this method of sale optimizes HUD's return on the sale of these loans, affords the greatest opportunity for all qualified bidders to bid on the mortgage loans, and provides the quickest and most efficient vehicle for HUD to dispose of the mortgage loans. Bidder Ineligibility In order to bid in HVLS 2018-1 as a qualified bidder, a prospective bidder must complete, execute and submit both a Confidentiality Agreement and a Qualification Statement acceptable to HUD. In the Qualification Statement, the prospective bidder must provide certain representations and warranties regarding the prospective bidder, including but not limited to (i) the prospective bidder's board of directors, (ii) the prospective bidder's direct parent, (iii) the prospective bidder's subsidiaries, (iv) any related entity with which the prospective bidder shares a common officer, director, subcontractor or sub-contractor who has access to Confidential Information as defined in the Confidentiality Agreement or is involved in the formation of a bid transaction (collectively the ``Related Entities''), and (v) the prospective bidder's repurchase lenders. The prospective bidder is ineligible to bid on any of the reverse mortgage loans included in HVLS 2018-1 if the prospective bidder, its Related Entities or its repurchase lenders, is any of the following, unless other exceptions apply as provided for in the Qualification Statement. 1. An individual or entity that is currently debarred, suspended, or excluded from doing business with HUD pursuant to the Governmentwide Suspension and Debarment regulations at 2 CFR parts 180 and 2424; 2. An individual or entity that is currently suspended, debarred or otherwise restricted by any department or agency of the federal government or of a state government from doing business with such department or agency; 3. An individual or entity that is currently debarred, suspended, or excluded from doing mortgage related business, including having a business license suspended, surrendered or revoked, by any federal, state or local government agency, division or department; 4. An entity that has had its right to act as a Government National Mortgage Association (``Ginnie Mae'') issuer terminated and its interest in mortgages backing Ginnie Mae mortgage-backed securities extinguished by Ginnie Mae; 5. An individual or entity that is in violation of its neighborhood stabilizing outcome obligations or post-sale reporting requirements under a Conveyance, Assignment and Assumption Agreement executed for [[Page 9535]] any previous mortgage loan sale of HUD; 6. An employee of HUD's Office of Housing, a member of such employee's household, or an entity owned or controlled by any such employee or member of such an employee's household with household to be inclusive of the employee's father, mother, stepfather, stepmother, brother, sister, stepbrother, stepsister, son, daughter, stepson, stepdaughter, grandparent, grandson, granddaughter, father-in-law, mother-in-law, brother-in-law, sister-in-law, son-in-law, daughter-in- law, first cousin, the spouse of any of the foregoing, and the employee's spouse; 7. A contractor, subcontractor and/or consultant or advisor (including any agent, employee, partner, director, or principal of any of the foregoing) who performed services for or on behalf of HUD in connection with the sale; 8. An individual or entity that knowingly acquired or will acquire prior to the sale date material non-public information, other than that information which is made available to Bidder by HUD pursuant to the terms of this Qualification Statement, about mortgage loans offered in the sale; 9. An individual or entity that knowingly uses the services, directly or indirectly, of any person or entity ineligible under 1 through 10 to assist in preparing any of its bids on the mortgage loans; 10. An individual or entity which knowingly employs or uses the services of an employee of HUD's Office of Housing (other than in such employee's official capacity); or The Qualification Statement has additional representations and warranties which the prospective bidder must make, including but not limited to the representation and warranty that the prospective bidder or its Related Entities are not and will not knowingly use the services, directly or indirectly, of any person or entity that is, any of the following (and to the extent that any such individual or entity would prevent the prospective bidder from making the following representations, such individual or entity has been removed from participation in all activities related to this sale and has no ability to influence or control individuals involved in formation of a bid for this sale): (1) An entity or individual is ineligible to bid on any included reverse mortgage loan or on the pool containing such reverse mortgage loan because it is an entity or individual that: (a) Serviced or held such reverse mortgage loan at any time during the six-month period prior to the bid; or (b) is any principal of any entity or individual described in the preceding sentence; (c) any employee or subcontractor of such entity or individual during that six-month period; or (d) any entity or individual that employs or uses the services of any other entity or individual described in this paragraph in preparing its bid on such reverse mortgage loan. Freedom of Information Act Requests HUD reserves the right, in its sole and absolute discretion, to disclose information regarding HVLS 2018-1, including, but not limited to, the identity of any successful qualified bidder and its bid price or bid percentage for any pool of loans or individual loan, upon the closing of the sale of all the Mortgage Loans. Even if HUD elects not to publicly disclose any information relating to SFLS 2018-1, HUD will disclose any information that HUD is obligated to disclose pursuant to the Freedom of Information Act and all regulations promulgated thereunder. Scope of Notice This notice applies to HVLS 2018-1 and does not establish HUD's policy for the sale of other mortgage loans. Dated: February 23, 2018. Dana T. Wade, General Deputy Assistant Secretary for Housing. [FR Doc. 2018-04528 Filed 3-5-18; 8:45 am] BILLING CODE 4210-67-P
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Washington, DC 20410–4500; telephone proposed information collection for Estimation of the Total Number of
202–402–4464 (this is not a toll-free submission requirements under the Hours Needed To Prepare the
number) or by email at thann.young@ SHOP Notice of Funding Availability Information Collection Including
hud.gov (NOFA). HUD requires information in Number of Respondents, Hours per
SUPPLEMENTARY INFORMATION: This order to ensure the eligibility of SHOP Response, Frequency of Response, and
notice informs the public that HUD is applicants and the compliance of SHOP Total Hours of Response for All
seeking approval from OMB for the proposals, to rate and rank SHOP Respondents
information collection described in applications, and to select applicants for
Section A. grant awards. Information is collected The estimates of the average hours
on an annual basis from each applicant needed to prepare the information
A. Overview of Information Collection that responds to the SHOP NOFA. The collection are based on information
Title of Information Collection: Self- SHOP NOFA requires applicants to provided by previous applicants. Actual
Help Homeownership Opportunity submit specific forms and narrative hours will vary depending on the
Program (SHOP). responses. proposed scope of the applicant’s
OMB Approval Number: 2506–0157. Respondents: National and regional program, the applicant’s geographic
Type of Request: Extension of non-profit self-help housing service area and the number of affiliate
currently approved collection. organizations (including consortia) that
organizations. The information burden
Form Number: HUD–424CB, HUD– apply for funds in response to the SHOP
is generally greater for national
2880, HUD–2993, HUD–2995, HUD– NOFA.
96011. Frequency of Submission: Annually in organizations with numerous affiliates.
Description of the need for the response to the issuance of a SHOP
information and proposed use: This is a NOFA.
Number of Annual Total Burden per Total annual Burden cost
Paperwork requirement Hourly rate
respondents response responses response hours per instrument
SF–424 ......................... 10 1 10 1 10 25.00 250.00
HUD–424CB ................ 10 1 10 10 10 25.00 250.00
HUD–424 CBW ............ 10 1 10 30 300 25.00 7,500.00
SF–LLL ......................... 10 1 10 .5 5 25.00 125.00
HUD–2880 ................... 10 1 10 .5 5 25.00 125.00
HUD–2993 ................... 10 1 10 .5 5 25.00 125.00
HUD–2995 ................... 10 1 ........................ .5 5 25.00 125.00
HUD–96011 ................. 10 1 10 .5 5 25.00 125.00
Applicant Eligibility ....... 10 1 10 10 100 25.00 2,500.00
SHOP Program Design
and Scope of Work .. 10 1 10 30 300 25.00 7,500.00
Rating Factor 1 ............ 10 1 10 25 250 25.00 6,250.00
Rating Factor 2 ............ 10 1 10 25 250 25.00 6,250.00
Rating Factor 3 ............ 10 1 10 55 550 25.00 13,750.00
Rating Factor 4 ............ 10 1 10 30 300 25.00 7,500.00
Rating Factor 5 ............ 10 1 10 25 250 25.00 6,250.00
Total Annual Hour
Burden ............... 140 ........................ 140 ........................ 2,345 25.00 58,625.00
B. Solicitation of Public Comments who are to respond; including through DEPARTMENT OF HOUSING AND
This notice is soliciting comments the use of appropriate automated URBAN DEVELOPMENT
from members of the public and affected collection techniques or other forms of
parties concerning the collection of information technology, e.g., permitting [Docket No. FR–6089–N–01]
information described in Section A on electronic submission of responses.
the following: HUD encourages interested parties to Notice of HUD Vacant Loan Sales
(1) Whether the proposed collection submit comment in response to these (HVLS 2018–1)
of information is necessary for the questions.
proper performance of the functions of AGENCY: Office of the Assistant
Authority: Section 3506 of the Paperwork
the agency, including whether the Reduction Act of 1995, 44 U.S.C. Chapter 35, Secretary for Housing—Federal Housing
information will have practical utility; as amended. Commissioner, HUD.
(2) The accuracy of the agency’s ACTION:Notice of sales of reverse
Dated: February 28, 2018.
estimate of the burden of the proposed
Lori Michalski, mortgage loans.
collection of information;
(3) Ways to enhance the quality, Acting General Deputy Assistant Secretary
utility, and clarity of the information to for Community Planning and Development. SUMMARY: This notice announces HUD’s
sradovich on DSK3GMQ082PROD with NOTICES
be collected; and [FR Doc. 2018–04530 Filed 3–5–18; 8:45 am] intention to competitively offer multiple
(4) Ways to minimize the burden of BILLING CODE 4210–67–P
residential reverse mortgage pools
the collection of information on those
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any previous mortgage loan sale of (a) Serviced or held such reverse DATES: Comments and related material
HUD; mortgage loan at any time during the must be postmarked no later than May
6. An employee of HUD’s Office of six-month period prior to the bid; or 7, 2018.
Housing, a member of such employee’s (b) is any principal of any entity or ADDRESSES: Please submit your
household, or an entity owned or individual described in the preceding comments by only one of the following
controlled by any such employee or sentence; means: (1) By mail to: Dr. BJ Howerton,
member of such an employee’s (c) any employee or subcontractor of MBA, Branch Chief Environmental and
household with household to be such entity or individual during that Cultural Resource Management C/O
inclusive of the employee’s father, six-month period; or Department of the Interior, 12220
mother, stepfather, stepmother, brother, (d) any entity or individual that Sunrise Valley Drive, Reston, VA 20192;
sister, stepbrother, stepsister, son, employs or uses the services of any or (2) by email to: bj.howerton@bia.gov.
daughter, stepson, stepdaughter, other entity or individual described in Please put ‘‘CATEX’’ in the subject line.
grandparent, grandson, granddaughter, this paragraph in preparing its bid on FOR FURTHER INFORMATION CONTACT: Dr.
father-in-law, mother-in-law, brother-in- such reverse mortgage loan. BJ Howerton, (703) 390–6524, email:
law, sister-in-law, son-in-law, daughter- Freedom of Information Act Requests bj.howerton@bia.gov.
in-law, first cousin, the spouse of any of SUPPLEMENTARY INFORMATION:
the foregoing, and the employee’s HUD reserves the right, in its sole and
spouse; absolute discretion, to disclose I. Background
information regarding HVLS 2018–1, The NEPA requires Federal agencies
7. A contractor, subcontractor and/or
including, but not limited to, the to consider the potential environmental
consultant or advisor (including any
identity of any successful qualified consequences of their decisions before
agent, employee, partner, director, or
bidder and its bid price or bid deciding whether and how to proceed.
principal of any of the foregoing) who
percentage for any pool of loans or The Council on Environmental Quality
performed services for or on behalf of
individual loan, upon the closing of the (CEQ) encourages Federal agencies to
HUD in connection with the sale;
sale of all the Mortgage Loans. Even if use CATEXs to protect the environment
8. An individual or entity that HUD elects not to publicly disclose any
knowingly acquired or will acquire more efficiently by: (a) Reducing the
information relating to SFLS 2018–1, resources spent analyzing proposals
prior to the sale date material non- HUD will disclose any information that
public information, other than that which generally do not have potentially
HUD is obligated to disclose pursuant to significant environmental impacts, and
information which is made available to the Freedom of Information Act and all
Bidder by HUD pursuant to the terms of (b) focusing resources on proposals that
regulations promulgated thereunder. may have significant environmental
this Qualification Statement, about
mortgage loans offered in the sale; Scope of Notice impacts. The appropriate use of
9. An individual or entity that CATEXs allow the NEPA review to be
This notice applies to HVLS 2018–1
knowingly uses the services, directly or concluded without preparing either an
and does not establish HUD’s policy for
indirectly, of any person or entity environmental assessment (EA) or an
the sale of other mortgage loans.
ineligible under 1 through 10 to assist environmental impact statement (EIS)
Dated: February 23, 2018. (40 CFR 1500.4(p) and § 1508.4).
in preparing any of its bids on the
mortgage loans;
Dana T. Wade, The CEQ regulations implementing
General Deputy Assistant Secretary for NEPA define CATEXs as a category of
10. An individual or entity which Housing. actions that do not individually or
knowingly employs or uses the services [FR Doc. 2018–04528 Filed 3–5–18; 8:45 am] cumulatively have a significant effect on
of an employee of HUD’s Office of the human environment, and for which,
BILLING CODE 4210–67–P
Housing (other than in such employee’s therefore, neither an EA nor an EIS is
official capacity); or required. (40 CFR 1508.4). The CEQ
The Qualification Statement has regulations encourage the use of
additional representations and DEPARTMENT OF THE INTERIOR
CATEXs to reduce unnecessary
warranties which the prospective bidder Bureau of Indian Affairs paperwork and delays. A CATEX is a
must make, including but not limited to form of NEPA compliance; it is not an
the representation and warranty that the [189A2100DD/AAKC001030/ exemption from NEPA, but an
prospective bidder or its Related A0A501010.999900 253G] exemption from requirements to prepare
Entities are not and will not knowingly an EIS. Agency procedures must
use the services, directly or indirectly, Updates to Bureau of Indian Affairs
Categorical Exclusions Under the consider ‘‘extraordinary circumstances,’’
of any person or entity that is, any of the in which case a normally excluded
following (and to the extent that any National Environmental Policy Act
action may have a significant effect and
such individual or entity would prevent AGENCY: Bureau of Indian Affairs, require preparation of an EA or EIS.
the prospective bidder from making the Interior. The Department of the Interior
following representations, such ACTION: Notice of proposed action and (Interior) has established CATEXs at 43
individual or entity has been removed request for comments. CFR 46.210. In addition, BIA has
from participation in all activities bureau-specific CATEXs. The most
related to this sale and has no ability to SUMMARY: The Bureau of Indian Affairs recent CATEXs BIA established were
influence or control individuals (BIA) is proposing to amend its three based on CATEXs currently used
sradovich on DSK3GMQ082PROD with NOTICES
involved in formation of a bid for this categorical exclusions (CATEXs) under by the United States Forest Service (FS),
sale): the National Environmental Policy Act as described in FS regulations 36 CFR
(1) An entity or individual is of 1969 (NEPA) for certain BIA actions 220, and by the Bureau of Land
ineligible to bid on any included reverse and is seeking comment. The BIA is Management (BLM), as described the
mortgage loan or on the pool containing requesting comment on whether to Departmental Manual, 516 DM 11. The
such reverse mortgage loan because it is revise or delete any current CATEXs or BIA relied on the experience of the FS
an entity or individual that: add any new CATEXs. and BLM and applied its expertise to
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Document Created: 2018-11-01 08:48:57
Document Modified: 2018-11-01 08:48:57
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice of sales of reverse mortgage loans. | |
| Dates | For this sale action, the Bidder's Information Package (BIP) is expected to be made available to qualified bidders on or about March 7, 2018. Bids for the HVLS 2018-1 sale will be accepted on the Bid Date of April 11, 2018 (Bid Date). HUD anticipates that award(s) will be made on or about April 13, 2018 (the Award Date). | |
| Contact | John Lucey, Director, Asset Sales Office, Room 3136, Department of Housing and Urban Development, 451 Seventh Street SW, Washington, DC 20410-8000; telephone 202-708-2625, extension 3927. Hearing- or speech-impaired individuals may call 202- 708-4594 (TTY). These are not toll-free numbers. | |
| FR Citation | 83 FR 9533 |
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