Late and Interest Adjustments

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Questions and Answers

What is a late/interest adjustment?

What are valid reasons for a late/interest adjustment?

The established criteria for the Department of Housing and Urban Development (HUD) to approve an adjustment are:

	Disaster conditions at mortgagee or HUD site
	Transmission problem at HUD site
	System problem at HUD site
	A HUD management decision is made for other valid reasons not listed above

What are mortgagee level and case level late/interest adjustments?

The Single Family Premium Collection Subsystem-Periodic (SFPCS-P) can process a late/interest adjustment at the mortgagee level or case level.

	Mortgagee Level: Removes late and/or interest charges incurred for a given period for all of the cases serviced by a mortgagee at the time the adjustment is made.
	Case Level: Removes late and/or interest charges incurred for a specified case for a given period.

When requesting an SFPCS-P late/interest adjustment, you must indicate whether it is to be processed for a specific case (case level) or all the cases you service (mortgagee level) for a given month or months.

How can I get late/interest charges adjusted?

Send a request through e-mail to the Interest and Late Charge Review Committee in HUD's Single Family Insurance Operations Branch. The request must include:

	Subject line of the e-mail message must include the mortgagee ID and indicate Periodic MIP
	Name and ID of mortgagee
	Specify mortgagee level adjustment or case level adjustment
	Federal Housing Administration (FHA) case number (for a mortgagee level adjustment, a list of case numbers is required)
	Reason for the adjustment
	Period for which an adjustment is to be processed (month(s) and year)
	Adjust late, interest, or both
	Mortgagee contact name, including telephone number and/or fax number

Upon request, you must submit documentation needed to support the late/interest adjustment.