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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, D. C. 20410

July 26, 1976
OFFICE OF THE ASSISTANT SECRETARY FOR
HOUSING-FEDERAL HOUSING COMMISSIONER               IN REPLY REFER TO:
Mortgagee Letter 76-14
TO:       ALL APPROVED MORTGAGEES
SUBJECT:  Project Mortgage Insurance Claims, Revised Election
          Filing Instruction
 
This Letter applies only to mortgages insured pursuant to Multifamily
Sections of the National Housing Act.  The written election decision
of a mortgagee, to either assign a mortgage or acquire and convey
title, is presently sent to the Director, Office of Loan Management,
Department of Housing and Urban Development, Washington, D.C. 20410.
It is our desire that local HUD Area and Insuring Offices receive
simultaneous notification of this significant decision.
 
Effective immediately, in addition to the written notification to the
Office of Loan Management, mortgagees shall provide a copy of each
election notice to the appropriate HUD field office.  This will
represent a continuation of past practice by some mortgagees.  Their
courtesy copies have been helpful and we trust that extension of the
procedure to all holders of insured project mortgages will not prove
burdensome.
 
                                 Sincerely,
 
                                 James L. Young
                                 Assistant Secretary for
                                 Housing-Federal Housing
                                 Commissioner
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