The US Department of Housing and Urban Development (HUD) is currently liaising with the Small Business Administration (SBA) with respect to an unrestricted release of the Management and Marketing (M&M) Field Service Manager (FSM) 3.12 contract. A Senior HUD official, speaking on condition of anonymity, had this to say,
[T]here were some changes to inventory to reflect Covid considerations, and we’re also still getting pushback from Regional SBA on decision to go unrestricted. We’re in discussions with HQ SBA now, so hopefully we’ll reach a resolution soon.
In layman’s terms, an unrestricted release means that there will be no set asides for small business. In the past iterations of the M&M FSM, many problems have arisen with respect to the ability of performance. In fact, even veterans of the M&M FSM such as Innotion Enterprises, lost contracts in the 3A — Illinois — and then, without explanation, were awarded large swaths out West. It would appear this time that HUD may be buckling down to ensure that with the imminent foreclosure crisis brewing, they want this the Awardees to be seasoned veterans on deck.
Ironically, though, the volumes of distressed assets are a wild card. With 40 percent of the nation’s residential mortgages under a QM setting, the reality is that the payments missed, thus far, under COVID, will simply be added to the back end. What that assumption does not take into consideration, though, is whether or not those whom have deferral plans in place will have employment to begin payments once moratoriums are lifted.
Adding uncertainty to the mix is the simple and salient fact that the Trump Administration appears unwilling to accept their loss. This is proving to be extremely problematic for the Biden Administration’s ability to smoothly transition. The same Senior HUD Official had this to say,
[T]here will also be Housing changes in the political appointees that may be influencing the [HUD M&M FSM] decision.
Currently, the largest firm set to either win tremendously — or lose — will be Guardian Asset Management. Guardian appears to be confident in their re-awarding of most, if not all, of their current contracts. Foreclosurepedia will continue to keep you updated on information as we receive it. And for Contractors wishing to work with HUD Awardees, please review the below opportunities to better your position within the Mortgage Field Services Industry.
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