BISMARCK, ND – The National Servicing Center of the U.S. Department of Housing and Urban Development (HUD) has once again ranked North Dakota Housing Finance Agency (NDHFA) as a Tier 1 Federal Housing Administration loan servicer. The ranking for fiscal year 2023 marks the agency’s sixth consecutive year to receive this recognition.
The HUD ranking system evaluates FHA servicer compliance with guidelines, intervention requirements, loss mitigation engagement, and reporting, aiming to safeguard borrowers and alert HUD to potential issues. An important indicator of servicer effectiveness is the work-out ratio, demonstrating the ability to work with delinquent borrowers and prevent foreclosures.
Dave Flohr, executive director of NDHFA stated, “This distinction underscores our ongoing commitment to helping homeowners work through financial challenges. Homeowners who experience financial difficulties work with NDHFA staff one-on-one to navigate these issues, preserving the stability of their homes.”
Out of 624 participating FHA servicers nationwide, NDHFA was one of 147 loan servicers ranked as Tier 1. NDHFA achieved an impressive FY2023 score of 94.06%, reflecting an increase from the previous year’s score of 91.92%. The agency currently services approximately 12,400 loans, with 50% being FHA guaranteed.
Known for affordable mortgage loans as well as down payment and closing cost assistance through the FirstHome™ program, NDHFA services its own loans as well as loans for the Bank of North Dakota and local nonprofit housing providers.
Flohr stated, “NDHFA provides affordable home financing that can help individuals and families of modest means achieve and maintain their dream of homeownership.
NDHFA is a self-supporting and mission-driven state agency dedicated to making housing affordable for all North Dakotans. The North Dakota Industrial Commission, consisting of Gov. Doug Burgum, as the chairman, Agriculture Commissioner Doug Goehring and Attorney General Drew H. Wrigley, oversees the agency. More information about NDHFA is available online at www.ndhfa.org.