HUD released ML 2010-18, ML (Mortgagee Letter) 2010-18 that went into effect Tuesday, July 13, 2010. With these changes HUD has added additional requirements (please refer to the HUD website for specific information) that Vendors are required to adhere to. When a property is not in Convey Condition, vendors are required to bid each item necessary to cure the conveyance condition. When submitting a bid, vendors are required to adhere to HUD requirements and allowable(s). As outlined in ML 2010-18 guidelines, vendors are required to submit a bid utilizing a 3rd party estimating tool when bidding services that either cannot be performed for the allowable or do not have an allowable.
When supplying a bid, utilize a 3rd Party Template; the template will detail the information that is required. Each service item must be itemized and submitted.
When performing services for client, vendors are required to complete assignments by the date listed on the work order. If a bid is required in order to place the property in ICC a bid must be submitted within 24 hours of completing service. If a bid is denied, vendors are required to update the bid within 24 hours with the required information. If you have any questions or require clarification about what must be provided on a specific work order, contact the Maxim team representative listed in the work order comments for assistance.
