Morris-Griffin Corporation is a first rate loan servicer of agency products. FHA insured mortgages offer many benefits and protections that only come with FHA such as easier qualifications, less than perfect credit, low down payment, and many loss mitigation options to help you keep your home should you encounter hard times after purchasing your home. FHA insures mortgages made by approved lenders to individuals, non-profits and other government agencies that are approved to participate in HUD's programs.

In general, MGC’s servicing functions include loan set up, payment processing, tax and insurance monitoring, calculating and issuing payoff quotes, subordination and assumption reviews, satisfaction of liens, collection activities, loss mitigation, foreclosures, evictions, monitoring bankruptcy activities and preparation of proof of claims.

MGC’s servicing division is experienced in conventional and government loan servicing as well as government specialty products which require additional and specific servicing requirements. MGC is one of only a small handful of servicers that are experienced in the servicing of the following products:

Home Equity Conversion Mortgages (Reverse Mortgages)
The concept of Home Equity Conversion Mortgages centers on seniors being able to borrow against the equity in their home without having to repay the borrowed amount while the loan remains in good standing.

Partial Claim Loss Mitigation Mortgages
A Partial Claim mortgage is a Loss Mitigation option available to borrowers to assist them in the reinstatement of their delinquent mortgage (up to 12 months). Lenders advance funds on behalf of a borrower in an amount necessary to reinstate the delinquent loan. A note and mortgage are issued to the Secretary of Housing and Urban Development.

Good Neighbor Next Door Sales Program
This program enables officers, teachers, firefighters or emergency responders to purchase and live in HUD-acquired homes located in revitalization areas and the communities they serve at a 50 percent discount from list prices in furtherance of HUD’s mission to promote homeownership and the revitalization of cities.

The Nehemiah Housing Opportunity Grants Program
Under this program, HUD to made grants to nonprofit organizations to enable them to provide loans to families purchasing homes that were constructed or substantially rehabilitated by the non-profit. Although the program has been discontinued, the portfolio of existing loans continues to be serviced by MGC.

Section 235 Payment Assistance Recapture Program
This program enabled low income borrowers to qualify and retain ownership of a home by providing payment assistance for the borrower. The subsidized payment amount is subject to repayment if the borrower sells or refinances the property. Loans that have been assigned to HUD are still eligible to receive subsidized payments. While 235 loans are no longer originated there are several thousand loans that are still currently receive subsidy payments.

Hope for Homeowners Program (H4H)
On July 30, 2008, the President signed into law the Housing and Economic Recovery Act of 2008 as a response to the nation’s current mortgage crisis. One of the components includes the Hope for Homeowners (H4H) program. The program will allow homeowners the opportunity to refinance their existing mortgage into new FHA loan at an amount equal to 90% of their property’s value thereby reducing the risk of the loss of their residence to a foreclosure.