MCB Forms FHA Consulting Unit After Losing HUD Contract

Michaelson, Connor & Boul in Huntington Beach, Calif., has formed a consulting division related to Federal Housing Administration loan portfolios, after it lost a management contract for REO properties.

MCB will provide advice to mortgage lenders and servicers on the conveyance of FHA portfolios to the Department of Housing and Urban Development, the company said in a Tuesday news release.

MCB has been the nationwide mortgagee compliance manager for HUD since 1999. However, it was outbid on a renewal of that contract by Information Systems & Network Corp. in Bethesda, Md. HUD awarded the contract to ISN in June.

As a result, MCB will now consult with lenders on the types of services for which it had been providing oversight on behalf of HUD.