Independent Refund Processing
Overview: A Brief History of HUD/FHA
In 1937, Congress passed the National Housing Act. This began the formation and implementation of quality housing in the United States. In September of 1968 it evolved into the Housing and Urban Development and the Federal Housing Administration, known today as HUD and FHA.
A Brief History of Independent Processing aka Tracing
In the 1980’s the General Services Administration directed HUD/FHA to expedite the distribution of unclaimed refunds. One method they chose was allowing “Third Party Processors” aka “Tracers” to locate borrowers and assist them in recovering their refunds.
A Brief History of Independent Processing
There are many borrowers who were told at the beginning of their loan, but through the years people tend to forget this item, thus creating a great need for Refund Recovery Specialists to locate them and refund their money.
Why Does a Borrower Need a Refund Recovery Specialist
For a borrower to attempt to recover their refund with no assistance is very difficult. Many HUD/FHA borrowers are not even aware that they are due a refund.
A borrower must first know their case number. Without this number they cannot correspond with HUD/FHA about the procedure necessary to receive their refund. This can be an extremely time consuming and frustrating proposition. Most people, after several months of failure will allow a Refund Specialist to help them.