Hud 92300 Form PDF Details

When navigating the complexities of home ownership and mortgage insurance, understanding specific forms like the HUD 92300, or Mortgagee's Assurance of Completion, becomes crucial. This form, mandated by the U.S. Department of Housing and Urban Development (HUD), plays a vital role in the mortgage process, particularly under the Federal Housing Administration (FHA) insurance programs. It acts as an assurance from the mortgagee to HUD that any incomplete construction, alterations, or repairs identified in either the HUD Compliance Inspection Report or HUD Commitment for Insurance will be completed by a specified date. More than a mere formality, the HUD 92300 outlines the mortgagee's commitment to hold a designated escrow fund or accept a commercial letter of credit to ensure the satisfactory completion of the necessary work. These provisions protect both the mortgagee and HUD by ensuring that improvements are made, all while preventing potential liens on the property. Additionally, it underscores the responsibility of the mortgagee to ensure work completion, even if the escrow amount proves insufficient, and involves the direct notification to HUD upon final disbursement of funds or any transfer of obligations. With such essential roles in the mortgage insurance process, understanding the HUD 92300 form's function and requirements is key for both mortgagees and homeowners navigating the completion of their property improvements.

QuestionAnswer
Form NameHud 92300 Form
Form Length5 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 15 sec
Other namesfha forms 92300, 92300 form, fha 92300, hud form 92300

Form Preview Example

Mortgagee's Assurance of Completion

U.S. Department of Housing

OMB Approval No. 2502-0189 (exp. 10/31/2004)

and Urban Development

 

Office of Housing

 

Federal Housing Commissioner

 

Public reporting burden for this collection of information is estimated to average 6 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not conduct or sponsor, and a person is not required to respond to, a collection information unless that collecton displays a valid OMB control number.

Instructions: Please complete and submit Part 4 to the HUD Field Office as soon as the work is completed and inspected (on or before the specified completion date), and the balance of funds held to assure completion has been disbursed.

Note: This is not an escrow agreement. The mortgagee must take such action as it considers necessary, by supplemental agreement or otherwise, to assure itself that the work will be completed if not performed by the mortgagor. The Department holds the mortgagee responsible even if the stipulated escrow amount proves to be insufficient.

Mortgagee's Name, Address, & Zip Code :

FHA Case No. :

Mortgagor :

Property Location :

(Mark the

HUD Commitment

Date :

appropriate box)

Form HUD-92051

 

 

 

 

 

 

 

Completion Date :

 

Amount of Escrow Fund :

 

 

$

 

 

 

 

 

To The Federal Housing Commissioner: In consideration of your issuing a Mortgage Insurance Certificate in the above numbered case, the undersigned will see that the incomplete construction, alterations and repairs as set forth in the HUD Compliance Inspection Report or HUD Commitment for Insurance identified above are completed on or before the specified completion date. The undersigned further agrees that at the time of completion it will certify to its personal inspection and the satisfactory completion of all items.

The Items To Be Completed Are:

A.Cash Escrow: To secure completion of these improvements on or before the specified completion date, the undersigned agrees to hold the sum of $

_____________________________, hereinafter referred to as the "Fund," and not to expend or disburse said Fund until a representative of the undersigned

has made a personal inspection of the work and found that all items have been satisfactorily completed and there is evidence satisfactory to the undersigned that there are no liens or possibilities of liens in connection with said improvements on the premises covered by the above.

The undersigned further agrees, if it is an institution which is required by HUD regulations to segregate mortgage escrow funds, that it will hold said sum in a special custodial bank account separate and apart from its general assets.

B.Commercial Letter of Credit: To secure completion of these improvements on or before the specified completion date, the undersigned has accepted from

________________________________________________________________________________________________ , builder, an irrevocable letter of credit drawn upon ___________________________________________________________________________________, a commercial bank, dated

_________________, in the amount of $ ____________________, which letter will make available to the undersigned $ ____________________, for the

completion of these improvements, and the undersigned agrees to not release the right to draw upon said letter of credit, hereinafter referred to as the "Fund," until a representative of the undersigned has made a personal inspection of the work and found that all items have been satisfactorily completed and there is evidence satisfactory to the undersigned that there are no liens or possibilities of liens in connection with said improvements on the premises covered by the above. The undersigned further engages and confirms, if a letter of credit constitutes the "Fund," that the issuing bank will honor said letter of credit or that the undersigned will, itself, honor said letter of credit.

The undersigned agrees to notify the Field Office when final disbursement is made, and further agrees that, in the event of offering the credit and security instruments to the above-numbered case for sale or transfer prior to such final disbursement or release of the letter of credit, it will notify the prospective purchaser thereof in full detail. It is understood that HUD will not release the original mortgagee from its responsibility unless the transferee assumes the responsibilities of the transferor either by execution of a new form, or by making a proper endorsement on the existing form to the effect that it accepts the new agreement and assumes the responsibility of the transferor.

The undersigned further agrees that as further consideration for issuance of a Mortgage Insurance Certificate in this case, this instrument shall constitute a primary obligation of the undersigned to complete these improvements in a manner satisfactory to comply with the requirements of the Compliance Inspection Report or HUD Commitment For Insurance identified above regardless of the adequacy for such completion of the "Fund."

Date :

Signature & Title of Mortgagee's Official :

For Direct Endorsement Underwriters Only :

Mark the Box & Enter Your ID No.

Part 1 - Original to HUD Case Binder

Mortgagee - After completing the form,

form HUD-92300 (2/91)

 

send Parts 1 and 2 to the HUD Field Office

ref. Handbook 4145.1

Mortgagee's Assurance of Completion

U.S. Department of Housing

OMB Approval No. 2502-0189 (exp. 10/31/2004)

and Urban Development

 

Office of Housing

 

Federal Housing Commissioner

 

Public reporting burden for this collection of information is estimated to average 6 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not conduct or sponsor, and a person is not required to respond to, a collection information unless that collecton displays a valid OMB control number.

Instructions: Please complete and submit Part 4 to the HUD Field Office as soon as the work is completed and inspected (on or before the specified completion date), and the balance of funds held to assure completion has been disbursed.

Note: This is not an escrow agreement. The mortgagee must take such action as it considers necessary, by supplemental agreement or otherwise, to assure itself that the work will be completed if not performed by the mortgagor. The Department holds the mortgagee responsible even if the stipulated escrow amount proves to be insufficient.

Mortgagee's Name, Address, & Zip Code :

FHA Case No. :

Mortgagor :

Property Location :

(Mark the

HUD Commitment

Date :

appropriate box)

Form HUD-92051

 

 

 

 

 

 

 

Completion Date :

 

Amount of Escrow Fund :

 

 

$

 

 

 

 

 

To The Federal Housing Commissioner: In consideration of your issuing a Mortgage Insurance Certificate in the above numbered case, the undersigned will see that the incomplete construction, alterations and repairs as set forth in the HUD Compliance Inspection Report or HUD Commitment for Insurance identified above are completed on or before the specified completion date. The undersigned further agrees that at the time of completion it will certify to its personal inspection and the satisfactory completion of all items.

The Items To Be Completed Are:

Such assurance of completion represents an agreement solely between HUD and the Mortgagee, and does not relieve the Mortgagee of responsibility for assuring itself, by supplemental agreement or otherwise, that the work is completed if not performed by the Mortgagor. The Mortgagee is held responsible even if the stipulated escrow amount proves to be insufficient.

Date :

Signature & Title of Mortgagee's Official :

For Direct Endorsement Underwriters Only :

Mark the Box & Enter Your ID No.

Part 2 - HUD Tickler File Copy

Return to the Mortgagee if Part 4

form HUD-92300 (2/91)

is not received on time.

ref. Handbook 4145.1

 

Mortgagee's Assurance of Completion

U.S. Department of Housing

OMB Approval No. 2502-0189 (exp. 10/31/2004)

and Urban Development

 

Office of Housing

 

Federal Housing Commissioner

 

Public reporting burden for this collection of information is estimated to average 6 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not conduct or sponsor, and a person is not required to respond to, a collection information unless that collecton displays a valid OMB control number.

Instructions: Please complete and submit Part 4 to the HUD Field Office as soon as the work is completed and inspected (on or before the specified completion date), and the balance of funds held to assure completion has been disbursed.

Note: This is not an escrow agreement. The mortgagee must take such action as it considers necessary, by supplemental agreement or otherwise, to assure itself that the work will be completed if not performed by the mortgagor. The Department holds the mortgagee responsible even if the stipulated escrow amount proves to be insufficient.

Mortgagee's Name, Address, & Zip Code :

FHA Case No. :

Mortgagor :

Property Location :

(Mark the

HUD Commitment

Date :

appropriate box)

Form HUD-92051

 

 

 

 

 

 

 

Completion Date :

 

Amount of Escrow Fund :

 

 

$

 

 

 

 

 

To The Federal Housing Commissioner: In consideration of your issuing a Mortgage Insurance Certificate in the above numbered case, the undersigned will see that the incomplete construction, alterations and repairs as set forth in the HUD Compliance Inspection Report or HUD Commitment for Insurance identified above are completed on or before the specified completion date. The undersigned further agrees that at the time of completion it will certify to its personal inspection and the satisfactory completion of all items.

The Items To Be Completed Are:

A.Cash Escrow: To secure completion of these improvements on or before the specified completion date, the undersigned agrees to hold the sum of $

_____________________________, hereinafter referred to as the "Fund," and not to expend or disburse said Fund until a representative of the undersigned

has made a personal inspection of the work and found that all items have been satisfactorily completed and there is evidence satisfactory to the undersigned that there are no liens or possibilities of liens in connection with said improvements on the premises covered by the above.

The undersigned further agrees, if it is an institution which is required by HUD regulations to segregate mortgage escrow funds, that it will hold said sum in a special custodial bank account separate and apart from its general assets.

B.Commercial Letter of Credit: To secure completion of these improvements on or before the specified completion date, the undersigned has accepted from

________________________________________________________________________________________________ , builder, an irrevocable letter of credit drawn upon ___________________________________________________________________________________, a commercial bank, dated

_________________, in the amount of $ ____________________, which letter will make available to the undersigned $ ____________________, for the

completion of these improvements, and the undersigned agrees to not release the right to draw upon said letter of credit, hereinafter referred to as the "Fund," until a representative of the undersigned has made a personal inspection of the work and found that all items have been satisfactorily completed and there is evidence satisfactory to the undersigned that there are no liens or possibilities of liens in connection with said improvements on the premises covered by the above. The undersigned further engages and confirms, if a letter of credit constitutes the "Fund," that the issuing bank will honor said letter of credit or that the undersigned will, itself, honor said letter of credit.

The undersigned agrees to notify the Field Office when final disbursement is made, and further agrees that, in the event of offering the credit and security instruments to the above-numbered case for sale or transfer prior to such final disbursement or release of the letter of credit, it will notify the prospective purchaser thereof in full detail. It is understood that HUD will not release the original mortgagee from its responsibility unless the transferee assumes the responsibilities of the transferor either by execution of a new form, or by making a proper endorsement on the existing form to the effect that it accepts the new agreement and assumes the responsibility of the transferor.

The undersigned further agrees that as further consideration for issuance of a Mortgage Insurance Certificate in this case, this instrument shall constitute a primary obligation of the undersigned to complete these improvements in a manner satisfactory to comply with the requirements of the Compliance Inspection Report or HUD Commitment For Insurance identified above regardless of the adequacy for such completion of the "Fund."

Date :

Signature & Title of Mortgagee's Official :

For Direct Endorsement Underwriters Only :

Mark the Box & Enter Your ID No.

Part 3 - Mortgagee's Copy

Mortgagee - After completing the form,

form HUD-92300 (2/91)

 

send Parts 1 and 2 to the HUD Field Office

ref. Handbook 4145.1

Mortgagee's Assurance of Completion

U.S. Department of Housing

OMB Approval No. 2502-0189 (exp. 10/31/2004)

and Urban Development

 

Office of Housing

 

Federal Housing Commissioner

 

Public reporting burden for this collection of information is estimated to average 6 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not conduct or sponsor, and a person is not required to respond to, a collection information unless that collecton displays a valid OMB control number.

Instructions: Please complete and submit Part 4 to the HUD Field Office as soon as the work is completed and inspected (on or before the specified completion date), and the balance of funds held to assure completion has been disbursed.

Note: This is not an escrow agreement. The mortgagee must take such action as it considers necessary, by supplemental agreement or otherwise, to assure itself that the work will be completed if not performed by the mortgagor. The Department holds the mortgagee responsible even if the stipulated escrow amount proves to be insufficient.

Mortgagee's Name, Address, & Zip Code :

FHA Case No. :

Mortgagor :

Property Location :

(Mark the

HUD Commitment

Date :

appropriate box)

Form HUD-92051

 

 

 

 

 

 

 

Completion Date :

 

Amount of Escrow Fund :

 

 

$

 

 

 

 

 

To The Federal Housing Commissioner: In consideration of your issuing a Mortgage Insurance Certificate in the above numbered case, the undersigned will see that the incomplete construction, alterations and repairs as set forth in the HUD Compliance Inspection Report or HUD Commitment for Insurance identified above are completed on or before the specified completion date. The undersigned further agrees that at the time of completion it will certify to its personal inspection and the satisfactory completion of all items.

The Items To Be Completed Are:

You are reminded that such assurance of completion represents an agreement solely between HUD and the Mortgagee, and does not relieve the Mortgagee of responsibility for assuring itself, by supplemental agreement or otherwise, that the work is completed if not performed by the Mortgagor. The Mortgagee is held responsible even if the stipulated escrow amount proves to be insufficient.

To The Federal Housing Commissioner: The undersigned certifies that a representative has personally inspected the construction, alterations and repairs covered by the assurance of completion mentioned above, and that all said items have been completed in a satisfactory manner. The balance of funds held to assure completion has been properly disbursed.

Date :

Signature & Title of Mortgagee's Official :

For Direct Endorsement Underwriters Only :

Mark the Box & Enter Your ID No.

Part 4 - HUD Copy

form HUD-92300 (2/91)

 

ref. Handbook 4145.1

Mortgagee's Assurance of Completion

U.S. Department of Housing

OMB Approval No. 2502-0189 (exp. 10/31/2004)

and Urban Development

 

Office of Housing

 

Federal Housing Commissioner

 

Public reporting burden for this collection of information is estimated to average 6 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not conduct or sponsor, and a person is not required to respond to, a collection information unless that collecton displays a valid OMB control number.

Instructions: Please complete and submit Part 4 to the HUD Field Office as soon as the work is completed and inspected (on or before the specified completion date), and the balance of funds held to assure completion has been disbursed.

Note: This is not an escrow agreement. The mortgagee must take such action as it considers necessary, by supplemental agreement or otherwise, to assure itself that the work will be completed if not performed by the mortgagor. The Department holds the mortgagee responsible even if the stipulated escrow amount proves to be insufficient.

Mortgagee's Name, Address, & Zip Code :

FHA Case No. :

Mortgagor :

Property Location :

(Mark the

HUD Commitment

Date :

appropriate box)

Form HUD-92051

 

 

 

 

 

 

 

Completion Date :

 

Amount of Escrow Fund :

 

 

$

 

 

 

 

 

To The Federal Housing Commissioner: In consideration of your issuing a Mortgage Insurance Certificate in the above numbered case, the undersigned will see that the incomplete construction, alterations and repairs as set forth in the HUD Compliance Inspection Report or HUD Commitment for Insurance identified above are completed on or before the specified completion date. The undersigned further agrees that at the time of completion it will certify to its personal inspection and the satisfactory completion of all items.

The Items To Be Completed Are:

You are reminded that such assurance of completion represents an agreement solely between HUD and the Mortgagee, and does not relieve the Mortgagee of responsibility for assuring itself, by supplemental agreement or otherwise, that the work is completed if not performed by the Mortgagor. The Mortgagee is held responsible even if the stipulated escrow amount proves to be insufficient.

To The Federal Housing Commissioner: The undersigned certifies that a representative has personally inspected the construction, alterations and repairs covered by the assurance of completion mentioned above, and that all said items have been completed in a satisfactory manner. The balance of funds held to assure completion has been properly disbursed.

Date :

Signature & Title of Mortgagee's Official :

For Direct Endorsement Underwriters Only :

Mark the Box & Enter Your ID No.

Part 5 - Mortgagee's Copy

form HUD-92300 (2/91)

ref. Handbook 4145.1

 

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This form will need specific data to be entered, hence ensure you take your time to provide precisely what is expected:

1. To get started, when completing the hud 92300 pdf, start out with the area that has the following blank fields:

Filling in part 1 of 92300 fha form

2. After filling in the last part, head on to the next step and fill in all required particulars in all these blank fields - sum in a special custodial bank, B Commercial Letter of Credit To, The undersigned agrees to notify, The undersigned further agrees, Date, Signature Title of Mortgagees, For Direct Endorsement, Part Original to HUD Case Binder, Mortgagee After completing the, and form HUD ref Handbook.

Completing section 2 in 92300 fha form

3. This next step is simple - fill out all the form fields in Instructions Please complete and, Note This is not an escrow, Mortgagees Name Address Zip Code, FHA Case No, Mortgagor, Property Location, Mark the appropriate box, HUD Commitment Date Form HUD, Completion Date, Amount of Escrow Fund, To The Federal Housing, and The Items To Be Completed Are to complete the current step.

Filling out part 3 in 92300 fha form

4. All set to fill out this fourth section! Here you have these Date, Signature Title of Mortgagees, For Direct Endorsement, Part HUD Tickler File Copy, Return to the Mortgagee if Part, and form HUD ref Handbook blank fields to complete.

Part no. 4 in filling out 92300 fha form

Be really careful while completing Date and For Direct Endorsement, because this is the section in which most users make errors.

5. This final point to complete this form is essential. You'll want to fill out the appropriate blank fields, consisting of Instructions Please complete and, Note This is not an escrow, Mortgagees Name Address Zip Code, FHA Case No, Mortgagor, Property Location, Mark the appropriate box, HUD Commitment Date Form HUD, Completion Date, Amount of Escrow Fund, To The Federal Housing, and The Items To Be Completed Are, before using the pdf. Failing to do it may generate an incomplete and possibly invalid form!

Stage number 5 in filling in 92300 fha form

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