HUD-50118-A Mortgagee's Assurance of Completion - Section 184A Loan

OMB Approval No.
(exp. )

Mortgagee’s Assurance of Completion - Section 184A Loan
Section 184A Case Number: __________________________
Borrower(s): _________________________________

Date of Closing: _____________________

Address: ________________________________________

To secure completion of improvements, 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
evidence that the work has been satisfactorily completed. The undersigned further agrees if instructed 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.
In consideration of issuing a loan guarantee certificate for the subject 184A loan, the undersigned will verify that the
work that could not be completed prior to closing, whether construction, alterations and repairs as set forth in the
compliance Inspection report or HUD Firm commitment are completed by documentation and/or inspections (third
party or undersigned).
Date Loan Closed: ________________

Expected Completion Date for Work Escrow: _______________________

Brief description of work to be completed and explanation why it could not be completed prior to the closing of the
184A mortgage:___________________________________________________________________________________
________________________________________________________________________________________________
Escrow: Amount of funds held for completion of work must equal one and one half times the amount of the final bid
and an amount for inspection(s). Escrow fund includes:
$_____________
$______________
$______________
$______________

Inspection Fee
Executed bid
Additional ½ of the executed bid
Total Fund (should be reflected on the Closing Disclosure form)

A copy of the bid and evidence of disbursement of all monies must be provided to the HUD Office of Loan Guarantee for
inclusion in the guarantee file within 30 days or less after completion of the work. Remaining funds can be applied to
the unpaid principal balance. NOTE: The 184A loan will be eligible for loan guarantee endorsement prior to completion
of the work escrow.
________________________
Date:

______________________________________________________________
Signature and Tile of Mortgagee’s Official

Mortgagee’s Name, Address and Zip Code: __________________________________________
__________________________________________
__________________________________________
Form HUD-50118-A (date)

OMB Approval No.
(exp. )

Privacy Act Statement. This statement is provided pursuant to the Privacy Act of 1974, 5 USC § 552a. The authority for collecting
personally identifiable information (PII) in the Regulatory Consistency Communication Board (RCCB) Electronic Feedback Form is
based in Section 313 of Public Law 112-95.
Public reporting burden for this collection of information is estimated to average .15 hours per response, including the time for
reviewing instructions, searching existing data sources, gather and maintaining the data needed, and completing and reviewing the
collection of information. HUD may not collect this information, and you are not required to complete this form, unless it displays a
currently valid OMB control number.
This information is required in order for an eligible homebuyer to obtain a benefit and for HUD to administer the Loan Guarantee
Program for low-income Native Americans, Alaska Natives, and native Hawaiians (24 CFR Parts1000 and 6000). The requested
information is necessary to determine the income and credit worthiness of low income homebuyers. If HUD did not collect this
information, it would prevent HUD from guaranteeing mortgages to eligible homebuyers. While no assurances of confidentiality are
pledged to respondents, HUD generally discloses this data only in response to a Freedom of Information request.

Form HUD-50118-A (date)