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Step 5.
HUD's new BSCA (Buyer Select Closing Agent)
• It’s a new HUD program that allows homebuyers with a ratified sales
contract to select who they want to use as a closing agent.
• There are no longer “HUD Designated Closing Agents”.
• The program will replace HUD’s Designated Closing Agent and designed for potential cost savings to the FHA MMI Fund. The buyer can select their own settlement company. This approach is more in line with current industry standards and will benefit the agency in time and money spent in managing contracts. This new program will also help facility faster closings.
WHAT IS THE BUYER SELECT CLOSING AGENT (BSCA) PROGRAM?
THE BUYER SELECT CLOSING AGENT
ADDENDUM
• The Buyer Select Closing Agent Addendum
• At the time of bid submission, the selling agent is required to
complete the Buyer Select Addendum which will provide the asset
manager with the name and contact information on it for the selected
Closing Agent.
• The Buyer Select Addendum must be included with the sales contract
package.
• Not submitting the Buyer Select Addendum with the contract
package will create delays and possible cancellation of the contract.
• Each BSCA office must have separate ID numbers.