HUD Office of Asset Sales
One platform for every loan sale program
HVLS, SFLS, Multifamily, and Healthcare — each with tailored bidding, due diligence, and settlement workflows. Unified data, unified experience, program-aware UX.
Program-Specific Experiences
Each loan sale program has its own asset class, regulatory framework, and deal mechanics. The platform adapts accordingly.
HVLS · HNVLS
HECM Loan Sales
Reverse mortgage loans on vacant (HVLS) or non-vacant (HNVLS) properties from deceased or absent borrowers.
~200
Loans/Sale
3–4
Pools
42 days
Settlement
- Pool-based bidding as % of aggregate BPO
- Mission pool carveouts for nonprofit NSO bidders
- Loan-level cutout selection (exclude specific properties)
- HUD-9611 qualification workflow
- Property photos, BPOs, occupancy verification in VDR
- CAA / ISA execution tracking
SFLS
Single Family Loan Sales
Forward FHA-insured defaulted single-family mortgages. Largest sales by loan count; servicing-intensive.
~300
Loans/Sale
3
Pools
45 days
Settlement
- Pool-based bidding as % of aggregate UPB
- NSO (Neighborhood Stabilization Outcome) mission pools
- Complete servicing transfer package (MERS, RESPA)
- Loss mitigation continuation requirements
- Designated servicer certification workflow
- NSO compliance reporting (post-sale quarterly)
MHLS
Multifamily Loan Sales
Section 221/223/232 multifamily mortgage notes. Deal-level bidding; regulatory agreements carry to purchaser.
5–12
Deals/Sale
$10–50M
Per Deal
56 days
Settlement
- Deal-by-deal dollar bidding (not pool percentages)
- Per-unit pricing, implied cap rate, DSCR displays
- HAP contract assignment (if applicable)
- LIHTC extended use agreements
- HUD-90092 qualification for commercial bidders
- 28-section Volume I + 18-section Volume II document architecture
HLS
Healthcare Loan Sales
Section 232 skilled nursing, assisted living, and healthcare facility notes. Highest regulatory complexity.
3–8
Deals/Sale
Licensed
Bidders Only
63 days
Settlement
- Deal-by-deal bidding with healthcare-specific metrics
- CMS Change of Ownership (CHOW) approval workflow
- State Department of Health licensing verification
- Healthcare operator transition planning
- Resident/patient continuity-of-care requirements
- Medicare/Medicaid provider agreement transfers
The Full Bidder Journey
From Federal Register Notice to post-settlement compliance — every step on one platform.
1
Qualification
Submit HUD-9611 (SFL/HVLS) or HUD-90092 (MHLS). OFAC/SAM automated check. Financial capacity review.
Admin: Bidder Pipeline →
2
Due Diligence
Access the VDR, download loan tape, review BPOs and property photos, submit Q&A through fairness-regulated channel.
Bidder: Sales List →
3
Bid Submission
Build bid slip across pools/deals. Specify cutouts, mission designation, conditional dependencies. Review & submit.
Bidder: Submit Bid →
4
Award & BEM
TS runs Bid Evaluation Methodology. Scenario modeling, mission first-look, reserve checks. Awards announced.
Admin: BEM & Awards →
5
Settlement
Track milestones, upload signed CAA/ISA, wire deposits, complete deliverables checklist. Settlement in 42–63 days.
Settlement Tracking →
Platform differentiators
Unified across all programs. Dynamic BEM with scenario modeling. Complex bid support (cutouts, mission, conditional). Post-award settlement tracking. Real-time bid feed with conformance validation. Every view exports to CSV.
Program Comparison
Quick reference for key differences across HUD loan sale programs.
| Attribute | HVLS / HNVLS | SFLS | MHLS | HLS |
|---|---|---|---|---|
| Asset Type | HECM reverse (vacant / non-vacant) | Forward FHA defaulted SFR | Section 221/223 multifamily | Section 232 healthcare |
| Qualification Form | HUD-9611 | HUD-9611 | HUD-90092 | HUD-90092 (+ healthcare licensing) |
| Bid Unit | % of aggregate BPO / ETD | % of aggregate UPB | Dollar amount per deal | Dollar amount per deal |
| Pool Structure | Geographic pools | Geographic + NSO-targeted pools | Individual deal-level | Individual deal-level |
| Mission Provisions | Yes (nonprofit NSO) | Yes (NSO — codified) | No | No |
| Settlement Timeline | 42 days (HVLS) / 45 days (HNVLS) | 45 days | 56 days | 63 days |
| Regulatory Complexity | Medium | Medium-High (servicing, RESPA, NSO) | High (reg agreements, HAP, LIHTC) | Very High (CMS, DOH, continuity) |
| Transaction Specialist | Falcon (incumbent) | Falcon (incumbent) | JS Watkins / Mission Capital | Varies |