Dynaxys, an accounting solutions firm, has been awarded the Federal Housing Administration's (FHA) ‘Multifamily Mortgage Loan Servicing and Accounting, Property Management Servicing and Accounting and 202/811 Direct Loan UCC [Uniform Commercial Code] Set Up and Maintenance,’ a contract held since 1982. The new one-year contract for $16 million includes four-year options totaling more than $75 million.
The contract began when the federal government was faced with a mortgage crisis, Dynaxys notes. The FHA was responsible for thousands of mortgages that were in default, resulting in a high volume of insurance claims from lenders. The Department of Housing and Urban Development (HUD) partnered with Dynaxys to accommodate the volume of defaulted mortgages.
Dynaxys provides accounting and reporting, default servicing, cash management, and financial and asset management to service the HUD portfolio. The company customizes accounting and business software to provide support for FHA's complex portfolio and multifaceted operations.