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Privacy Act of 1974; System of Records
Plain English Summary
The Department of Housing and Urban Development (HUD) is updating its system for managing single-family housing loans, known as the SMART system. This change will add more types of records to the system and include a new feature to help ensure that payments are accurate and comply with federal rules. This update affects how HUD handles loan servicing tasks like processing payments for FHA insured loans. Agents should be aware of these changes as they may impact how they assist clients with HUD loans.
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Pursuant to the provisions of the Privacy Act of 1974, as amended, the Department of the Housing and Urban Development (HUD), Office of Housing, is issuing public notice of its intent to modify the Office of Single-Family Housing, Privacy Act system of records, Single- Family Mortgage Asset Recovery Technology (SMART) system. The purpose of the Smart System is to provide various loan servicing functions including generating payoffs and processing payments for HUD FHA Insured Title II Secretary held loans. The modification will expand the categories of records in the system and incorporate the "Do Not Pay" routine use to support payment integrity and compliance with applicable federal requirements.