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Federal Register / Vol. 86, No. 213 / Monday, November 8, 2021 / Notices
HUD is offering six multiple residential reverse mortgage pools totaling approximately 1,700 reverse mortgage notes with a loan balance of approximately $420 million. The mortgage loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a nonborrowing spouse. Qualified non-profit or unit of state or local government bidders will have the opportunity to bid on all loans and may receive a priority bidding opportunity for up to 50 percent of the loans in five of the multi-loan pools Carve-Out Pool.
HUD also intends to include in HVLS
20221 a single asset pool for sale consisting of a reverse mortgage loan secured by an Illinois multi-unit singlefamily property, where there is no surviving borrower or non-borrowing spouse but some units are currently tenant-occupied. This single asset pool has a loan balance of approximately $158 thousand. For one of the multiloan pools and the single asset pool, HUD will prioritize bids from non-profit or unit of state or local government bidders each a Priority Pool.
A listing of the mortgage loans will be included in the due diligence materials made available to qualified bidders. The mortgage loans will be sold without FHA insurance and with servicing released. HUD will offer qualified bidders an opportunity to bid competitively on the mortgage loan pools.

Due Diligence Review The BIP describes how qualified bidders may access the due diligence materials remotely via a high-speed internet connection.

The Bidding Process The BIP describes in detail the procedure for bidding in HVLS 20221.
The BIP also includes a standardized non-negotiable Conveyance, Assignment and Assumption Agreement for HVLS
20221 CAA. Qualified bidders will be required to submit a deposit with their bid. Deposits are calculated based upon each qualified bidders aggregate bid price.
HUD will evaluate the bids submitted and determine the successful bid, in terms of the best value to HUD, in its sole and absolute discretion. If a qualified bidder is successful, the qualified bidders deposit will be nonrefundable and will be applied toward the purchase price. Deposits will be returned to unsuccessful bidders.
This notice provides some of the basic terms of sale. The CAA, which is included in the BIP, provides comprehensive contractual terms and conditions. To ensure a competitive bidding process, the terms of the bidding process and the CAA are not subject to negotiation.

Bidder Ineligibility In order to bid in HVLS 20221 as a qualified bidder, a prospective bidder must complete, execute, and submit both a Confidentiality Agreement and a Qualification Statement acceptable to HUD. In the Qualification Statement, the prospective bidder must provide certain representations and warranties regarding the prospective bidder, including but not limited to i the prospective bidders board of directors, ii the prospective bidders direct parent, iii the prospective bidders subsidiaries, iv any related entity with which the prospective bidder shares a common officer, director, subcontractor or sub-contractor who has access to Confidential Information as defined in the Confidentiality Agreement or is involved in the formation of a bid transaction collectively the Related Entities, and v the prospective bidders repurchase lenders. The prospective bidder is ineligible to bid on any of the reverse mortgage loans included in HVLS 20221 if the prospective bidder, its Related Entities,
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Mortgage Loan Sale Policy HUD reserves the right to remove mortgage loans from HVLS 20221 at any time prior to the Award Date and the settlement date for the mortgage loans. HUD also reserves the right to reject any and all bids, in whole or in part, and include any reverse mortgage loans in a later sale. Deliveries of mortgage loans will occur in conjunction with settlement and servicing transfer no later than 60 days after the Award Date.
The HVLS 20221 reverse mortgage loans were insured by and were assigned to HUD pursuant to section 255 of the National Housing Act, as amended. The sale of the reverse mortgage loans is pursuant to section 204g of the National Housing Act.
Mortgage Loan Sale Procedure HUD selected an open competitive whole-loan sale as the method to sell the mortgage loans for this specific sale transaction. For HVLS 20221, HUD has determined that this method of sale optimizes HUDs return on the sale of these loans, affords the greatest opportunity for all qualified bidders to bid on the mortgage loans, and provides the quickest and most efficient vehicle for HUD to dispose of the due and payable mortgage loans.

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or its repurchase lenders, are any of the following, unless other exceptions apply as provided for in the Qualification Statement.
1. An individual or entity that is currently debarred, suspended, or excluded from doing business with HUD pursuant to the Governmentwide Suspension and Debarment regulations at 2 CFR parts 180 and 2424;
2. An individual or entity that is currently suspended, debarred, or otherwise restricted by any department or agency of the federal government or of a state government from doing business with such department or agency;
3. An individual or entity that is currently debarred, suspended, or excluded from doing mortgage related business, including having a business license suspended, surrendered or revoked, by any federal, state, or local government agency, division, or department;
4. An entity that has had its right to act as a Government National Mortgage Association Ginnie Mae issuer terminated and its interest in mortgages backing Ginnie Mae mortgage-backed securities extinguished by Ginnie Mae;
5. An individual or entity that is in violation of its neighborhood stabilizing outcome obligations or post-sale reporting requirements under a Conveyance, Assignment and Assumption Agreement executed for any previous mortgage loan sale of HUD;
6. An employee of HUDs Office of Housing, a member of such employees household, or an entity owned or controlled by any such employee or member of such an employees household with household to be inclusive of the employees father, mother, stepfather, stepmother, brother, sister, stepbrother, stepsister, son, daughter, stepson, stepdaughter, grandparent, grandson, granddaughter, father-in-law, mother-in-law, brother-inlaw, sister-in-law, son-in-law, daughterin-law, first cousin, the spouse of any of the foregoing, and the employees spouse;
7. A contractor, subcontractor, and/or consultant or advisor including any agent, employee, partner, director, or principal of any of the foregoing who performed services for or on behalf of HUD in connection with the sale;
8. An individual or entity that knowingly acquired or will acquire prior to the sale date material nonpublic information, other than that information which is made available to Bidder by HUD pursuant to the terms of this Qualification Statement, about mortgage loans offered in the sale;

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