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The Onslaught of MOR’s

The onslaught of MOR’s Some of you have been waiting for the “shoe to drop” and for some of you it has already. MOR’s have begun and we at AHTCS, LLC have been busier than ever! One of the benefits of working with my clients is that I was that I was able to  be there at the site during the HUD Asset Manager visit to the property so I could fill in any blanks. Another benefit was the confirmation I was teaching the right things in our class for our clients to be prepared. I’ve had some asset managers who were very easy going and some who were very, very detail oriented. You will never know who you will get…it could be the person who you have worked with for years…and it could be a new person who is just as nervous as you or it could be the asset manager on a mission. If you are prepared, it shouldn’t matter. Here is a list of findings from a recent MOR:
1. The Housing application does not have a listing of states where the applicant and members of the applicant household have resided;

2. O/A is not providing the NJ State law mandated Security deposit Disposition Letter including the bank name, address type of account, amount deposited and the current interest rate earned;

3. The Tenant Selection Plan did not contain the Citizenship requirements, Section 504 Rehab. Act of 1973, The Student Rule;

4. O/A EIV Access and Security documentation was missing;

5. Incorrect Security Deposit collected.

This is just to mention a few. It felt like an interrogation at times although it wasn’t meant to. The auditors asked about maintenance issues, security problems, the auditor also checked out a vacant unit. One of the suggestion I heard most often was to have a adding machine tape print out stapled or taped to the income verification source documentation and to have a 8×11 “Note to File” to indicate anything that was overlooked or missing. Take the time now to either go through the files on your own or hire us to come in and inspect your files. We teach an online webinar on this subject as well so whatever you do, don’t wait to the last minute. You will be really surprised how much work is involved in getting prepared for this…shall we say educational experience 😉 ;

To find out more and register for our MOR Preparation Class or to obtain a quote for a File Audit of your properties tenant files.

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