The Mortgagee must either use a Trust Clearing Account or special custodial account to hold all payments on the FHA-insured Mortgage. The Mortgagee’s Trust Clearing Account may be used for collections received on all types of Mortgages. If a Trust Clearing Account is not used, the Mortgagee must immediately transfer payments into a special custodial account.
Additional questions may be directed to the HUD National Servicing Center at (877) 622-8525.
For policy information see Handbook 4000.1 III.A.1.e.i. at: