New procedures for Management and Marketing (M&M) contractors take effect Wednesday for real estate owned (REO) properties that the Department of Housing and Urban Development (HUD) owns. The third generation of these procedures, called M&M III, comes as HUD centralizes its mortgagee compliance functions into a single point of contact, called the mortgagee compliance manager (MCM). HUD awarded the MCM contract to Oklahoma City-based Michaelson, Connor & Boul (MCB).