UPDATE: HUD Hosts Conference Calls to Discuss Changes with Stakeholders
HUD is hosting a series of calls for industry participants to discuss changes to the guide and ask questions. HUD staff will participate on the calls and participate in the discussion. The calls will focus on various sections of the Guide, and each call will be repeated twice to give multiple opportunities to participate.
| DISCUSSION TOPICS | DATE AND TIME OF CALL |
|---|---|
| Overview of REV-2 – Major Policy
Processing Changes and MIP Changes |
February 11, 1:30-3:30pm EST
OR February 16, 10:00-11:30am EST |
| Chapter 5 – Arch and Cost
Chapter 9 – Environmental |
March 10, 1:30-3:00pm EST
OR March 15 10:00-11:30am EST |
| Chapter 7 – Valuation
Chapter 8 – Mortgage Credit |
March 24 1:30pm-3:00pm EST
OR March 28 10:00am-11:30am EST |
Call in number: (877) 336-1828, Access Code: 6719125
FHA Updates Multifamily Accelerated Processing Guide
On January 29, the U.S. Department of Housing and Urban Development released an updated Multifamily Accelerated Processing (MAP) Guide. The new MAP Guide delegates more underwriting responsibility to approved “MAP lenders” and includes all relevant guidance published by FHA since the MAP Guide was last updated in 2011. It will take effect on May 28, 2016, applying to all loans for which an initial application for Firm Commitment is submitted on or after the effective date.
Love Funding pointed out the following key changes on their website:
- The ability to provide more loan dollars for qualified properties due to less stringent coverage requirements and higher underwritten LTVs
- The ability to include more repairs in your mortgage under section 223(f) due to an increase in the maximum per unit cost of rehabilitation allowed
HUD prepared a matrix to summarize significant changes to the guide, as well as the documents that have been released since 2011 and incorporated into the guide.
Ted Toon, Director of FHA Multifamily Production for the U.S. Department of Housing & Urban Development, will present the new MAP Guide and other recent HUD developments at the NH&RA Annual Meeting on February 26.
The National Council of Housing Market Analysts, a subsidiary of NH&RA, successfully worked with HUD to better align Chapter 7 of the guide with NCHMA standards. A panel session will discuss the changes at the NCHMA Spring Meeting on April 19-20 in Baltimore, MD.
