The Department of Housing and Urban Development is trying to reduce the time it takes to approve underwriters for Multifamily Accelerated Processing (MAP) and Section 232 lenders. Currently, both programs require written approval for each underwriter who works on an FHA mortgage application.
Moving forward, MAP and Section 232 lenders will designate a qualified individual as “Chief Underwriter,” and work with this person to designate and approve MAP and/or Section 232 underwriters on staff. After this new system is implemented, HUD will no longer review and approve MAP and Section 232 underwriters for lenders, and will instead rely on the lender and Chief Underwriter. Those currently approved as “low volume lenders” may opt out of this new system and obtain approvals in the traditional manner.
Current MAP and Section 232 lenders have until August 12, 2017 to comply with the Notice, which was issued August 12, 2015.
