HUD Changes Approval Process for MAP, Section 232 Delegated Underwriters

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.

HUD Releases HOME Monthly Reports

HUD has announced that the latest HOME Monthly Reports, as of November 30, 2024, are now available. Why it matters: These reports are crucial for Participating Jurisdictions (PJs) to effectively track and manage their housing initiatives. Details: The bottom line: These reports empower PJs to optimize their housing strategies, ensuring effective use of resources and […]

Ginnie Mae’s FY24 Annual Financial Report

Ginnie Mae has released its Fiscal Year 2024 (FY24) Annual Financial Report, and the numbers and initiatives are making an impact. Here are a few key takeaways:

Workforce Housing Debt Financing Updates

The northeast regional affordable housing community had the opportunity to receive an update on agency executions for workforce housing from PGIM’s Michael Lostocco at the NH&RA Fall Developers Forum. Fannie Mae and Freddie Mac have developed voluntary programs aimed at addressing housing affordability, particularly for middle-income renters.

FHFA Unveils Enterprises’ Three-Year Plans to Improve Housing Opportunities for the Underserved

Fannie Mae and Freddie Mac (the Enterprises) will seek to extend housing access in rural underserved markets, enhance their support for manufactured housing and continue addressing liquidity needs for first-time homebuyers, among a host of activities outlined in plans published by the Federal Housing Finance Agency (FHFA).