On Monday, August, 22nd, revisions to HUD’s multifamily underwriting and processing guidelines were announced in a revised edition of the Multifamily Accelerated Processing (MAP) Guide. Along with recent regulatory changes to underwriting requirements, enhancements to the loan process and revisions to the closing procedures and documents, the guide details the procedures MAP lenders must follow when submitting applications for FHA insurance. This version is written in plain language and contains the most substantial changes to multifamily procedures since 2002, when the MAP program was rolled out. The 661-page guide reflects updates in regulations and procedures including last year’s risk mitigation initiatives (ML 2010-21) and the relevant changes earlier this year in the multifamily closing documents. Comments on the new MAP Guide are due November 1, 2011. To access the MAP Guide, click here.
Via the Mortgage Bankers Association