in News > Commercial Mortgage
print the content item
The Federal Housing Administration (FHA) reports that demand for multifamily loan financing is at an all-time high at the agency.

With less than two months remaining in the fiscal year, FHA has endorsed $10.5 billion in multifamily rental housing loans since last October. This is only the second time in the agency's history that volume has surpassed the $10 billion mark.

So far this fiscal year, the FHA has endorsed nearly 1,100 multifamily loans, which is more than seven times the number of loans it had endorsed three years ago.

The FHA further reports that it has published updated underwriting and program guidance that is meant to accelerate and coordinate the processing of new loan applications.

“While we’re seeing record volume, we also recognize we have to accelerate the time it takes us to process these applications so we continue to meet this demand at the very time the market needs us the most,” says Carol Galante, the FHA’s acting commissioner.

The FHA’s revised Multifamily Accelerated Processing (MAP) guide is intended to cut the time required to approve loan applications and to assure consistent application of program requirements and credit standards across all U.S. Department of Housing and Urban Development processing offices, the FHA says.

The new MAP guide delegates more underwriting responsibility to approved “MAP lenders” and includes all relevant guidance published by the FHA since the MAP guide was last updated in 2002.


Interthinx has Your Blueprint for Quality_1375


Latest Top Stories

FHFA Clarifies Rep And Warranty Framework

"We know that the [existing] Representation and Warranty Framework did not provide enough clarity to enable lenders to understand when Fannie Mae or Freddie Mac would exercise their remedy to require repurchase of a loan," said Mel Watt, director of the FHFA.


Mounting Indicators Prove Housing 'Recovery' Illusory

While there are some signs that things are improving, in reality there are mounting indicators that another housing downturn is near.


Wingspan Lays Off Employees At Two Call Centers

"It is in the nature of our work with large financial institutions to wrap up specific contracts for services and to have brief periods of time before new contracts begin," Wingspan officials said in a statement.


IDS Reports Spike In HELOC Volume In 2014

The firm is forecasting that if volumes stay at current levels, HELOC loan doc draws this year could exceed those of 2013 by nearly 65%.


CFPB Fines Flagstar Bank $37.5 Million For Mortgage Servicing Violations

In a statement, Richard Cordray, director of the CFPB, says the action taken against Flagstar "signals a new era of enforcement to protect consumers against the cost of servicer runarounds."

Urban Lending_id1351
Hse SandyHook
Industry Resource
Orb Mobile
BSI_id1381
MBATX_id1385
Safeguard_id1322
SWBC_id1313