FHA announced in August that its multifamily loan volume has exceeded $10 billion for the second time in its history. So far this fiscal year, the agency has endorsed $10.5 billion in multifamily rental housing loans, with another month-and-a-half remaining in the fiscal year. It has endorsed nearly 1,100 multifamily loans, more than seven times the number of loans the agency endorsed just three years ago.
In conjunction with the announcement, FHA published a much-anticipated update to their Multifamily Accelerated Processing Guide (MAP) (available at
http://1.usa.gov/pLmJrZ ), their policies and procedures document that outlines the requirements for obtaining FHA financing.
The updated Guide, which went into effect September 18, consolidates changes made through Housing Notices and Mortgagee Letters since 2002, including the new loan closing documents issued earlier this year.
NAA/NMHC are reviewing the updated MAP Guide but do not anticipate it will have a major impact on borrowers since most of the changes have already been implemented.
NAA/NMHC will continue our ongoing meetings with FHA on its overall performance in loan processing and underwriting.