Saturday, August 7, 2010

Groan...HUD Mandates Composition/Procedures for HUB and National Multifamily FHA Loan Committees.

Gory details are in (MS Word) Housing Notice 10-13 HERE.

Perhaps warranted by lack of uniformity and recent bad loan history, but as former MF Chief I would have hated idea of committees in Seattle and DC making loan decisions. IF owners have alternatives in market place, you can bet they will be looking for them. 

Originally created and posted on the Oregon Housing Blog.

1 comment:

  1. Tom, I am sure Diana would have supported every recommendation you made! As would I. That said, this will further delay issuance of firm commitments. It will cause field offices to be even more conservative and less flexible in their decisionmaking process to avoid criticism from HQ. I do not know how the HQ committee will handle reviews of every loan over $15MM or 250 units. That is probably 80% of HUD's pipeline. JHT