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| HUD/OH | RIN: 2502-AJ09 | Publication ID: Spring 2015 |
| Title: Federal Housing Administration (FHA): Multifamily Accelerated Processing--Enhancing and Strengthening Multifamily Accelerated Processing (FR-5444) | |
| Abstract: HUD's Multifamily Accelerated Processing (MAP) is a processing system introduced in 2000 as a pilot program to facilitate the accelerated processing of loan applications for FHA multifamily mortgage insurance, which generally involve the refinance, purchase, new construction, or rehabilitation of multifamily properties. These transactions are costly, complicated, and time-consuming to process. Prior to MAP, HUD field offices were encouraged to develop and test individual fast-track processing systems for use by qualified FHA-approved lenders that were experienced with processing loan applications for multifamily mortgages. The intent was to considerably reduce the processing time of applications. These test procedures included providing qualified lenders with the option of preparing FHA forms and undertaking preliminary underwriting for certain loan applications. Fast-track processing procedures developed by individual HUD offices that were found to facilitate processing applications without sacrificing quality or increasing risk were consolidated into a national test of fast-track style processing of multifamily mortgage insurance applications under the name MAP. MAP has been administered to date through direct instructions to FHA-approved lenders under a MAP Guide. With approximately 11 years of experience with MAP, HUD believes the accelerated processing procedures have been successful. To help ensure continued quality and efficiency of MAP procedures, this final rule would codify in key provisions of MAP, and introduce new provisions to strengthen MAP, to assure the integrity and competency of FHA-approved lenders as directed by the Helping Families Save their Homes Act of 2009. | |
| Agency: Department of Housing and Urban Development(HUD) | Priority: Substantive, Nonsignificant |
| RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
| Major: No | Unfunded Mandates: No |
| CFR Citation: None (To search for a specific CFR, visit the Code of Federal Regulations.) | |
| Legal Authority: 12 U.S.C. 1702 to 1715z-21 42 U.S.C. 3535(d) | |
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Legal Deadline:
None |
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Timetable:
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| Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
| Small Entities Affected: No | Federalism: No |
| Included in the Regulatory Plan: No | |
| RIN Data Printed in the FR: No | |
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Agency Contact: Jim Carey Director, Program Administration Division, Office of Multifamily Housing Production Department of Housing and Urban Development Office of Housing 451 7th Street, SW, Washington, DC 20410 Phone:202 402-3293 |
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