HUD has issued a proposed notice and a proposed rule for the Multifamily Accelerated Processing (MAP) program. 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.
In the Federal Register Proposed Rule “Federal Housing Administration (FHA): Multifamily Accelerated Processing- Enhancing and Strengthening Multifamily Accelerated Processing” (Docket No. FR-5444-P-01), HUD has proposed codifying key provisions of MAP and changes to improve the integrity and competency of lenders selected to participate in the program into the regulation. This was required by the Helping Families Save Their Homes Act of 2009, which Congress passed and President Obama signed into law a few years ago.
A copy of the proposed rule may be found here: http://www.gpo.gov/fdsys/pkg/FR-2012-04-12/pdf/2012-8705.pdf
In the Federal Register Proposed Notice “Federal Housing Administration (FHA): Multifamily Accelerated Processing (MAP)-Lender and Underwriter Eligibility Criteria and Credit Watch for MAP Lenders” (Docket No. FR-5444-P-01), HUD provides additional, detailed information to FHA-approved lenders and members of the public about HUD’s processes for determining lender and underwriter eligibility and tier qualification for MAP participation. The notice also includes the quantity, specific characteristics, and recentness of transactions that a lender or underwriter must have undertaken in order to qualify for each tier of MAP approval.
A copy of the proposed notice may be found here: http://www.gpo.gov/fdsys/pkg/FR-2012-04-12/pdf/2012-8679.pdf
HUD is accepting public comments on both of these proposed documents.