|Date: August 23, 2011|
On August 18, 2011, HUD/FHA published the much-anticipated update to their Multifamily Accelerated Processing Guide (MAP), their policies and procedures document that outlines the requirements for obtaining FHA financing. The updated Guide, which goes 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.
It also reflects the July 2010 risk mitigation underwriting changes and changes as a result of the 2008 Housing and Economic Recovery Act as well as new chapters on environmental requirements and master leases.
On November 23, 2011 FHA issued the first of several expected revisions to the MAP. Following its release in August, NMHC/NAA and other stakeholders identified a number of required modifications and corrections. This first revision fixes critical oversights related to processing, time frames and policy and application requirements.
In the past, HUD has issued addendums and notices to the Guide as its policies and procedures have changed. Going forward, the Department has agreed to instead turn the Guide into a dynamic policy document that is routinely updated, a move strongly supported by NMHC/NAA.