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 Multifamily Stakeholders,
Today our Office of Production issued temporary guidance implementing a procedural change to our underwriting queue to improve process efficiency. This change permits eligible pre-applications for FHA Section 221(d)(4) mortgage insurance to convert to firm applications while in the underwriting assignment queue, and future eligible applications to submit a direct-to-firm commitment. This change will better align application submission information with current market conditions, thereby improving processing efficiency for borrowers, lenders, and HUD.
The direct to firm election and flexibility is entirely at the option of the borrower and lender, provided the project remains consistent with current MAP Guide policy permitting streamlined processing.
We encourage all Multifamily lenders and borrowers to review this guidance here.
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