Webinar: FHA/HUD Changes to the Multifamily Mortgage Insurance Programs

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Webinar: Understanding FHA/HUD Changes to the Multifamily Mortgage Insurance Programs, A Summary of Underwriting Changes - Presented by RED CAPITAL GROUP, Thursday, July 29, 2010 at 2:00pm EST

The Mortgagee Letter and Housing Notice released by HUD on July 6, 2010 was a game changer. This presentation will help borrowers understand the new underwriting guidelines being implemented for FHA Insured Loans and how they will impact projects in the future.

BACKGROUND

Due to an unprecedented volume of loan applications and declining occupancies in certain markets, HUD has issued a Mortgagee Letter detailing changes to its underwriting parameters for multifamily properties. For many projects, these changes include reducing the maximum allowable loan-to-value, increasing the minimum underwritten debt service coverage ratio, expanding the key principal analysis, and increasing certain escrow requirements. The underwriting changes will be implemented in September 2010 for most applications and will remain in place for an unspecified period of time.

THIS PRESENTATION WILL:

Outline the current status at HUD with respect to multifamily financing;
Detail the underwriting changes that HUD has recently announced and how they will be implemented;
Discuss the implications on potential transactions moving forward;
Discuss the likely future of FHA lending and borrowing;
Questions will be fielded throughout the presentation

PANEL TO BE LED BY:

Edward H. R. Tellings

Edward H.R. Tellings – Managing Director and FHA Chief Underwriter at RED CAPITAL GROUP. Ed joined RED in 2004 upon his retirement from the U.S. Department of Housing and Urban Development (HUD) after 26 years of service, which included positions as Director of Operations for the Columbus Multifamily HUB and Chief Multifamily Underwriter for the State of Ohio. At RED, he serves as the FHA Chief Underwriter and is responsible for managing the firm’s underwriting/processing of multifamily and senior’s healthcare loans under the FHA insurance programs. RED CAPITAL GROUP is a leading FHA Mortgagee and currently is the highest volume FHA/HUD multifamily and health care lender nationwide. RED also is a leader in Fannie Mae DUS^® lending, tax-exempt and taxable bond underwriting, loan servicing, and financial advisory services.

REGISTRATION

Please click here to register. This is a free, educational webinar and we encourage you to sign up before capacity is reached. Once you have submitted your name, company and email address, you will receive an event confirmation within one business day with further instruction. If you have any questions or problems with registration, please contact webmaster@redcapitalgroup.com.

Red Mortgage Capital, LLC, is a licensed Fannie Mae DUS^® lender.