Industry Connections: Doyle Team attends WMAC’s annual meeting in Denver
Rick Orf (PGIM), Rob Hazelton (D3G), and Rick Kessler (Labor Compliance Services) hold court on Davis-Bacon, left to right.
Jonathan Nguyen and David Doyle attended the annual meeting of the Western Mortgagee Advisory Council (WMAC) in Denver this week to connect with HUD officials and clients from the FHA lending universe.
Updates from HUD
We heard updates from Deputy Assistant Secretary (DAS) for Multifamily Lamar Seats, FHA Production Division Director Steve Ott, and key West Region staff.
Notable takeaways include the following:
1) The overwhelming message is that FHA multifamily is open for business and is prioritizing process improvements to make MAP loans more competetive with Fannie and Freddie products across both speed and cost dimensions.
2) Mortgagee letters on the following topics are in in various stages of clearance and are forthcoming:
Permitting FHA Insured Multifamily Mortgages for Build-To-Rent (BTR)
Permitting FHA Insured Multifamily Mortgages for Modular Construction
Recission of the Federal Flood Risk Management Standard (FFRMS) - This is mired in a morass of rule making and Federal Register publishing requirements and is TBD with regard to what the ultimate policy result will be.
Kitchen sink process improvements
LIHTC Express - will remove previous version’s limit of up to 200 units, include 4% LIHTCs, allow up to 80% LTC, and provide process for early submission of time consuming element such as SHPO.
In addition to catching up with clients (and dominating trivia) we also sat in on panels including West Region market updates and the latest and greatest in FHA’s ongoing Davis-Bacon reform efforts.
Look for more insights in next week’s posts.
