July 11, 2014 -- I'm excited to share some enhancements we recently made to our Multifamily Underwriting Standards, effective July 16. While maintaining our consistently strong credit guidelines, we’ve made more loan proceeds available for manufactured housing and student properties, increased delegation by reducing our pre-review criteria, made adjustments to speed up turnaround times, and simplified the layout of the Form 4660 (21 pages versus 45.)
It’s one more step along the path to improving and streamlining our processes to help you stay competitive in today’s tough market. At our annual DUS Meeting in May, you heard all about F.A.S.T. Forward, which means we are Focused on the task at hand, Aggressive about pursuing the business we want, Smart in executing; and we’re leveraging Teamwork to move us forward. As Hilary Provinse, our Head of Customer Engagement, pointed out: “Part of smart execution means making it easier to do business with Fannie Mae and that’s exactly what the changes we’ve made to the standards accomplish. These are common-sense improvements that are a win-win for Fannie Mae, our DUS Lenders, and the market.”
Highlights of the changes are listed below and Lender Letter 14-08 contains a full list of changes.
Even more improvements are on the horizon, and I’ll keep you updated as we continue to adapt our processes. In the meantime, please don’t hesitate to reach out to me, Hilary, or your Deal Team with questions or concerns.