01 Appdx - for PRA

Lender Qualifications for Multifamily Accelerated Processing (MAP)

01 Appdx - for PRA

OMB: 2502-0541

Document [docx]
Download: docx | pdf

OMB Version Appendix 1_04-02-2020




Appendix 1

HUD Standard Processing Times





SOA

HUD Processing Timeframe

Pre-Application Invitation Term

Pre-Application Extensions

Firm Commitment Term

Firm Commitment Extensions

221(d)(4)

110 days

120 days

90 days*

60 days

120 days**

220

110 days

120 days

90 days*

60 days

120 days**

231

110 days

120 days

90 days*

60 days

120 days**

241(a)

110 days

120 days

90 days*

60 days

120 days**

223(f)

70 days

NA

NA

60 days

120 days**

223(a)(7)

30 days

NA

NA

90 days

90 days***


The HUD Processing Timeframe refers to the total calendar days between assignment of the application to an underwriter and issuance of the Firm Commitment. The Processing Timeframes are intended as general guidance; the actual timeframe for HUD processing may be shorter or longer based on the individual application.


*Pre-Application Extensions: One 90-day extension may be authorized by the Regional Director. The Director of the Office of Multifamily Production at HUD Headquarters may approve an additional time extension for good cause. See 4.2.B.2.


**Firm Commitment Extensions (221, 220, 231, 241(a) & 223(f)): The Regional Director may grant one or more extensions for up to a total of 120 days from the original expiration date. An additional 60-day good cause extension may be approved by the Director of the Office of Multifamily Production at HUD Headquarters. A reopening fee of 5 basis points is required following the maximum Firm Commitment term of 180 days. See 4.2.A.1.5.


***Firm Commitment Extensions (223(a)(7)): It is not anticipated that extensions will be necessary in a Section 223(a)(7) refinancing. However, the Regional Director or Production Division Director may extend Section 223(a)(7) commitments for a maximum of three additional 30-day periods. See 18.3.M.


2020 MAP Guide Appdx #1 OMB Version 04-02-2020 p 2 of 1

File Typeapplication/vnd.openxmlformats-officedocument.wordprocessingml.document
AuthorDoresky, Ken P
File Modified0000-00-00
File Created2021-08-02

© 2024 OMB.report | Privacy Policy