15.2.1 Functions

A. The Multifamily Counterparty Oversight Branch (MCOB or COB) within the Multifamily Asset and Counterparty Oversight Division (MACOD) and the Office of Asset Management and Portfolio Oversight (OAMPO) is the lead representative of the MAP program for Quality Assurance counterparty monitoring of MAP lenders and their key MAP personnel. The MACOD division also performs asset management oversight of the FHA insured multifamily portfolio, which is not addressed in this Guide. OAMPO works closely with the multifamily Loan Servicers to obtain data on, monitor, and asset manage loans in the insured portfolio, including coordination on loan delinquency and default servicing, and on special

MAP Guide, March 2021 Go to beginning of Chapter 15

Bookmarked Version Go to Acronym and Abbreviation List, Glossary, Index

Chapter 15 Page 15-1

To return to this page after clicking a link, press ALT + Back Arrow

Chapter 15 Oversight of MAP Program Requirements 15.2 Multifamily Counterparty Oversight Branch

Go to Table of Contents

servicing of troubled projects. COB monitors Loan Servicers through OAMPO’s activities and through the Government National Mortgage Association (GNMA), which conducts regular monitoring of Loan Servicers as part of its counterparty compliance reviews.

B. COB performs the following counterparty oversight functions on behalf of the MAP program:

1. Lender Administration:

   • Review new Lender applications and applications for reinstatement of suspended or terminated Lenders.

• Review Lender change of control, sale, merger or license transfer requests.

• Review changes in a Lender’s key MAP personnel; approve new MAP Underwriters and MAP Chief Underwriters.

Review Identity of Interest determinations and waiver requests.

2. Oversight and Monitoring:

   • Review new, and changes to existing, Quality Control plans.

• Audit Lender compliance with their Quality Control plans.

• Audit Lender compliance with MAP Quality Assurance and program requirements.

• Review loan transaction files.

Conduct Borrower concentration risk reviews and review 2530 flags.

3. Enforcement:

   • Issue, or recommend issuance of, sanctions including Letters of Caution, Warning Letters, Probation, Suspension or Termination.

• Make referrals to the MAP Lender Review Board, the Mortgagee Review Board, the Departmental Enforcement Center or the Office of the Inspector General, as appropriate.

• Recommend suspension, debarment or Limited Denial of Participation actions on a nationwide or a geographically restricted basis.