2.10 Underwriters – HUD Approval

A. Any applications submitted to HUD must be underwritten by a MAP-approved Underwriter who has been approved and certified either by HUD or by a HUD-approved Chief Underwriter who is employed by a MAP Lender. The process for approving and certifying MAP Underwriters by HUD or by Chief Underwriters is outlined below.

B. COB will approve MAP Underwriters for: a) Low Volume MAP Lenders (with less than a 4 year trailing average of $100,000,000 in firm commitments annually) that choose not to have their Underwriters approved by a Chief Underwriter; b) new MAP Lenders with less than 4 years MAP underwriting experience (or until COB has determined that they have gained sufficient experience); and, c) MAP Lenders with suspension or termination enforcement actions within the previous 4 years. All other MAP Lenders must approve their MAP underwriting staff pursuant to the Chief Underwriter process described below.

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Chapter 2 Lender Qualifications and Practices 2.10 Underwriters – HUD Approval

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C. COB may reject or condition approval authority for MAP Underwriters, provided that the basis for decision are described in writing. Lenders may appeal rejections or conditions to approval to the DAS for Multifamily Housing.