2.10.1 MAP Underwriters

A. A MAP Underwriter must be a full-time salaried employee of the MAP Lender and may not be hired or retained only for a specific loan application. Underwriter compensation may not be based solely on loan production volume, nor may the Underwriter be compensated in a way that may be construed as a means of discouraging prudent risk management. MAP Underwriters may not hold a significant equity position in, or be a principal of, the MAP Lender or any of the Lender’s affiliates, although Employee Stock Ownership Plans and similar forms of compensation are permitted.

B. Applicants for MAP Underwriter designation may range from trainees to veteran executives with years of experience, but all are expected to have recent experience and to document that they have met the minimum education and experience requirements expected of Underwriter trainees. The applicant must demonstrate competence and the following qualifications:

1. The applicant must have knowledge and skills in a variety of financial areas, including:

   • General experience in banking, accounting, finance, commercial lending and in multifamily mortgage financing;

• The ability to analyze corporate and personal financial statements including, but not limited to, balance sheets, income statements, statements of changes in financial position and to evaluate the credit acceptability of individuals, partnerships, corporations and other entities;

• A broad knowledge of lending practices for permanent mortgages, construction loans and the financial structures of individuals, partnerships, and other business entities; and

  • Demonstrate recent, like-kind underwriting experience. Recent experience is defined as actual underwriting experience obtained by underwriting funded multifamily permanent loans within the previous 5 years. Like-kind experience is defined as underwriting with comparable duties and responsibilities as required under the MAP program.

2. Application for HUD approval of MAP Underwriters (who will not otherwise be approved under the procedures contained in Section 2.11, below): The request for approval should be submitted electronically in PDF format to COB by a senior officer of the MAP Lender with signatory authority and include the following exhibits:

   • Resume of the Underwriter that demonstrates the specific qualifications, education, and level of experience.

• Documentation of successful completion of relevant education and training courses.

• List of loans (MAP and otherwise) processed and underwritten by the Underwriter that reached Firm Commitment (or its equivalent under other loan programs), certified and signed by a senior officer of the MAP Lender with authorized signatory designation and by the Underwriter applicant. The list must contain the following warning code:

“Warning: Federal law provides that anyone who submits (or causes to submit) a document containing any false, fictitious, misleading, or fraudulent statement/certification or entry may be

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criminally prosecuted and may incur civil administrative liability. Penalties upon conviction can include a fine and imprisonment, as provided pursuant to applicable law, which includes, but is not limited to, 18 U.S.C. 1001, 1010, 1012; 31 U.S.C. 3729, 3802, 24 C.F.R. Parts 25, 28 and 30, and 2 C.F.R. Parts 180 and 2424. The signatory certifies that the information provided herein is true and accurate.”

Additional supporting documentation as may be requested by COB.