2.10.3 Deputy Chief Underwriters

A. The MAP Lender’s Deputy Chief Underwriter may perform all functions delegated to the Chief Underwriter, but the Chief Underwriter remains responsible for all actions of the Deputy Chief Underwriter. With notice to and approval by COB, the Deputy Chief Underwriter may also act as an interim Chief Underwriter to maintain business continuity in emergency situations. The MAP Lender must obtain COB’s approval if the Deputy Chief Underwriter will act as the Chief Underwriter for more than 3 months. High Volume MAP Lenders (with more than a 4-year trailing average of $100,000,000 in firm commitments annually) may designate more than one Deputy Chief Underwriter.

1. The proposed Deputy Chief Underwriter must:

• Be approved in writing by COB.

• Be in good standing with the Department and in full MAP compliance, defined as free of MAP disciplinary actions (probation, suspension or termination), during the previous 5 years.

• Provide evidence of 5 years prior underwriting experience including a minimum of 3 years of FHA/MAP underwriting, with the remaining experience comprised of Fannie Mae, Freddie Mac, HFA Risk Sharing or equivalent experience underwriting permanent loans on multifamily properties. The experience need not be continuous but must total 5 years. The proposed Deputy Chief Underwriter’s application must include a list of FHA loans underwritten and the name(s) of the processing Lender. The Underwriter may request that 1-year’s equivalent experience be granted for evidence of each 10 acceptably processed Firm Commitment applications.

• 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 permissible.