HUD Picks up the Pace!
/
HUD recently announced the hiring of NuvoSum, a third-party underwriter, to provide underwriting support to help clear the backlog of multifamily applications. An unprecedented influx of applications for mortgage insurance has been driven by historically low interest rates on long-term nonrecourse FHA financing. This resulted in a long line of borrowers waiting for commitments. The contract was awarded in mid-December 2021 and is already yielding results by reducing delays in several regions of the country.
NuvoSum will underwrite 223(f) and 223(a)(7) refinance applications. HUD will retain underwriting for those which require review by their National Loan Committee and projects with new tax credits or significant rehab – so-called “heavy (f)s”. Expanding their processing capacity with NuvoSum is speeding the review of refinances and freeing HUD staff to process 221(d)(4) applications for new construction and rehab projects. This really is good news for borrowers.
If you have a new construction/rehab project or are looking to refinance an existing deal, this is a great time to get started.
About AGM Financial
Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.
