To participate in MAP, lenders will be required to show that they have an experienced multifamily underwriter on staff, a satisfactory record on lending on multifamily housing properties, and an acceptable Quality Control Plan. Qualified lenders can then take advantage of a mortgage application-procesing plan that will take substantially less processing time than traditional processing.
Total burden hours are reduced because the number of applications is less. During the first year of MAP, there was large number of applications. Most of the Lenders that applied were accepted into the MAP Program. HUD now anticipates the annual number of respondents to the Invitation for MAP Approval on the Web will be approximately 2 per year however, lenders must recertify annually. There are currently 83 approved lenders in the MAP Program.
$4,250
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Terry Clark 2027081142 ext. 2663
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
ICR 2502-0541.DOC
Lender Qualifications for Multifamily Accelerated Processing (MAP)