CREF Policy Update: HUD Publishes Proposed Rule on Multifamily Loan Disbursements
HUD Publishes Proposed Rule on Multifamily Loan Disbursements
Last Tuesday, the Department of Housing and Urban Development (HUD) published a proposed rule on disbursing multifamily mortgage proceeds.
• The proposed rule updates regulation 24 CFR § 200.54(b) to permit the lender to disburse up to 1 percent of the mortgage amount when the borrower’s funds are not fully disbursed with the initial advance.
Why it matters: HUD has allowed lenders to disburse up to 1 percent of mortgage loan proceeds when the full amount of borrower funds have not been initially disbursed, but only under a temporary waiver.
• This proposed rule, when finalized, will codify the practice. However, in the past, MBA and its members have urged HUD to permit a higher amount of loan proceeds to be released at initial advance.
What’s next: MBA will reach out to members in the coming weeks to collect feedback and submit it to HUD, including comments on the permitted loan disbursements amount.
For more information, please contact Megan Booth at (202) 557-2740.
Participate in the Mortgage Action Alliance’s “Advocacy in August” Campaign
MBA’s “Advocacy in August” campaign is well underway! Join your fellow industry advocates and MAA members and get involved during the congressional August recess by taking action on current real estate finance policy priorities – and by arranging to meet with elected officials back in their states or districts.
Why it matters: The Advocacy in August campaign is an important political engagement strategy for our industry to help advance key policy and advocacy priorities. Your participation through allows MBA to build and strengthen individual relationships with lawmakers during the traditional congressional August recess.
What’s next: MBA’s Legislative and Political Affairs team will help coordinate in-person and virtual meetings in your elected officials’ home states or districts. Get involved!
For more information, please contact Jamey Lynch at 202-557-2818.
REGISTER: MBA’s Commercial/Multifamily Insurance Conclave 2024
MBA is hosting a Commercial/Multifamily Insurance Conclave 2024 on Oct. 6-8 in Kansas City, Mo.
• This premier event brings together Insurance and Risk professionals from all capital sources to discuss insurance market trends, best practices for addressing and implementing changes in the future, and much more.
Why it matters: Rising property insurance costs and diminishing policy options are increasingly becoming a problem in several states, and insurance requirements are becoming more strict.
What’s next: Register today to secure your seat.
For more information, please contact Jacky Salazar at (202) 557-2746.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – which are complimentary to MBA members:
• Analyzing the Commercial/Multifamily Borrower’s Balance Sheet and REO Schedule – Aug. 27
• Affordable Housing Insights: Understanding Consumers, Buyers, and Uses of Accessory Dwelling Units – Aug. 29
• Finding Opportunities with Distressed CRE in 2024 – Sept. 10
• MAA Quarterly Webinar: 2024 Elections Preview – Sept. 17
• Overview of Commercial Insurance Compliance – Oct. 3
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For any questions, please contact David Upbin at (202) 557-2931.
