Notice H 2018-03 Special Attention of: All Multifamily Regional Directors Issued: April 9, 2018 All Satellite Directors All Project Managers Expires: This Notice remains in effect until All Office Directors amended, superseded or rescinded. ____________________________ References: MAP Guide SUBJECT: Updated versions of the Standardized Firm Commitment Templates for Section 220, 221(d)(4), 223(f), 223(a)(7), 231, 241 (a) With this Housing Notice, the Department of Housing and Urban Department (HUD) updates the Standardized Firm Commitment Template(s) for Multifamily Production issued to MAP approved lenders and owners of multifamily rental properties. This notice supersedes Housing Notice H 2016-06. PURPOSE The objective is to update the current Standardized Firm Commitment Templates after the templates have been utilized by the processing offices of Multifamily Production for a period of approximately two years. These Standardized Firm Commitment templates along with a set of standard conditions (Exhibit B) attached to this Notice, are updated to reflect changes in FHA’s policy requiring changes in processing and closing procedures. It is standard industry practice to change and address obsolete processes and procedures on a regular basis. Periodically HUD will issue revised Standardized Firm Commitment Templates and B” documents, so lenders “Exhibit and borrowers are current with changes to FHA insured policies incorporated into the Firm Commitment Templates and B” documents. “Exhibit IMPLEMENTATION HUD will begin using the new Firm Commitment Templates and B” “Exhibit additional conditions effective immediately following the date of publication of this Housing Notice. The Standardized Firm Commitment Templates and B” have an effective date “Exhibit recorded on the bottom of each document. This will ensure HUD staff are utilizing the most current version of the Firm Commitment Templates. Training for HUD staff will be provided via Webcast and/or by conference call at a future date. PAPERWORK REDUCTION ACT
Special Attention of: Notice H 2018-03 All Multifamily Regional Directors Issued: April 9, 2018 All Satellite Directors All Project Managers Expires: This Notice remains in effect until All Office Directors amended, superseded or rescinded. ____________________________ References: MAP Guide SUBJECT: Updated versions of the Standardized Firm Commitment Templates for Section 220, 221(d)(4), 223(f), 223(a)(7), 231, 241 (a) With this Housing Notice, the Department of Housing and Urban Department (HUD) updates the Standardized Firm Commitment Template(s) for Multifamily Production issued to MAP approved lenders and owners of multifamily rental properties. This notice supersedes Housing Notice H 2016-06. PURPOSE The objective is to update the current Standardized Firm Commitment Templates after the templates have been utilized by the processing offices of Multifamily Production for a period of approximately two years. These Standardized Firm Commitment templates along with a set of standard conditions (Exhibit B) attached to this Notice, are updated to reflect changes in FHA’s policy requiring changes in processing and closing procedures. It is standard industry practice to change and address obsolete processes and procedures on a regular basis. Periodically HUD will issue revised Standardized Firm Commitment Templates and “Exhibit B” documents, so lenders and borrowers are current with changes to FHA insured policies incorporated into the Firm Commitment Templates and “Exhibit B” documents. IMPLEMENTATION HUD will begin using the new Firm Commitment Templates and “Exhibit B” additional conditions effective immediately following the date of publication of this Housing Notice. The Standardized Firm Commitment Templates and “Exhibit B” have an effective date recorded on the bottom of each document. This will ensure HUD staff are utilizing the most current version of the Firm Commitment Templates. Training for HUD staff will be provided via Webcast and/or by conference call at a future date. PAPERWORK REDUCTION ACT
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