HUD 223(f) Borrowers and the MAP Program
If you want to get a HUD 223(f) loan, there are two ways in which you may be able to apply: either through MAP (Multifamily Accelerated Processing) or TAP (Traditional Application Processing).l Borrowers can only apply via the MAP process if their lender is MAP-approved. The MAP process is typically faster and more streamlined than the TAP process, which can help both borrowers and lenders save valuable time and money.
TAP Versus MAP
As the name suggests, TAP (Traditional Application Processing) is the traditional way for processing HUD/FHA applications. In contrast to TAP, the MAP process is a fast-track. MAP allows qualified lenders to prepare the FHA forms and perform preliminary underwriting for certain loan applications.
General MAP Lender Qualifications
Qualified MAP lenders must have experience underwriting multifamily housing loans and applying for FHA multifamily mortgages insurance. The lender’s principal staff must undergo review to ensure they can perform the necessary tasks. HUD’s LQMD (Lender Qualification and Monitoring Division) makes the final decision.
Once a lender is qualified, they may operate on a nationwide basis. Regardless of a project’s location or the HUD Multifamily Hub or Program Center that will process the loan, qualified MAP lenders can serve clients across the country. However, lenders who fail to maintain HUD standards could lose their qualification.