The U.S. Department of Housing & Urban Development (HUD) has approved MBA’s underwriter training program for HUD’s Multifamily Accelerated Processing (MAP) program which will count toward satisfying a significant portion of HUD’s requirements for MAP Underwriter approval, the MBA announced. Candidates who complete the six-month program will get credit for half of the three years of experience as an underwriter now required by HUD for MAP underwriter approval, as well as a reduction in the number of files candidates must underwrite prior to approval. “HUD’s approval is recognition of the rigor and depth of our MAP underwriter training curriculum. We are also pleased that through this partnership, participants are able to satisfy many of the FHA pre-requisites for MAP underwriter approval,” said Jeff Schummer, vice president of MBA for Education. “We attempt to bring that level of quality to all of our programs.” MBA’s FHA Multifamily Underwriter Training Program was developed in consultation with HUD's Office of MultiFamily Programs and expert teams of MAP Lenders, engineers, appraisers, and attorneys in order to ensure that successful completion of the program would comply with HUD's training requirements for underwriter approval. It is a six-month program of weekly instructor-guided online classes, with a series of lending cases and exams. The program is the first of its kind for MBA and was designed to give participants the specific knowledge, skills and abilities expected of HUD-approved MAP underwriters. “Partnering with MBA to develop an underwriter trainer curriculum has given HUD the ability to further assist our applicants in completing the necessary requirements to become MAP underwriters,” said Theodore K. Toon, director of Multi-Family Development, HUD. “We look forward to continuing this established success with MBA and creating other programs designed to strengthen applicants involved in underwriter, servicing and operations.” According to HUD, candidates that complete the MBA course will: ►Fully satisfy the requirement to complete three courses; ►Fully satisfy the requirement to complete a MAP underwriter course; ►Satisfy half of the three transactions requirement; and ►Satisfy half of the three years of experience requirement. In satisfying half of the FHA MAP underwriter requirements in the third and fourth bullets above, the lender employing the candidate may elect to utilize the course completion to fulfill either two transactions/one year or one transaction/two years of the requirement. The MBA MAP program generated significant interest and results, and, because of high demand, was sold out and oversubscribed. Because of this, MBA plans to expand seating capacity in 2014.