HUD’s LEAN 232 Program
Office of Healthcare Programs (OHP)
Update as of January 25, 2011
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CORRECTION TO THE NOVEMBER 2, 2010 EMAIL BLAST:
The Certification for Electronic Submittal that was attached to the November 2, 2010 Email Blast has been revised to remove 5. b., which required pre-approval of master lease, account receivable and/or other important legal documents as identified by HUD on small portfolios. As the language in the November 2, 2010 Email Blast indicates, this is only required on medium and large portfolio applications (as defined by Notice H 01-03). Please use the revised (attached) certification immediately. This revised certification will also be posted to HUD.GOV in the next several weeks.
Although pre-approval of the documents mentioned in the first paragraph is not required on projects that are not part of a medium or large portolio, we urge lenders and outside counsel to have fully developed/vetted documents on other projects as early in the process as possible. This will reduce the time from Firm Commitment issuance to closing and will make HUD’s review faster (helping to ease the resource constraints that HUD currently faces in OHP and in OGC).
Closing Queue:
As a result of our continued staffing shortage in OHP and in an effort to keep the number of active projects assigned to each OHP closer at a manageable number, we are establishing two separate closing queues – one for Section 223(a)(7) projects and one for all other Section 232 projects. The logistics of the closing queue are as follows:
· Effective immediately, after a Firm Commitment is issued, if there is not capacity with an OHP Closer, the project will enter the appropriate closing queue.
· During a project’s wait in the closing queue, lender’s counsel should contact the OGC reviewer to determine whether the legal review of the draft closing documents can commence prior to the assignment of an OHP closer. The OGC reviewer may reserve the right to delay the legal review of the draft documents until an OHP closer is assigned.
· The email the OHP Underwriter sends to the lender after a Firm Commitment is issued, will be revised to include the following for all Section 232’s (previously we had a diferent procedure on Section 223(a)(7)’s) :
Once the firm commitment has been signed by both the lender and the borrower, please return a pdf copy of it to the OHP Underwriter. Please retain the signed original until a Closing Coordinator has been assigned, at which time you may forward it to the Closing Coordinator.
THE BELOW COMMENTS RELATE TO A SECTION 223(A)(7) REFINANCE OF A SECTION 232 PROJECT, EFFECTIVE IMMEDIATELY (EXCEPT WHERE NOTED OTHERWISE):
A. Establishment of a Green Lane for Section 223(a)(7) Applications with No Extension of Loan Term, Accounts Receivable Financing or Change of Entities:
Due to the rapidly increasing volume of Section 223(a)(7) refinancing, and in an effort to expedite processing of the queue, we are establishing a Green Lane. Applications that do not propose extension of the current loan term do not require as much scrutiny with respect to determining whether they inure benefit to the FHA Fund; accordingly, these applications will move to the Green Lane as a separate queue. In addition, applications that do not propose a Transfer of Physical Assets (TPA), Change of Operator/Agent or Accounts Receivable Financing for HUD approval concurrent with the Section 223(a)(7) transaction require less underwriter and legal review and accordingly, will also be placed in the Green Lane queue. The (a)(7) Green Lane queue will be assigned underwriters on a priority basis over applications requesting approval of a loan term extension, TPAs/Change of Operator or Agent or Account Receivable Financing. We have revised the attached Certification for Electronic Submittal document to differentiate between Green Lane and regular Section 223(a)(7) applications.
B. Loan Term Extension Requests on Section 223(a)(7)’s:
In an effort to ensure sound risk management of the FHA Fund for the Lean 232 Program, OHP Underwriters will carefully review requests for an extension of the existing loan term in a Section 223(a)(7) refinance to determine if the additional term will inure benefit to the insurance fund. Accordingly, underwriters will focus on, and may request supplemental information, as follows based on the proposed application:
· Debt Service Coverage calculation without a term extension and/or Debt Service Coverage calculation with a reduced term extension than proposed in the Firm application;
· Extent of mortgagor contributions to the reserve for replacements, including additional deposits and increases of annual deposits;
· Age and configuration of facility;
· Renovations that have occurred to update the facility.
· Strength of Owner/Operator and Market
C. Reserve for Replacement Schedules on Section 223(a)(7)’s:
When considering the risk management of the proposed reserve schedule under the Section 223(a)(7) refinance, OHP Underwriters will review the proposed reserve schedule in a manner consistent with current Lean Asset Management guidelines, using a $1,000 per unit “soft” minimum for at least years 1 through 10.
D. Occupancy on Section 223(a)(7)’s:
Consistent with the Email Blast issued 8/19/10, OHP Underwriters will be requesting current occupancy information when the application is under Firm review for Section 223(a)(7). In addition, if occupancy numbers are low, underwriters may request information on census trends, and supplemental information on how low census numbers are being addressed by owner/operator/manager. This is in order to ascertain the project’s current risk profile so that any appropriate asset management risk mitigation activities are initiated.
E. Interest Rate Locks:
On Section 223(a)(7)’s, lenders are advised against having the mortgagor lock the interest rate until the HUD closing coordinator has advised them to proceed. The closing coordinator works in concert with the HUD closing attorney to communicate the closing schedule to the lender. Please work closely with the HUD Closing Coordinator.
F. Extensions to the Firm Commitment:
For Lean Section 232/223(a)(7)s, a Firm Commitment is effective for 90-days. We encourage lenders to make every possible effort to work with the HUD closing coordinator and closing attorney to accomplish the closing within this prescribed timeframe. However, in order to address extenuating circumstances which may arise, the lender may request a 90-day extension (“extension request”) to the Firm Commitment. The extension request must provide a justification acceptable to HUD that the extension of the Firm Commitment is warranted and necessary in order to accomplish closing by the end of the 90-day extension period. It is both cost effective and efficient for HUD and the lender to process one 90-day request instead of three 30-day extension requests. If, at the expiration of the granted 90-day extension, the closing fails to occur, HUD reserves the right to consider the application as withdrawn. In that case, for further consideration under the Section 223(a)(7) program, the application will need to be updated and submitted as a new application in the Lean 223(a)(7) queue.
G. Revised Project Capital Needs Assessment (PCNA) Guidelines for Section 223(a)(7) Projects:
The February 6, 2009 Email Blast discussed situations when a PCNA is required on Section 223(a)(7) projects. That Email Blast required a PCNA complying with the 223f LEAN Guidelines when either of the following is the case at the time the Section 223(a)(7) application is submitted to HUD:
1. A term extension is being requested. HUD will consider waivers on a case by case basis where justified. The lender should request the waiver in the mortgage insurance application cover letter and in the Lender Narrative.
2. At least 10 years of the existing FHA-Insured loan’s amortization period has passed and a PCNA has not been submitted to HUD in the previous 10 years.
Effective for any Section 223(a)(7) project entering the queue after March 25, 2011, a PCNA is also required if the project does not currently meet the fire sprinkler requirements for projects participating in the Medicaid or Medicare programs that must be in place by August 13, 2013 - see the 1999 edition of the National Fire Protection Association’s (NFPA) "Standard for the Installation of Sprinkler Systems” (NFPA 13).
A revised Statement of Work for the Limited Scope PCNA for Section 223(a)(7) will be posted to HUD.GOV in the next few weeks, which addresses these sprinkler requirements (as well as a revised Lender Narrative and Firm Application Checklist).
H. FHA Application Fees on Section 223(a)(7)’s:
While the loan application fee paid at time of application is equal to .3% of the mortgage amount, please use .15% in the Criterion 10 maximum mortgage calculation on the 92264a, as half of the fee is refundable upon endorsement of the loan under Section 223(a)(7).
THE BELOW COMMENTS RELATE TO SECTION 232 PROJECTS THAT ARE ADDING ADDITIONAL UNITS TO THE MARKET (INCLUDING SUBSTANTIAL REHABILITION AND SECTION 241(a) WHERE NEW UNITS ARE BEING ADDED):
A. Information on the Mortgagor Entity Related to Financial Capability and Experience:
Exhibit 3-7 of the Firm Commitment Checklist for New Construction requires the year-to-date financial statements for the proposed Mortgagor entity. In the case of new construction deals, a significant number of Mortgagor entities are newly-created for the sole purpose of developing, owning and operating the new facility. The financial statements for such an entity, if they exist, often provide only limited information. Similarly, Exhibit 4-3 of the Checklist requires a Resume for each principal of the Mortgagor. In many cases the principal entities are newly-created companies, again for the sole purpose of owning and operating the new facility. A number of applications have been submitted with deficient parent financial history or experience for the parties responsible for the transaction.
Supporting Documentation of Financial Capability:
Effective immediately, Exhibit 3-7 of the application for Firm Commitment must include YTD financial statements for the party who will be responsible for the financial requirements (typically the parent entity) at the initial closing. If the legal entity of the Mortgagor will be capitalized by another party, the financial statements for that party(ies) must be provided. The requirements of Footnote 5 of the Checklist apply to all financial statements submitted. Please keep in mind that the underwriting process is seeking to confirm that sufficient financial resources will be available for the cash requirements for closing, and the Lender must provide the information needed to make such a determination.
Supporting Documentation of Appropriate Experience:
Also effective immediately, Exhibit 4-3 of the application for Firm Commitment must include complete information on the individuals and/or entity that will be bringing appropriate experience to the project. Appropriate experience is 3 to 5 years successful practice in developing, owning and/or operating board and care facilities, assisted living facilities and/or skilled nursing facilities. This requirement has been in place for a number of years and continues under LEAN. If an entity or its principal does not have the appropriate experience, it may contract with a third party experienced operator. Evidence of appropriate experience should be provided which includes specific project examples including project name, type of care provided, location, unit/bed count, year opened and key operating metrics (fill pace, occupancy, net operating income margins) and specific responsibilities for the management and operation of the example health care facility. The Office of Healthcare Programs (OHP) is seeking assurance that the developers and other stakeholders are committed to the long-term success of their project and have the requisite experience to operate and manage the project.
In addition to the requirements under Exhibits 3 and 4 of the application package, the Lender Narrative must also provide a complete discussion on the Mortgagor’s commitment to the project, both financially and in a business sense over the long term as well as his/her experience.
For applications that are currently in the processing queue, the OHP Underwriter will request this information from you once the project has been assigned for processing. Lenders should be prepared to provide this information in an expeditious manner at that time. When we revise the New Construction, Substantial Rehabilitation, and Section 232/241(a) documents posted to HUD.GOV, we will revise the Lender Narrative Templates and Firm Application Checklists to reflect these changes.
B. Debt Service Reserve Escrows:
Projects that add units to a market pose a higher risk to the FHA Insurance Fund than do existing projects, particularly with the difficult economic climate we are currently experiencing. Therefore, all Section 232 projects recently approved by the Loan Committee to add additional units to the market have included the added risk mitigation of a debt service reserve escrow. Typically these escrows require that six to twelve months of principal and interest payments be held until the underwritten debt service coverage is met for twelve consecutive months. We recommend that you review whether a debt service reserve escrow should be added as additional mitigation to all such loans. If you wish to revise a project that has already been submitted, please work with the OHP Underwriter (once assigned) to revise your application.
AUTHORIZED SIGNATURES:
HUD’s Lender Qualification and Monitoring Division (LQMD) maintains a list of lender staff who are authorized to sign on behalf of the lender. Please ensure that all documents signed by the lender (including those signed at closing) are signed by a person who is on this list. As this list is an internal document to HUD, if you have questions about which individuals from your company are on this list, please contact LQMD.
CLARIFICATION TO THE TWO STAGE FIRM SUBMITTAL PROCESS:
As has been mentioned in several Lender Conferences/Trainings, if the Initial Submission stage does not result in a Firm Commitment being issued, the lender may request a refund of 50% of the HUD Application fee paid upon submission.
RESERVE FOR REPLACEMENT DEPOSITS ON ALL SECTION 232 LOANS:
The Statement of Work for the PCNA for Section 223(f) (at IV. D. 13. b.) and for Section 223(a)(7) (at V. D. 9. b.) states the following:
It is the Needs Assessor’s responsibility to assess the condition of major capital items, and major movable equipment. This assessment will include a proposed replacement and cost schedule over a 15-year period. The Mortgagee will then use this analysis to determine the required initial and annual deposits to the Replacement Reserves for Capital Items and Major Movable Equipment.
To ease future asset management of the project, HUD strongly recommends that the annual deposits proposed by the lender in the narrative remain at the same amount for the first 10 years of the loan. Moreover, as a reminder, on December 1, 2008, OHP implemented the recommended minimum account balance to be maintained in the Reserve for Replacement Account of $1,000 per unit for all Section 232’s. The initial and annual deposits proposed by the lender in the narrative on all Section 232 projects should take into account this recommended minimum account balance.
REVISION AND CLARIFICATION TO AUGUST 19, 2010 EMAIL BLAST:
The August 19, 2010 Email Blast discussed “Lender Inspection of 232 Projects”. In this language, we asked you to obtain pre-approval for a qualified construction site inspector by emailing Amee Welch. We are revising this procedure to ask that you send the appropriate request (with resume) to LeanThinking@HUD.GOV. Moreover, the Email Blast stated that the qualifed construction site inspector must be employed by the lender. We are hereby clarifying that the qualified construction site inspector must be an employee of the lender (we have had requests for approval of third party individuals, which we have not approved).
CLARIFICATION TO MAP GUIDE SECTION 3.11 A.:
There has been some confusion related to the language on Section 232/223(f)’s in the MAP Guide at Section 3.11 A, which OHP is following. The language states that “projects with additions completed less than 3 years previous are eligible as long as the addition was not larger than the original project in size and number of beds”. We want to clarify that both tests (size andnumber of beds) must be met in order for a project with an addition to be eligible for Section 232/223(f).
ABOVE-GROUND STORAGE TANKS:
HUD is required to qualitatively evaluate the risks associated with proximity to hazardous facilities (MAP Guide, Section 9.5.H). OHP reviews on Section 232 applications will consider the potential danger presented by liquid fuel and gas storage tanks, even in cases of refinance where the tanks are pre-existing, and may at times require mitigation. Whenever above ground tanks exist on site, whether containing liquid fuel (over 100 gallons in size), or containing pressurized gas (stationary tanks of any size), a conformance letter from the governing Fire Department/District will be required. The letter must specifically address the safety of the storage tanks. In cases where new units are being added, and where off-site tanks are in close proximity to the subject building, or where safety letters cannot be obtained, a calculation of the Acceptable Separation Distance (ASD) must be included in the application. A useful tool for calculating ASDs can be found athttp://www.hud.gov/offices/
LENDER NAME CHANGES:
Please be certain that your current name is reflected on all documents in the firm application submission. These documents include the draft firm commitment (including all attachments) as well as the lender narrative and any lender certifications.
In addition, please note that when a lender who is approved to do Section 232 loans merges with a lender who is not approved to do Section 232 loans, or a transfer in ownership occurs, or the lender changes its name, a new MAP lender approval application must be submitted to the Lender Qualification and Monitoring Division (LQMD). The certification in Exhibit L of the MAP lender approval application must be signed and dated by an authorized official and contain the following language:
WARNING: HUD will prosecute false claims and statements. Convictions may result in criminal and/or civil penalties. (18 U.S.C. 1001, 1010, 1012; 31 U.S.C. 3729, 3802)
Any name change, merger or transfer of ownership involving an FHA - approved lender must be reported to Jacqueline Jones in the Lender Approval and Recertification Division at HUD Headquarters. In such cases, lenders are required to keep their existing mortgagee identification number.
HUD SIGNATURE ON REGULATORY AGREEMENT RIDERS:
Effective immediately, HUD will no longer sign Regulatory Agreement Riders – they will continue to be signed by the Mortgagor and Operator (along with the Regulatory Agreements themselves). HUD will continue to sign the Regulatory Agreements.
RELEASE OF INITIAL OPERATING DEFICIT (IOD) ESCROW FUNDS:
OHP’s benchmark measurement for releasing remaining IOD escrow funds will be the property maintaining at least three consecutive prior months with a debt service coverage (including Mortgage Insurance Premium) ratio of at least 1.45. OHP will look to the servicing mortgagee to certify that this benchmark has been met, based on financial statements provided the mortgagee by the mortgagor.
IMPORTANCE OF TIMELY SUBMISSION OF FIRM APPLICATION DOCUMENTS TO HUD OGC REVIEWER:
OHP believes that allowing time for legal review prior to Firm Commitment will significantly expedite the closing process after the Firm has been issued. Therefore, effective immediately, a hard copy of the Firm Commitment Application documents must be received by both the OHP Underwriter and HUD Counsel prior to the start of review of the application. We are not changing the 9/18/2009 Email Blast, which lists the hard copies sent to the OHP Underwriter and HUD Counsel. When a project is assigned from the queue, OHP will make every effort to obtain a prompt assignment of HUD counsel. As soon as counsel is assigned, the HUD Underwriter will communicate the assignment and contact information to the Lender.
HUD INSPECTION FEES ON SECTION 232/223(F)’S:
There has been some confusion on the correct calculation of inspection fees on Section 232/223(f)’s. Below is the correct calculation:
· If the total cost of the critical, non-critical and borrower-proposed repairs is equal to or less than $3,000 per unit or bed (whichever is higher), the HUD Inspection Fee shall be $30 per unit or bed (whichever is higher). This includes projects where there are no repairs.
· If the total cost of the critical, non-critical and borrower-proposed repairs is greater than $3,000 per unit or bed(whichever is higher), the HUD Inspection Fee shall be 1% of the total cost of the critical, non-critical and borrower-proposed repairs.
PHASE I ENVIRONMENTAL ASSESSMENTS ON SECTION 232/241(A)’S AND SECTION 232 SUBSTANTIAL REHABILITATIONTRANSACTIONS:
The current checklists for Section 232/241(a) and Section 232 Substantial Rehabiliation projects posted to HUD.GOVallow for the Phase I Environmental Assessment to be omitted in certain situations. Effective for any Section 232/241(a) or Section 232 Substantial Rehabilitation project submitted to HUD (entering the queue) after March 25, 2011, and to comply with HUD MAP environmental guidelines, a Phase I Environmental Assessment will be a required exhibit for allSection 232/241(a) or Section 232 Substantial Rehabilitation projects. When we revise the Section 232 Substantial Rehabilitation and Section 232/241(a) documents posted to HUD.GOV, we will revise the appropriate documents to reflect this change.
CLARIFICATIONS RELATED TO SEVERAL FORMS THAT ARE ATTACHED TO THE FIRM COMMITMENT:
There has been confusion related to the completion of several forms that are attached to Section 232 Firm Commitments. Therefore, please see the below clarifications/revisions. We encourage following these revisions/clarifications immediately, however, these revisions/clarifications will become mandatory for any project entering the queue after February 8, 2011.
Form HUD-92264-HCF:
We will no longer require that Form HUD 92264-HCF be submitted for Section 223f transactions. The Lender’s Narrative already covers the items that are on this form. The requirements remain unchanged for all other Section 232 loan types regarding this form. When we revise the Section 223f documents posted to HUD.GOV, we will revise the appropriate documents to reflect this change.
Form HUD-92264-A:
The following language applies to all Section 232 loan types and supersedes the language in the 2/19/2010 and 9/18/2009 Email Blasts, which asked lenders to show the more restrictive maximum insurable mortgage (value or cost) on Criteria 3.
Please use the new Form HUD-92264A that can be found at: http://www.hud.gov/offices/
As has been previously conveyed, the percentage of value used in Criterion 3 on line (a) of the HUD-92264a should be the loan to value in the Section 232 Statute/Regulations. The lender narrative will contain a discussion of the actual underwritten LTV (including discussion of justification/mitigation if the underwritten LTV exceeds the Lean Benchmarks summarized in the February 19, 2010 Email Blast).
In addition, the attached "92264-A Attachment" must be submitted together with the Form HUD 92264-A to assure that additional LEAN criteria have been considered in determining the mortgage amount. (Those criteria are not mandatory, but should be used unless mitigation has been offered and discussed in the lender narrative.) This document will be attached to the signed Firm Commitment.
An itemized breakdown of the transaction costs that make up Criteria 7 or Criteria 10 maximum insured mortgage should be provided when applicable. These can be included at the bottom of page 2 or on page 4 of the new form.
An additional calculation for the initial deposit for the reserve for replacement should be provided for projects with an existing reserve for replacement account. It should show that the existing balance plus the additional deposit equals the total initial deposit. Consistent with current practice, only the additional deposit can be included in eligible transaction costs.
There has been confusion about when to use the appraiser’s Net Operating Income (NOI), and when to use the Lender’s NOI, which sometimes differs in terms of replacement reserve amounts, taxes, and/or management fee. Except when the lender is correcting for errors, the value used in Criteria 3 on Form HUD-92264-A is to be the market value as determined by the appraiser. Conversely, the NOI used in Criteria 5 will be the lender’s amount, which was derived using facility specific expense amounts for replacement reserves, taxes (when exempt) and management fee.
The 92264-A Attachment will be posted to HUD.GOV under each loan type. Moreover, when we revise the documents posted to HUD.GOV, we will revise the appropriate documents to reflect this change.
REAC INSPECTIONS ON PROJECTS BEING REFINANCED THAT ARE CURRENTLY INSURED BY HUD:
Any project (that is already in our FHA Insurance portfolio) submitted for a Section 223(a)(7) or Section 223(f) refinance (entering the queue) after March 25, 2011 will be required to have the PCNA address the most recent HUD REAC Physical Inspection and whether deficiencies (if any) identified in the inspection report have been corrected. The Lender Narrrative Template for Section 223(a)(7), the PCNA Statement of Work (SOW) for Section 223(a)(7), and the PCNA SOW for Section 223(f) will be revised to reflect this and posted to HUD.GOV in the next few weeks. When we revise the Lender Narrative Template for Section 223(f) in the future, we will address this issue – in the meantime, please address under the PCNA section.
A NEW TOOL RELATED TO NURSING HOMES:
The Office of Healthcare Programs has commenced using Team TSI’s nursing home data analysis & dashboard web application. This web application and reporting tool will provide new analysis tools and reporting capabilities to underwriters, account executives, and lenders/servicers. Each user will have the ability to review, monitor, and analyze in a proactive and real-time mode. The web application called IntelliLogix™ enables each HUD user or lender/servicer to access a nursing home’s complete survey, watch list or special focus designation, cost reporting elements, five star rating, and other vital historical data elements related to the operation of nursing home facilities throughout the United States. For a lender to obtain access to the portal to view their existing FHA insured portfolio, please email the request to surveyresults@hud.gov. There is no charge for the lender to access this site for their existing FHA insured portfolio. However, if a lender would like to obtain information on facilities that are not currently FHA insured, they will need to contact TEAM TSI CORPORATION at 1-800-765-8998 for separate pricing information. The additional cost to include non-FHA insured properties will be the obligation of the requesting lender. Disclaimer: Team TSI is one of many companies in the industry that provide this type of information for a fee. The reference to this company should not be interpreted as an endorsement by HUD to the expertise of the company or quality of the product provided.
QUEUES AND STAFFING RELATED TO SECTION 232 PROCESSING:
Below is a snapshot of our current underwriter staffing that we have allocated to each queue and our goal for monthly output from each underwriter. As has been previously mentioned, OHP hopes to hire additional staff in early 2011 – to address underwriting and the OHP program side of closing. We intend to closely monitor our staffing allocation and make adjustments when necessary.
· Green Lane Queue and 223f Regular Queue: currently 6 underwriters assigned to work on these queues. We intend to closely monitor both of these queues and allocate resources as needed to ensure that Green Lane projects are processed as quickly as possible. We estimate 1.5 to 2 projects brought to loan committee per underwriter per month.
· Other Program Queue: currently 3 underwriters assigned to this queue. We estimate 1.5 projects brought to loan committee per underwriter per month.
· Portfolio Queue: currently 6 underwriters assigned to this queue. Please see the 11/2/2010 Email Blast for timing estimates on this queue.
As many of you know, we have experienced significant problems with our HUD.GOV website over the past month. We are working diligently to fix the problems that remain. As of the writing of this email blast, below is the latest:
· We have fixed the broken links to the New Construction and Early Commencement documents posted to HUD.GOV.
· Updated “Lender Duties Related to the PreConstruction Conference” has been posted. The document’s date that is listed on HUD.GOV is being changed to November 15, 2010. The duties in this document have been updated to reference both Originating and Servicing Lenders.
· Updated, “Lender’s PreConstruction Conference Agenda” has been posted. The document’s date that is listed on HUD.GOV is being corrected to September 30, 2010. The Agenda has been updated, including Item #16, Permission to Occupy, to reference possible related Firm Commitment Special Conditions. The Agenda was also updated to replace a number of old OIHCF references with OHP.
· We have separated the documents posted to HUD.GOV for the 2 Stage Firm Submittal Process between new construction and substantial rehabilitation documents. We are revising the format of the posting, however, documents for New Construction Initial Submittal, New Construction Final Submittal, and Substantial Rehabilitation Initial Submittal are posted to HUD.GOV. We will post the documents for Substantial Rehabiliation Final Submittal in the next few weeks.
· We are working on posting the latest Weekly Statistical Report (along with archive versions of this document) and a spreadsheet that contains detailed information on each of the Section 232 loans that OHP closed in Fiscal Year 2010.
· We are working on posting a list of the projects in each of our queues. Only FHA project numbers will be listed – except the portfolio queue, which will also list batch numbers. Projects are listed in the order we received the Firm Application submission – with those listed at the top having earlier submission dates. The posting of the Section 223(a)(7) queues will lag several weeks behind the posting of the four other queues. We intend to update this frequently in the future.
· We are working on re-establishing the links to the Sample Closing Documents.
