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Mortgage Credit Panel Discussion. 2014 Midwest Lenders Conference Chicago, Illinois * June 16-18, 2014. Moderator: Rick Sherman, Berkadia Panelists: Kelly Allen, Detroit HUD Rebecca Barber, Detroit HUD Marie Sherwood, Detroit HUD Charley Gardner, Oak Grove Capital .

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Mortgage credit panel discussion

Mortgage Credit Panel Discussion

2014 Midwest Lenders Conference

Chicago, Illinois * June 16-18, 2014

Moderator: Rick Sherman, Berkadia

Panelists: Kelly Allen, Detroit HUD

Rebecca Barber, Detroit HUD

Marie Sherwood, Detroit HUD

Charley Gardner, Oak Grove Capital


Organization structure

Organization Structure

Who is a Principal?

Who is a Key Principal?

Section 50 recommendation

Other Considerations:

Non-profit Borrower

Non-Principal individual with control of a Principal entity


Levels of review

Levels of Review

Principal versus Key Principal

Entity versus Individual

New Construction/Sub-Rehabilitation versus Refinance/Purchase

Large Loan Risk Mitigation Policies



Principal documents

Principal Documents

REO/Debt Schedule (KP only)

Credit Reports

Listing of Business Concerns

OFAC

Sponsors’ Continuing Commitment (NC/SR only)

Resumes

HUD Forms

2530

92013-Supp

Fannie Mae Form 1006 (Request for VOD)

Trade/Credit References

Financial Statements


Chicago multifamily hub 2013

Top 10 Mortgage Credit

Deficiencies

(Chicago Multifamily Hub - 2013)


Top 10 deficiencies

Top 10 Deficiencies

No evidence of funds to meet cash requirements (VODs).

Insufficient explanation for “yes” answers on the 92013-Supp.

Development team with inadequate industry/HUD experience.


Top 10 deficiencies cont

Top 10 Deficiencies, Cont.

Inadequate analysis of Sponsor/Principal troubled assets and/or properties maturing in 5 years.

No mortgage credit review for Passive Investors.

Not providing CPA-reviewed financial statements.


Top 10 deficiencies cont1

Top 10 Deficiencies, Cont.

Cash-out requests with aggressive cap rate, inadequate repairs, and inadequate funding of the replacement reserve.

Occupancy and NOI underwritten higher than historical operations.

Not identifying correct Section 50 signatory.


Mortgage credit panel discussion

#1 Mortgage Credit

Deficiency…



Questions comments confusion

Questions? review.

Comments?

Confusion?


General contractor documents

General Contractor Documents review.

Resume (AIA 305)

Credit Report

Financial Statements

Joint Venture Documentation


Management agent documents

Management Agent Documents review.

Resume

Management Agreement

HUD Forms:

9832 – Management Entity Profile

9839 – Management Certification

935.2 – Affirmative Action Plan (NC/SR only)

2530

92013 – supplement