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CREAMY CAPITAL
Last year’s demand for multifamily and healthcare financing (and the slow application processing) was like peanut butter, HUD's Carol Galante saidthis weekatthe big mortgage bankers confab in San Diego. And not the smooth kind.
Carol Galante
Now that consulting firm McKinsey has provided productivity tips, the FHA will screen projects for feasibility before processing teams swoop in. Carol warns you'll be held accountable for the quality of your applications; they’re not going to rework incomplete or unrealistic deals. “We need to clear the pipeline for those deals that make sense.” The FHA had record production of $11B in 2010. The only constraint for 2011 is human resources.
Roger Miller - William Lammers -
HUD's Roger Miller (far right) says the Office of Healthcare did twice as many hospital deals in 2010 (nine in September alone) as in ’09, at $100M per clip. The office reorganized in June and has achieved equal status with multifamily and single-family; its principal balance has grown to $26B with more than 2,500 portfolio facilities. Section 232 acting director William Lammers (next to Roger) says the average underwriting time is still higher than they they’d like. Steps to speed it up: Applications that fall into set criteria will be processedfaster than ever. But as in multifamily, underwriters don’t have the luxury to rewrite deals that have problems. “We’re going to be sending deals back.”
Dave Twardock  - Michael Berman
The dreaded Dodd-Frank is something Amerisphere Multifamily Finance CEO Rodrigo Lopez, at the podium, has on his mind. Prudential Mortgage Capital’s Dave Twardock points out that GSEs were the only net provider of new capital for multifamily through the bottom of this cycle, and CWCapital's Michael Berman says there’s a “healthy respect for the roles that the GSEs have played.” He vocalized a clear recognition that anything abrupt would be damaging, but in the long run, Dave says, there are going to be points of the cycle when a lack of GSE capital would cause a severeliquidity issue in multifamily, just like in the other sectors.