The U.S. Department of Housing and Urban Development (HUD) has approved the Mortgage Bankers Association's (MBA) training program for HUD's Multifamily Accelerated Processing (MAP) program.
The MBA developed the training program to help underwriters meet the requirements of the MAP program. Candidates who complete the six-month training will get credit for half of the three years of underwriter experience that HUD requires to become a MAP underwriter.
HUD has also approved a reduction in the number of files candidates must underwrite in order to complete the training.
The training program is the first of its kind for the MBA.
‘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 multifamily development at HUD.
The training program generated so much interest that it was sold out and oversubscribed. Because of this, the MBA plans to expand capacity in 2014.