Multifamily Insurance Applications Fast Track Processing Team

Location/Contact:
Team Contact Person: John Taylor
Phone/Fax/Email: (206) 220-5212. (206) 220-5206
Address: 909 First Avenue
City: Seattle
State: Washington
Zip Code: 98104-1000

Brief Description
Fast Track Processing saves both time and money spent by the government in processing mortgage insurance applications for privately-owned, multifamily housing. Previously, when HUD received an application it would contract appraisers, mortgage credit analysts, and architects/construction analysts to perform the technical reviews. Contractors would complete their reviews, then HUD reviewed their applications and recommended underwriting conclusions. The elapsed time from date of application to approval of a firm insurance commitment often took a year or longer. The Fast Track Process, designed entirely by field employees in Portland, Oregon and Seattle, Washington, empowered to design and implement common sense changes, permits lenders to hire qualified contractors from a list of HUD trained and approved consultants. No contracting costs ($5,000 to $10,000 per project) are incurred by HUD.

Portland's first Ultra Fast Track project, a $20 million project, took only 35 days for issuance of a firm loan commitment and a total of only 63 days to start the construction.

Seattle processed one of its first applications, for an existing building, in 31 days from receipt of application to issuance of a firm commitment AND closing of the loan.

Better multifamily housing developments are approved in a substantially shorter period of time and at less cost to the taxpayer.

Contacts
Agency Contact: Rick Greenfield 202-708-2733
NPR Contact: Jerry Nikolaus, phone (202) 632-0150, fax (202) 632-0390, email jerry.nikolaus@npr.gsa.gov

Presentation
Date of Award: 07/16/96
Location: Seattle, Washington
Award Presenter: Doug Farbrother