October 14, 2020

HUD: FHA Launches FHA Catalyst Electronic Multifamily Application Submission Capabilities

First FHA Catalyst module for Multifamily lenders will eliminate paper-based submissions of FHA insurance applications 

The Federal Housing Administration (FHA) today announced the availability of the first module on its FHA Catalyst technology platform for Multifamily lenders doing business with FHA. The FHA Catalyst: Multifamily Applications module will allow eligible Multifamily lenders to electronically submit applications for FHA insurance on multifamily properties. The new capability supports lenders in providing FHA-insured mortgage financing while working remotely because of the COVID-19 National Emergency.

Multifamily lenders currently submit insurance applications – usually hundreds of pages – to FHA via stand-alone media such as USB flash drives, with hard copies of these applications submitted as follow-up. Through FHA Catalyst, Multifamily lenders participating in FHA’s Multifamily Accelerated Processing (MAP) program can now choose to use the module to electronically submit insurance applications in a simplified, streamlined, and secure manner, and without the need for paper submissions.

“This technology will eliminate time-consuming process steps, so that Multifamily lenders and FHA can remain focused on providing safe and affordable rental housing for the nation,” said Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade. “Our highest priority is to safeguard residents in our insured and assisted Multifamily properties, while also ensuring that FHA-insured multifamily mortgage financing continues during these times.”

Multifamily MAP lenders may choose to use the module for application submissions following a short setup process. More information on the setup process can be found on the FHA Catalyst: Multifamily Applications module web page. FHA intends to further expand FHA Catalyst capabilities in the future to allow for the electronic submission of other documents required for FHA-insured Multifamily properties.

FHA Catalyst, FHA’s multi-year technology modernization initiative, is a secure, flexible, cloud-based platform that will provide a modern, automated system for use by lenders, servicers, and other FHA program participants, while enabling FHA to more efficiently and effectively manage risk, and its programs and processes. Today, FHA program participants are actively using FHA Catalyst technology for digital submission of Single Family case binders, appraisals, and many Single Family insurance claims. Find out more about FHA Catalyst on our new FHA.gov website at https://fha.gov/fha-catalyst.html

This post was originally published here.