Rate Desk May 21, 2020

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May 21, 2020 edition of Yield PRO TV Rate Desk with Michael Thomas. GSE vs FHA on perm LIHTC take-out and rate lock underwriting risks.

Rate Desk Notes May 21, 2020
  • NASDAQ within 5% of all-time high
  • Crude $33.98
  • UST yields .68
  • 223(f) 2.46%
  • 221(d)(4) 3.11%
  • Fannie 3.20%
  • Freddie 3.20%
  • LIHTC perm debt
  • HUD waived 3 year rule
  • FHA loan after 1 month stabilized at DSR and 3 month close
  • Freddie TEL interest rate risk vs underwriting risk
  • TEL pricing at 3.46% (1.00 above FHA)
  • Forward rate lock does not remove risk
  • Loan still carries underwriting risk
  • Does CARES Act eviction moratorium apply?
  • FHA confirmed allowance of ESA before firm commitment
  • Tomorrow: Impact of the new CRA proposal on HTC values

How can I find if my property is a HUD assisted or FHA-insured multifamily property covered by CARES Act eviction moratorium?

HUD multifamily assisted properties

FHA-insured multifamily properties