Travis J. Shafer

Fannie Mae published a new equity analysis checklist, Form 6441 (05-26), which is now in effect. What follows is a summary of how to approach the upfront review of an equity structure to determine whether an equity analysis is required and whether the equity structure will be compliant with Fannie Mae requirements. (Note: We have purposefully refrained from using every defined term in the equity analysis checklist in this summary because we think it can make the preliminary vetting of

The rapid expansion and evolution of state and local property tax exemptions has become a critical tool in affordable and workforce housing finance. In many jurisdictions, these exemptions can materially improve project feasibility, enhance debt service coverage and, in some cases, function as a partial substitute for traditional subsidy sources. At the same time, these programs are highly jurisdiction-specific and frequently require careful structuring, ranging from nonprofit ownership overlays to public agency participation, ground lease arrangements and long-term regulatory agreements. As a

Fannie Mae recently announced updates to its Multifamily Loan Documents with Lender Letter (25-04). Since that time, Fannie Mae released a revised Lender Letter (25-04R) that changed the mandatory date for use of the loan documents from July 28, 2025 to August 4, 2025. The updates may be used immediately and must be used for: (i) all Mortgage Loans (other than forward conversions), with a confirmed Commitment Date on or after August 4, 2025, and (ii) forward conversions occurring on

Continuing a focus on knowing your clients and fraud, Fannie Mae released last week Title and Closing Requirements for Multifamily Mortgage Loans Form 4650, a comprehensive update that will impact how you set up future closings. The requirements detailed in the new Form 4650 apply to all new loans under application on or after May 8, 2025. What’s New Approved Title Insurance Underwriter – Fannie Mae will be releasing an Approved Title Insurance Underwriter Schedule naming the Title Insurance Underwriters from which

Fannie Mae published its Preferred Equity Guide Update (25-06) and its Preferred Equity Checklist (Form 6441) in mid-April. Although unpublished iterations have been circulating for the past two years, lenders and law firms have interpreted the requirements in varying ways, at times leading to different outcomes for very similar equity structures. The Krooth & Altman Team at Miles & Stockbridge welcomes this newly published Checklist, as we expect it to bring more clarity and consistency to the treatment of preferred equity structures

The Mortgage Bankers Association hosted its annual Commercial Multifamily Finance Convention and Expo (CREF) in San Diego last week, bringing together industry leaders, experts and professionals. Members of the Krooth & Altman GSE and HUD Team at Miles & Stockbridge headed west to network, exchange insights and engage in dynamic sessions that tackled the fast-changing economic, regulatory and political landscape. Below are some of the key takeaways from the event that are important to know. Updated Guidance Coming from Fannie Mae, Freddie Mac Fannie