The U.S. Department of Housing and Urban Development (HUD) Office of Healthcare Programs (OHP) finished fiscal year 2013 with a record number of loan closings: 766 loans for a total of $5.8 billion. Summit is proud to provide due diligence underwriting support to OHP, services which helped contribute to this record year.
The mortgages subject to underwriting are for residential healthcare facilities, including nursing homes, assisted living facilities, board and care facilities, and rehabilitation hospitals. As part of our engagement with the office, Summit’s due diligence team members review the loans to ensure that they are compliant with FHA policies before being recommended for approval or rejection before the FHA loan committee.
Our work with OHP over the last few years has helped the office work through the backlog of pending loans. The number of successfully closed loans has grown over the years: 309 in FY2010, 415 in FY2011, and 706 in FY2012. We look forward to supporting OHP’s continued success in the coming years.