Multifamily Asset Managers
Private Sector Clients
Mellon Mortgage Company (sold to GMAC)
Patrician Mortgage Company (sold to Berkshire and then Deutsche Bank)
Standard Mortgage (sold to Column Financial, a subsidiary of Credit-Suisse First Boston)
MAM's affilaite, D&A contracted to perform underwriting services for Mellon Mortgage Company, Patrician Mortgage Company, Greystone, and Standard Mortgage for loan applications under the Fannie Mae DUS program, various HUD multifamily and health care mortgage insurance programs, and conventional conduit loan programs. D&A performed due diligence and analyzed loan applications to assess the various risks in each loan application. D&A gathered, reviewed, and verified all information relating to the project, owner, manager, and market including project specific characteristics, operating statements, rent rolls, vacancy and delinquency history reports, mortgage payment history, title searches or title reports, surveys, and physical inspection reports. D&A ordered, reviewed, and analyzed third party reports such as appraisals, architectural, and engineering reports, and environmental analyses. All information was analyzed and summarized into a complete underwriting narrative, with loan amount recommendations in line with limitations of each loan mortgage insurance program.
Property Management Companies
RCM Phoenix Partners, LLC
a Belfonti Company
MAM’s affiliate, PMAM, conducted an operational review of Phoenix Apartments in Indianapolis, IN in preparation of the property’s Management and Occupancy Review (MOR). PMAM reviewed tenant files and property forms and recommended changes to ensure that the property met HUD requirements. PMAM trained staff on software system use to process 50059s and special claims and applicant and tenant interview techniques to ensure compliance with HUD requirements. PMAM conducted a walk-through of the property to review preventive maintenance, vacant unit readiness, REAC issues and curb appeal. PMAM assisted management in preparing responses to the MOR until all issues were addressed and the MOR was closed.
Lutheran Social Ministries of New Jersey
MAM's affiliate, PMAM, conducted an operational review of two properties in New Jersey. PMAM interviewed staff to determine how certain property management tasks were performed. PMAM reviewed 110 tenant files to determine compliance with HUD requirements. PMAM met with property management to discuss the findings and corrective actions needed to be compliant with HUD and RHS regulatory requirements.