Legacy Capital Mortgage, LLC

Legacy Capital is happy to announce Matt Carey as EVP and Chief Underwriter. Matt has over 16 years of experience in the oversight of MAP/LEAN transactions with HUD. Matt is a great addition to our team and brings a wealth of knowledge to the company. Welcome, Matt!

Latest HUD News: HUD Updates Multifamily Insurance Deductibles to Address Rising Costs of Wind and Storm Coverage Revisions will reduce costs for owners while continuing to ensure that properties have adequate insurance coverage – a key element of HUD’s work to address insurance costs and ensure communities recover from disaster Heavy rainfall, high winds and storm surges associated with intense storms have the potential to cause significant damage to property, more so than average seasonal storms that may be historically typical for any given geographical area. Because these stronger storms have the potential to cause significant damage to property, property insurance providers generally define them as “named storms” and assess an increased named storm deductible as a condition of providing coverage in the event of a catastrophic loss. Effective immediately, FHA is increasing the maximum permissible wind or named storm deductible to the greater of $50,000 or five percent of the insurable value per location, up to a maximum amount of $475,000 per occurrence. This decrease in deductibles will result in significantly reduced premiums. This timely change is great news for properties wanting new HUD financing in addition to those with existing loans. The insurance industry has had a string of “hard years” when payouts exceeded premiums due to the increase in major “nat cat” (national catastrophe) events which were not anticipated by forecasted models (90% of US counties have had losses). Multifamily insurance has always been more difficult than single family due to a lack of carriers and these properties rarely receive preferred rates; the US has experienced six years of quarterly premium increases. This increase is a needed step to provide lenders and property owners greater flexibility in obtaining and negotiating property insurance premiums from insurance carriers so properties can obtain the coverage they need without unduly jeopardizing their financial stability. Reach out today for more information on how our HUD lending expertise can serve your needs.