Borrower Call Recap

I hope you were able to dial into our July Priority Borrower Call. These calls are a great opportunity to hear business updates from Fannie Mae Multifamily, ask questions, and learn insights on industry topics.

Our last two calls have featured our Borrowers and have added a terrific perspective on important topics, including the business impact of COVID-19, with Alan Clifton, Chief Investment Officer of Passco Companies, Matt Fiascone, President of The Habitat Company, and Ed Harrington, President of Hawthorne Residential, and how we think about diversity in the work place, with Lili Dunn, President of Bell Partners, and Egbert Perry, Chairman and CEO of The Integral Group.

Here are some highlights of our calls:

Production and Business Updates

• Business continues to come in at a good pace and we’re comfortable with our mission percentage – quoting activity is consistent with last year. 
• Our Disaster Response Network™ is here to help residents with important services from budgeting assistance to explaining benefits that are available to them.
• Check out our 2019 Green Bond Impact Report which highlights the results of our Green Finance program over the past 10 years.
• Updated forbearance guidelines with a revised Forbearance and Non-Waiver form to include tenant protections and allow Lenders the delegation to execute a forbearance extension agreement for up to 3 additional months, for a total of up to 6 months of forbearance.

COVID-19 Takeaways

• Communication is key – communicate early, set-up meetings with struggling residents and determine their financial situation.
• Helping residents – waived late fees, allowed residents to split monthly rent payments or use their security deposit, suggested use of Fannie Mae’s Disaster Response Network.
• Operating properties – set-up taskforce to determine operating procedures, partnered with property management teams as local experts, tailored plans to the property’s location.
• Maximizing technology – virtual leasing, utilizing call centers when staff can’t be onsite, shifted company’s communications to Teams for seamless transition to working from home.

Diversity Panel Takeaways

• Have the diversity conversation – survey employees, provide confidential hotlines, and host active listening forums.
• Review your communications material – an organization’s material reflects the company’s culture.
• Start with a mindset – focus on the residents and the community.
• Hire people who like people – employees should respect residents and prospective residents irrespective of their background.
• Developing affordable housing in places where people would choose to live – this transforms the lives of residents.
• Achieve success through basic leadership principles – be innovative, build on strengths, pursue excellence, remember integrity, look forward, and surround yourself with a good support system.

We hope you can join us for our next Priority Borrower Call on Wednesday, September 30. You can reach out to your Fannie Mae deal teams with any questions.