Lynn D. Coovert

SUMMARY

An accomplished, proven senior executive specializing in Fannie Mae DUS Guidelines, Secondary Markets Conversion & Delivery initiatives, and Low Income Housing Tax Credit debt and equity financing.

ACCOMPLISHMENTS

  • Delivered approx. 950M in loans
  • Established MMA Financial's Fannie Mae relationship, serving as the company's liaison
  • Attained a higher Average Underwriting Score than the overall DUS average, reflecting successful underwriting of riskier deals
  • Successfully identified and recruited top talent representing 20% of legacy Midland staff
  • More than 16 years' progressively responsible positions in the affordable housing industry

INDUSTRY EXPERIENCE & RESPONSIBILITIES

  • Evaluate all risk for debt & equity transactions in accordance with corporate and secondary guidelines
  • Negotiate well supported and documented waiver requests to Fannie Mae to justify non-conformance with its DUS Guide requirements
  • Diligently pursue corporate streamlining initiatives to improve productivity without compromising risk assessment
  • Facilitate the merger of debt-equity investment strategies for both LIHTC and conventional transactions with the secondary market
  • Approve the underwriting, timing, and pricing of all eligible "conversion" transactions (MMI/GT, GT Forwards, Fannie Mae Forwards, Fannie Mae Bond Forwards)
  • Experienced Senior Vice President and Secondary Department Manager:
    o Successfully recruit, train and manage Conversion & Delivery staff to meet all established objectives
    o Manage rental achievement activities, including rent roll spreadsheet analysis, approved "alert" and rental achievement and conversion letters at 70% construction completion
    o Integrate MEC/MMI RA procedures
    o Develop risk mitigation based upon market, asset and principal factors
    o Approve financial forecasts and narratives
    o Translate DUS guidelines
    o Approve appropriate timeline for closing (conversions, forwards and immediate deliveries)
    o Perform quality control monitoring of underwriting and delivery packages

PROFESSIONAL AFFILIATIONS

  • Chairman/Vice Chairman of the Midland Affordable Housing Committee
  • Chief Underwriters Committee
  • Product Development Committee
  • Former Board Member, Midland Mortgage Investment Corporation
  • Vice Chairman, MMA Financial Credit Committee


1715 N. Westshore Boulevard • Suite 700 • Tampa, Florida 33607
(813) 289-9410 • FAX (813) 289-5580
E-mail: mail@firsthousingfl.com