Cortney Mauldin is a seasoned FHA loan originator based out of St. Louis with a remarkable track record in commercial real estate finance. Over the past five years, he has originated $375 million in HUD-backed loans and has overseen more than $4 billion in loan volume throughout his career. Beginning his journey in 2003 as an entry-level FHA underwriter, Cortney rose through the ranks thanks to his analytical mindset and passion for real estate. He now plays a critical role in FHA multifamily lending, working on everything from market-rate apartments to senior housing projects nationwide.
In this episode, Cortney unpacks the structure and strategy behind FHA and HUD loans, including the advantages of step-down prepayment models, streamlined refinancing options like 223(a)(7), and the nuanced role of underwriting vs origination. He offers clarity on how HUD compares to Fannie and Freddie in terms of cost, timing, and leverage, and shares timely insights into how rising interest rates are affecting deal valuations and debt proceeds. Cortney also discusses the importance of mentors, professional resilience, and finding personal joy outside of work — all while giving listeners a behind-the-scenes look at what it's like to manage complex real estate transactions.
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Connect with the Guest LinkedIn:https://www.linkedin.com/in/cortney-mauldin-86703b6/
Company Website: https://berkadia.com/
Timestamps
00:00 Introduction to Cortney and her FHA loan experience
00:44 Cortney’s career background and transition into origination
02:53 How she entered commercial real estate and her early real estate investments
04:36 The underwriting-to-origination journey and differences in skillsets
06:51 Art vs science in underwriting and origination
08:13 HUD’s low default rate and how the insurance model works
10:02 Comparing HUD, Fannie, and Freddie — process, timing, and leverage
12:04 What limits HUD loans today and how interest rates impact them
14:54 Step-down prepayment penalties and HUD refinancing options
17:10 Loan mods vs 223(a)(7) streamlines explained
18:50 Minimum deal size and when HUD makes financial sense
21:13 Accessibility standards and post-closing repairs
23:09 How Cortney evaluates deals and determines pricing
25:38 The coming wave of maturities and why multifamily is more resilient than office
27:40 How HUD plays a countercyclical role in the capital markets
29:08 Appraisal strategy and how underwriters adjust value estimates
31:06 Risk, compliance, and protecting underwriter credibility
34:07 How Cortney manages complex workflows and borrowers’ expectations
37:55 Why borrowers should consider FHA financing
40:54 New HUD rule changes making it easier to refinance new construction
42:19 Cortney’s advice on mentorship, long-term growth, and life balance
This podcast is brought to you by Storyboard Living.
If you're looking to sell us a 40+ unit multifamily property in the St. Louis region, or another part of MO/IL, please email deals@storyboardliving.com
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