HUD has announced the suspension of three lenders – these company’s FHA activity has been halted pending further investigation by HUD into their business practices. The three lenders are: Golden First Mortgage Corp of Great Neck, NY; Great Country Mortgage Bankers, Inc. of Coral Gables, FL; and Beneficial Mortgage Corporation of San Juan, PR. Any [...]

FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 This bill – H.R. 6694 was introduced 8/1/2008 by U.S. Rep. Al Green (TX), and co-sponsored by U.S. Representatives Gary Miller (CA), Maxine Waters (CA), and Christopher Shays (CT). It is a short addendum to the housing bill recently signed into law by President [...]

FHA Neighborhood Watch Can Affect Your  Net Branch What is it? What is your number (Compare Ratio)? Why is it important? If your branch has poor numbers in Neighborhood Watch  you could lose the ability to originate FHA loans. The Neighborhood Watch System is a web-based software application that displays loan performance data for lenders [...]

I have seen an increase in net branch recruiters working for affiliates of Federal Savings Banks stating that you can originate FHA loan nationwide from any location. I have yet to see one of these banks named in any marketing information. They use the F.S.B.’s exemption from state licensing laws as the basis for this [...]

In the last post we covered broker vs. lender for FHA loans. Now let’s take a look at the next items on the list of important criteria you should consider if you are considering a net branch opportunity and intend to originate FHA loans. FHA originated using the corporate address or the branches? Corporate processing [...]