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August 16, 2007

Why I Have Endorsed FHA

A look at FHA compliance for mortgage brokers.

Having been an FHA lender I can attest it is a pain at times. FHA requires annual financial audits of the mortgage brokers financial condition and more. We always have survived the several day pain, and the expenses tied to it, but only FHA drags brokers through this. The actual banks that sponsor the mortgage broker go through even more red tape and grief. Loan officers have to know more rules. FHA doesn’t rely on the easy automated underwriting or the quick answer from a subprime lender. FHA restricts how the borrowers pay for certain expenses and how much the lender can charge.

 

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I Have Endorsed FHA, Why Specifically?

Posted on August 16, 2007 10:44 AM by Mortga104.
Filed in Real Estate under mortgage brokers.
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