FHA Training For Loan Officers Is More Vital Now Than Ever
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Originating FHA insured mortgages has long been one of the most effective ways for professional loan officers to make a good living without sacrificing the well being of their customers. Low rates, no prepayment penalties, no rates that jump up 5% after 2 years, no negative amortization. A true opportunity, if you knew what you were doing, to combine helping people who really do need the help with making a good living.
In the world of mortgages the only thing that can counted on is that almost everything will change. Conventional mortgages are harder than ever to qualify for. Even FHA mortgages are harder to get than they used to be.
Mortgage brokers may now have a more pressing need than ever before to learn how to originate FHA mortgages. For months, private mortgage insurance companies have been tightening restrictions on loans originated by mortgage brokers. Now, PMI Group of San Francisco – in what may be the first of many such announcements – has declared that it will no longer insure “mortgages brought to them by third-party originators unless these firms have a warehouse line of credit.” If this trend continues, FHA may be the only program around for mortgage brokers to originate loans above 80% loan to value!
Needless to say, this substantially increases the pressure on mortgage originators to get some FHA training and become experts in processing FHA loans smoothly. Learning FHA may turn out to be the only way to keep the office doors open!
Tagged with: FHA guidelines • FHA Training
Filed under: FHA Training
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I agree Carl, and it very lazy of the MI companies to put all brokers in the same pot . A few very rotten brokers have made it seem like all brokers are bad. That is fine with me , it was easy business for them from 1990 to 2007 . I am positive as times get tough they will be back and then the brokers will not need them. Goverment backed are the best loans out there. It is funny did you ever think of this Carl. the laon officers that are working for banks and bankers are hiding behind the employers license. But brokers have been finger printed , had an FBI check , and will require the yearly education. Who writes a better loan? If I was one of those fraudulent brokers or bankers from the past, the only place to work is with a bank then I still could get customers MI? Something to think about !