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The credit crunch that we are going through right now has delivered a devastating blow to the loan pipelines of many in the mortgage industry. I cannot recommend highly enough that those who are licensed in areas of the country where there are loans under the FHA limit to be done take a serious look at making FHA mortgages a big part of their business.
The hard part about originating FHA loans is that you can’t just fax the loan to your account rep and have them prequalify it and do your work. You actually have to learn how to do it on your own.
The good part about it is that if you take the time to learn how to put the loan together correctly before it goes into processing and underwriting, FHA loans are no more difficult to originate than subprime or conforming loans.
The very best part is that you can make more money than subprime and give the borrowers a much better loan.
I cannot recommend any training source more highly than Chip Cummings’ “ABCs of FHA Lending“. This is the training manual recommended by the National Association of Mortgage Brokers and many state associations. It includes everything from the very basics of originating FHA loans to complicated case scenarios. It is updated to include 95% cash out refinancing and the FHASecure initiative and HR3221. It also includes all the information on CD and free lifetime updates. You can take a look at all the details of what is inside the manual by clicking here, or on the book cover in the right side column.
