According to statistics compiled by the Urban Institute Housing Finance Policy Center and Mortgage Daily, loans backed by the FHA and VA accounted for nearly one in four mortgages opened in 2016, making up nearly half a trillion dollars in issued loans. Before the financial crisis in 2008, these loans made up less than a third of the total market. The explosive growth in this sector is likely to continue uninterrupted. We’re here to help you take advantage of this huge pool of potential borrowers.
The only way a lender can offer an FHA loan is to get official approval from the FHA. This process includes an online application and attachment of relevant documents, including state license or registration, financial reports, quality control plans, and proof of errors and omissions insurance. Compliance through the Initial Certification Statements will also need to be confirmed. There are currently four different types of application programs available:
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- Nonsupervised Mortgagee – For institutions who want to originate, underwrite, close, endorse, service, purchase, hold, or sell FHA-insured Mortgages.
- Supervised Mortgagee – For credit unions and banks who want to be involved in all the above aspects of FHA-insured loans.
- Government Mortgagee – For local, state, or federal entities who wish to offer FHA-backed loans.
- Investing Mortgagee – For investing firms who want to purchase, hold, or sell FHA-insured Mortgages.
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At Cyberlink Software Solution, we specialize in assisting organizations looking for both nonsupervised and supervised mortgagee applications. We can answer any questions you have about the approval process while providing detailed assistance during each phase.
Step-by-Step Support and Assistance
Like any other type of government application process, getting FHA approval as a lender can be a long, confusing, and even frustrating process. We’re expert consultants who’ve seen it all, and we stay up to date on all the amendments to FHA policies and procedures. We’ll work closely with you to develop a strategy that reduces processing time and minimizes any hassle on your part. Our mission is to eliminate red tape whenever possible and get you servicing FHA-loans for your customers.