New Lydian Subsidiary Automates FHA

Lydian Data Services, Boca Raton, Fla., has established Lydian Data Government Services, a new fully integrated subsidiary to provide mortgage processing, closing, post-closing and quality control services for FHA and VA loans. This rapidly expanding sector of mortgage lending has been hampered by a lack of expertise in processing government loans, leading to long delays in loan approvals and fundings. The new subsidiary will also offer consulting services to help originators become approved by the Federal Housing Administration, and training services to help lenders familiarize their Realtors, loan officers and brokers with government lending programs. Lydian Data Government Services is based in the greater Philadelphia area, selected for its proximity to one of the country's largest FHA homeownership centers and the depth of its government lending labor pool. The Government Accounting Office expects FHA to fund 10% of home purchases in 2008 and 15% in 2009, continuing to levels not seen in over a decade, which is why Lydian has launched this new subsidiary to help lenders automate the process.