In a recent blog I talked about a vendor offering to outsource FHA processing for struggling vendors looking to tap this new opportunity. But what if the lender doesn’t want to outsource? Vendors with their finger on the pulse of the industry are responding to help these lenders out.
Congress, HUD and FHA continue to make fantastic changes to loan programs and guarantees available to Americans purchasing homes. As a result, AllRegs has created a service to support the increased growth of homeownership through FHA loan programs. Known as the AllRegs FHA Hotline, this service is being made available to support the industry at a time when FHA business is growing exponentially and organizations are looking for resources to get them in the game.
The AllRegs FHA Hotline will provide answers to questions about the FHA program, program changes, how to become an FHA lender, business advice on what to do with borrowers as it applies to the FHA program, interpretation of the regulations and interpretation of the new law signed recently by the President. Advice on operational details with regard to FHA loans, processes, down payments and other matters will be provided.
“FHA is more then reading from the manual,” said Dan Thoms, senior vice president of AllRegs. “This is about a lender calling in to say that they have a customer with 5% that wants to know how to get that customer into FHA. We think this hotline will be a wrap around to training. This will be about business advice. I think this is a game changer. FHA needs help and they know it.
“We’ll sell hourly subscriptions to the hotline for smaller companies. We’ll also offer an enterprise subscription where we authorize that these 100 users at the lender can call any time. Lenders will pay ahead and tell us who is authorized to call and they’re off and going from there.”
The AllRegs FHA Hotline features answers to FHA loan program questions, as provided by industry experts, the option to submit questions via e-mail or phone, availability Monday through Friday, 7:00 a.m. to 5:00 p.m. CT., access to FHA searchable online content in the AllRegs Information Service, instructions on how to become an FHA lender and access to recent articles on FHA programs, written by AllRegs contributing authors. The hotline is intended for loan officers, underwriters, processors, branch management, account executives and mortgage brokers.
“We have an industry in despair,” concluded Mr. Thoms. “We love this industry. So, we wanted to really get something out there because the industry is very segmented. Our FHA course coupled with the hotline gives lenders an overview and immediate help. We want to give people a way so they can see all the facets of mortgage banking. This about the essentials of the business.”
