The Federal Housing Administration wants to raise the minimum net worth requirement for its lenders to $2.5 million within three years, an idea that doesn't warm the hearts of small correspondent lenders. However, we're told that at least one large wholesale/correspondent lender thinks the minimum should be hiked to $3 million (for the first year) and $4.5 million by 2012. If this happens a correspondent that is light on capital would be forced to find another source of funding, merge, or close their doors...
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