Joint venture to help FHA market
By admin | May 1, 2007
Seeing a possible shift in mortgages the National Association of Mortgage Processors has partnered with the FHA Training University to offer live online FHA training classes to students throughout the country. This is in response to NAMP’s prediction of FHA Loan programs replacing subprime mortgages.
With the fall in subprime lending many of the top players in the subprime market have recently gone out of business including New Century Financial Corp., People’s Choice Financial Corps. With the recent fall in subprime loans the FHA loan seems to be an attractive alternative for lending solutions.
As a government agency, the largest mortgage program, the FHA loan has been a low down payment option for first time home buyers with poor credit but could afford the house they are purchasing. There have been significant changes recently to the FHA.
The recent venture by NAMP and the FHA Training University provides an excellent, cost-effective way for the mortgage processors and originators to develop sound FHA processing skills and overall education of the process which will be taught by FHA industry experts.
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