By: Angela

Angela — Wed, 05 Nov 2008 23:30:56 +0000

It’s my understanding that the reason FHA applications are down is because all loan applications are down. . . the state of Oregon is unique in that we here have “allot” of small broker shops. . husband and wife teams that would like to help their local clients get a good 30 year fixed rate loan that needs to be FHA. . If you don’t have the net worth of $63,000.00 you can’t help your local client’s. . it doesn’t mean your insolvent!!! If FHA insists that you have a net worth of 63,000.00 for 2 full time originators and a company is INC. and all employees are w-2 what is the problem?? Can’t they see that now small shops are having to turn people away (most of the time repeat or refferals) because they don’t have the FHA lic??? Why doesn’t FHA make a office that has 10 loan originators writing FHA have a $300,000.00 net worth. . . it would seem the liability is more with now LO’S (that once were small broker shops)are being pushed out so the big banks can take part of our paycheck. . and now the consumer is paying an additional 495.00 per file and the net branch manager is making money on “every” loan your closing. . and guess what. . more cost to the borrower!!! Is this what FHA intended????. . and the $63,000.00 net worth in the bank at the time of audit (again, , I say at the “time” of audit. . please go back “now” and check to see if they have it??? I’m so tired of FHA being called the new sub-prime!! A net worth does not make you ethical. . If you have that kind of money just sitting in the bank today unless you got a loan for it or your parents set your business up for you , , you might have been unethical and probly priced your loans with 3 on the back and still doing this with your FHA clients!!! . shame on you FHA!!! Does anyone know if these guide lines are going to change anytime soon!!! Angela@themortgagehouseinc.net

Comments on: Data Shows FHA Mortgage Originations Reduced in September 2008

By: Angela