An FHA mortgagee, a mortgage lender which has been granted the unconditional direct endorsement by HUD, is also known as a Full Eagle lender. And although I’m not trying to remove our national bird’s appellation from this designation, as a mortgage professional I believe the Swiss knife can very well represent these companies, because just as this type of knife has a screwdriver, compass, tweezers, and... well, you get my point, a Full Eagle lender can originate, underwrite, fund, service and/or own FHA insured loans. And just as a Swiss knife is handy for a backpacker in the woods, so is a Full Eagle lender to a loan originator and its prospective borrowers.
Lenders go through a lengthy and arduous process to get this designation from the U.S. Department of Housing and Urban Development, HUD. And aside from requiring a certain level of expertise on government backed loans, the department requires these companies to have a minimum net worth of 250 million and either 20% of their net worth or 100 million in liquid assets, whichever is less. Once attained, the benefits of the Full Eagle designation allow the lender to process loans from beginning to end.
A mortgage branch that works with these type of companies directly benefits from the lender’s ability to accelerate the processing of loans. In more detail, a Full Eagle mortgage branch services, can underwrite, approve/deny, and close loans; if it chooses to, the company can also keep and service loans. For loan officers, processing loan applications in-house can mean the difference between an joyful ride and an anxiety ridden work environment.
To better illustrate the difference of how convenient is to work with a Swiss knife lender, sorry, I mean, a Full Eagle lender, let me tell you what is like to work with a non-designated direct endorsement lender. After the mortgage branch puts together the application, the paperwork will be sent to a processing site that likely provides services to branches from various mortgage companies. This service providers, or third party underwriters, take a long time to close loans that are not perfectly packaged. Whenever there is a small discrepancy, or a missing document in an application, there will be long delays between contacting the originator, getting the missing paperwork, reviewing the application one more time, and granting the closing of the loan. All throughout, the loan officer will not have timely answers to loan status inquiries; which in turn, could results in prospective borrowers experiencing the anxiety that is often caused by this uncertainty.
Meanwhile, applications processed through a Full Eagle lender are streamlined into a convenient cycle that includes keeping loan officers in the loop. The mechanics of this partnership, FHA morgagee - mortgage branch, facilitate good customer service and everyone wins; the lender plays its multifaceted role, the branch has access to a responsive processing department, and the loan officer and prospective borrower are likely to have a good lasting relationship. Next? word of mouth referrals...
Did I mentioned that Victorinox will add a handkerchief to its knives? They say is for peace of mind... just kidding
CrossCountry Mortgage is a Full Eagle lender. We have streamlined our loan application process, and we average 29 day closings. As a branch partner, you can pass the cost and time savings from working with us to your clients and turn good customer service into the hallmark of your business. If you are looking for mortgage branch opportunities, consider partnering with us. Please visit our website to learn about branch partner benefits.
As the Mortgage Branch Leader we want to partner with seasoned mortgage professionals who want to open a mortgage branch. Out mortgage branch opportunities are a better alternative to the net branch opportunities out there. As a branch partner, and contrary to a mortgage net branch, working with a direct agent, full eagle lender, you’ll get competitive pricing, full product portfolio, and other benefits. Best of all, we are team oriented company that recognizes that your success is a requirement for the sustainability of our business. Please visit our website to learn more