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FHA Reform/Brokers Ability to offer

By Amy Anthony-Coile

Mortgage and Lending with WR Starkey -Classic City Team

October 25, 2007 02:18 AM

Does anyone have any updates on the FHA reform where brokers will be allowed to offer FHA loans by a larger bond( with out being subjected to yearly audits and the networth)? I contacted my surety bond issuer and they have had a lot of questions but know NOTHING about this. Is it a surety bond that needs to be raised or a fidelty bond that will be required? Please post and let me know if you have any information on this! Thanks!

Amy Anthony Coile, Preisdent

Classic City Mortgage,Inc.

1711 Meriweather Drive Ste 104 Bogart, Ga 30622

706-559-4482 office

www.classiccitymortgage.com

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Chris Brown

First Federal Bank - Blue Springs, MO

I also had heard this. The response I heard from other Brokers was that "if and or when" this happens it will be a $20-$25k Bond. I wouldn't count on it to happen any time soon, I could be wrong though. I have had my own Broker License for the past 4 years and have recently joined up with a Net Branch in order to be licensed FHA. My License is going inactive and when the reform goes through, I will reactivate it and leave the net branch, they are fully aware of this.

Oct 25, 2007 02:37 AM

Amy Anthony-Coile

WR Starkey -Classic City Team - Athens, GA

Thanks for your info! As a netbranch- do you have to only use that particular lender? Just curious. Thanks. Were there any perks for becoming a net branch such as pricing incentives/faster u/w? I heard on the news that President Bush was against this change happening. Have you heard that?

Thanks.

Oct 25, 2007 03:09 AM

Chris Brown

First Federal Bank - Blue Springs, MO

No, there are a number of lenders that you can set up with similar to a regular broker shop, and they are already set up so it is pretty easy. Some pricing incentives, U/W time may be a little faster depending on volume from the particular net branch. I did not hear about Bush, but I know that it is going to be difficult to get passed. Before I became a Broker I dealt with a couple of other net branches and told myself that I would never go back, BUT, I had to for FHA.

Oct 25, 2007 03:24 AM

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