FHA presents one of the biggest opportunities for loan officers, mortgage brokers, and borrowers alike. With looser underwriting standards than conventional mortgages, more affordable monthly mortgage insurance, and low interest rates, FHA is quickly becoming a product that loan officers and brokers need in their offerings. Not only does it mean more business, it also has very lucrative pricing to go with it. Having FHA loan officer training for your office will not only improve the quality of file submissions to underwriting but will improve the confidence the clients have in your business.
The first thing that should be taught in the FHA loan officer training in your office is how to quickly spot a file that will not survive underwriting. Typically, one or more mortgage lates (1x30, sometimes 2x30 depending on the lender) will automatically disqualify the file. If the borrower is delinquent on any federally insured debt, a student loan as an example, they must be current if they intend to get the loan. FHA training for your loan officers will help them spot these issues and others very quickly before wasting time and energy on the file.
FHA loan officer training will also teach your office what derogatory items will need to be documented in the original submission to speed up approval. For instance, any bankruptcy on the report may need to be explained. It is best to have your borrowers reveal the circumstances in the first submission to keep underwriting moving quickly. Collections, judgments, and any late payments in the last two years may need to be documented as well. Having FHA training for your loan officers will help them know how to help their borrowers document these items.
FHA Secure is another product from HUD that can help you connect with your borrowers. FHA Secure has a few different regulations than the standard FHA product. It is geared towards connecting distressed borrowers with a loan geared to help them in their situation. Having your loan officers properly trained for FHA Secure will help them find these borrowers and offer help while increasing your office revenue.
So where should you start looking for FHA training for your loan officers? There are some resources that offer FHA loan officer training for hundreds of dollars. Some are "home study" type products that include a lot of reference material. Regardless of the path you take in obtaining FHA training, the importance of it is huge, to both your clients and your bottom line.
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