Lender bringing on FHA... any industry study guides...

Hey everyone…

I’m a broker (LO) with a licensed correspondent down here in FL, and we are bringing on FHA. (we just completed our audit, and are about 3 weeks out from approval)

I’ve been in the business for some time, but really didn’t have a need for FHA (infact it was a lesser product for my clientelle…)…

But with the changes that have been going on in the market, we are looking to service additional niches egs… high ltv cash-outs, high ltv 30yr term mobes, lower credit score debt consolidation… to name a few.

It seems that many of the transactions that I’ve been passing on would fly manual underwrite FHA. Especially, when I’m bettering a clients situation.

What I’m looking for is an industry guide that breaks down the niches, examples some of the do and don’ts of FHA financing. Anything that can help with common scenarios will get me up and running faster!

Thanks in advance for any advice…

One last thing… we are probably going to start with Flagstar and Wells, but are looking for a good 3 & 4th lender…

Any thoughts of other good FHA providers that we should get online with?

FHA offers a better rate for consumer. Just has more hoops to jump through. The appraisal is more involved and costlier. Underwriting is generally longer. It just depends on the lender.

Flagstar and Interfirst were my primary FHA lenders. Very automated. Can fax/email stips.

WAMU is not too bad.

Flagstar has some pretty amazing underwriting. The last time that I used them they were underwiting within a few hours of receiving the stipulations.

You might also try Countrywide.