Mortgage service providers are going all out to help lenders manage the origination and servicing of loans insured by the Federal Housing Administration.
Wolters Kluwer Financial Services announced today a new suite of government lending services.
The Minneapolis-based company is apparently capitalizing on an anticipated surge in FHA originations as a result of growth in the FHASecure program and the enactment of H.R. 3221, the Housing and Economic Recovery Act of 2008.
FHA endorsements are on pace to double this year, according to data from the U.S. Department of Housing and Urban Development.
Among Wolters Kluwer's offerings is licensing support, including assistance with identifying all the necessary documentation required to obtain license approval.
MortgageDaily.com previously published a guide to obtaining and maintaining FHA approval. The guide was prepared by Weiner Brodsky Sidman Kider PC, which also assists lenders with licensing and FHA approvals. In addition, Weiner Brodsky helped prepare matrices of state licensing agencies and state licensing requirements.
Another FHA-support service promoted by Wolters Kluwer is comprehensive training about the basics of FHA mortgage lending including origination, processing, underwriting and servicing. FHA Online University, an advertiser with MortgageDaily.com, and AllRegs also offer FHA training.
Wolters Kluwer said its document package selection services provide a list of best practice, industry-standard documents for each phase of the loan process based on the product and lending jurisdictions.
Other FHA-related servicers promoted by the firm reportedly include assistance with developing system requirements and functional specifications for integration to FHA lending applications; review of mortgage portfolios, compliance programs and lending processes to help proactively manage areas of risk; and independent review of a government lending programs to help implement quality control plans, prepare personnel for regulatory exams and mortgagee reviews, and resolve workflow process inefficiencies to minimize risk.