LenderLive Network provides FHA training to meet growing demandMortgagePress.comLenderLive Network, FHA, Rick Seehausen, training, FHASecure, FHA 101, FHA Technology
LenderLive Network Inc., a business process outsourcing and
technology provider for the financial industry, has developed a
training program on the fundamentals of FHA loan procedures and
processing. The program is an internal resource for employees to
respond to the increased demand for knowledgeable FHA business
partners.
"FHA is becoming a significant part of the mortgage industry; in
fact at least 10 percent of today's market share is FHA, and it is
expected to rise to 40 or 50 percent in the near future," said Rick
Seehausen, president of LenderLive. "Most of our employees have had
previous exposure to FHA operations, but we want to be certain that
they can react to changing market conditions. From FHA program
mechanics to technology, the sessions educate our staff on how
these loans differ from the conventional loans they generally
process."
LenderLive is an FHA-approved mortgagee. Any LenderLive client,
also an FHA-approved mortgagee, can effectively enter in to an
outsource agreement with the company for services from application
to closing the mortgage transaction. To ensure that employees are
well-equipped, LenderLive developed the training for employees in
its retail and specialty origination channels. The retail channel
provides traditional direct-to-consumer origination services
through private-label call centers and consumer origination Web
sites. In the growing specialty origination unit, LenderLive
focuses on providing lender/servicer clients with technology and
resources to execute their portfolio retention and loss mitigation
efforts. This sometimes means working with borrowers who might
qualify for FHA loans, including the FHASecure Program.
"If LenderLive is to accommodate the growth in FHA loan demand
while still maintaining superior customer service, we are
responsible for educating our employees and providing them with the
best resources available," explained Ruth Leland, director of
training at LenderLive. "The training program has been successful
thus far, and LenderLive intends to offer continuous training for
its staff as the mortgage industry and the FHA program undoubtedly
evolve."
The FHA training program has two primary phases: FHA 101 and FHA
Technology. The first phase of classes introduces the basics of FHA
loan products and highlights the differences in these loans
compared to conventional ones, including calculations and
disclosure requirements. Also covered in the training are the
variances in FHA underwriting procedures from traditional Freddie
Mac/Fannie Mae guidelines, as well as the specifics of refinancing
and the FHASecure Program. LenderLive employees attend five
one-and-a-half-hour classes to complete the first phase.
The second phase is more focused on the technology involved with
FHA and is uniquely tailored to an employee's function in the loan
fulfillment process. The training materials for each position in
the company detail how a person in that role should use technology
when working with FHA products. Two two-hour sessions train the
staff on how to operate the FHA Web site in conjunction with
LenderLive's internal system.
"LenderLive has the people, technology and regulatory authority
to take on a client's FHA origination needs," Seehausen added.
For more information, visit www.lenderlive.com.
