NAMB applauds FHA Direct Endorsement Lender Participation ActMortgagePress.comNAMB, FHA, Rep. Gary Miller, Temporary FHA Direct Endorsement Lender Participation Act of 2008, rep. Joe Baca
The National Association of Mortgage Brokers has applauded Reps.
Gary Miller (R-CA), Brad Sherman (D-CA) and Joe Baca (D-CA) for
introducing the "Temporary FHA Direct Endorsement Lender
Participation Act of 2008 (HR 6254).
This Act allows mortgage brokers and lenders to participate in
the FHA single family mortgage insurance program through direct
endorsement lenders. By participating in this program, mortgage
brokers may start originating loans via certain direct endorsement
lenders while their required audit is completed.
"If signed into law, this is a victory for all consumers who
need access to the FHA program to refinance into a more affordable
loan" said NAMB 2007-2008 President George Hanzimanolis, CRMS. "We
thank Reps. Miller, Sherman and Baca for their leadership in
addressing the importance of making FHA programs more available to
These provisions are effective until Dec. 31, 2008, but may be
extended by the HUD Secretary for another six months. In order to
take advantage of these provisions, mortgage brokers and lenders
must submit an application to FHA to become approved FHA
For more information, visit www.namb.org.