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Jun 22, 2008

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 homeowners." 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 originators. For more information, visit
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