FICS announces new online mortgage loan application system
Metavante offers tech support for new FHA government loan requirementsMortgagePress.comMetavante, FHA, compliance regulations, Cy Brinn, Housing and Economic Recovery Act of 2008 Metavante, a provider of banking and payments technology, has announced that Metavante Corporation now offers support for new FHA compliance regulations enabling lenders to take advantage of this significant business opportunity. According to the Federal Housing Administration (FHA), twice as many people with sub-prime loans are refinancing into government-insured FHA mortgage loansthese types of loans are also ideal for first time home buyers and those who may have less than perfect credit. "Lenders can capitalize on the resurgence of FHA loans in the marketplace provided they have support from their technology vendor to meet newer and more stringent compliance requirements," said Cy Brinn, president of Metavante Lending Solutions. "Metavante's timely FHA updates are designed to provide automated origination capabilities to mitigate risk and provide additional operational efficiencies for FHA loan originators. For the past 10 years, Metavante's mortgage Loan Origination Studio (LOS) has supported its clients in handling a significant volume of FHA loans in accordance with applicable government regulations." Metavante's LOS supports the FHA Loan Transmittal, the Maximum Mortgage Worksheet for 203k and 203k Streamline loans and the Mortgage Credit Analysis Worksheets (MCAW-PUR for purchases and MCAW-W/S for refinances). Metavante's LOS also supports key components of the FHA Modernization Act of the Housing and Economic Recovery Act of 2008 (HERA), as well as the minimum cash investment requirement and maximum combined loan-to-value (CLTV) changes. According to Tammy Pullen, vice president at Cornerstone Mortgage, "Metavante's LOS provides us with the platform to take our government loans from application through funding and beyond to insuring and loan guaranty." "Our goal is to assist lenders with the increased demands of FHA underwriting by providing updated compliance tools and documentation necessary to make it a viable revenue stream in an increasingly challenging mortgage industry," stated Brinn. "The new FHA lending programs present an excellent opportunity for banks to drive new loan volume." For more information, visit www.metavante.com.