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.