The bailout solution

HUD pursues e-mortgage initiative for FHA loansMorgtgagePress.comHUD, e-mortgage, FHA, Steve Preston U.S. Department of Housing and Urban Development (HUD) Secretary Steve Preston has delivered a speech in Washington, D.C. that emphasized HUD's focus on modernizing critical information technology systems that support the Federal Housing Authority's (FHA) core business functions. Secretary Preston stated that "HUD must continue to drive forward in reengineering business processes designed to speed assistance to customers and provide employees with tools to do their jobs more effectively. We are already taking big steps forward. For example, in a major area of our business that is labor intensive, we are reducing the time it takes to process a loan from as much as 9 days down to one. We are developing an e-mortgage plan that permits the entire FHA loan process to be handled electronically. In addition, we are working hard to complete a detailed operations and technology roadmap to support the incoming administration. We must continue this important progress." For a copy of the speech, click here.