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.