Interthinx offers FHA allowable fees analysisMortgagePress.comInterthinx, PredProtect, FHA, HUD, Roger Fendelman, HUD-1 settlement statement
Interthinx is offering a fully automated analysis within its
regulatory compliance solution to provide clients with an
additional level of defense from costly Federal Housing
Administration (FHA) loan origination mistakes. The analysis
provides an easy way to help lenders comply with HUD's fee
limitations on FHA loans and reduce overall quality control costs.
Interthinx is a leading provider of proven risk mitigation, fraud
detection and regulatory compliance tools for the residential
mortgage industry.
"When excessive fees are found, the PredProtect system
automatically alerts loan processing personnel," stated Roger
Fendelman, vice president of compliance for Interthinx. "Once the
violation has been corrected, the process then resumes quickly and
automatically, preventing costly errors before loan funding."
The analysis automatically warns users when it identifies
tax-service fees and/or loan-origination fees exceeding 1 percent
of the loan amount on the HUD-1 settlement statement, in accordance
with HUD Mortgagee Letter ML 2006-04. The system can also alert
users to violations of the "Tiered Pricing Rule" found in ML 94-16,
which limits variations in customary lender fees to no more than 2
percent in a geographic area.
"Bottom line, FHA lending now accounts for one-third of loan
applications today, and many production teams are inundated with
applications and challenged with finding experienced FHA
underwriters, many of whom retired years ago," said Stacey Louie,
senior vice president of product development for Interthinx. "The
vast majority of lenders need all the support they can get with
their FHA lending, and the FHA Allowable Fees Analysis in
PredProtect not only streamlines processes, but also helps lenders
maintain compliance for insurable loans and increase
profitability."
For more information, visit www.interthinx.com.
