LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, announced that it has partnered with the Neighborhood Housing Services of America (NHSA) to process and underwrite Federal Housing Administration (FHA) loans that the non-profit secondary market investor plans to purchase. LenderLive will provide the services for NHSA’s Non-Supervised Federal Housing Administration (FHA) guarantee program, which allows correspondent lenders to sell FHA loans to NHSA.
“The continued growth in FHA lending has meant that more lenders need an experienced back office that is knowledgeable and up to date on the latest FHA developments in order to manage these loans in a timely, compliant fashion,” said Rick Seehausen, president and CEO of LenderLive. “We have a dedicated staff that is specially trained to handle all of the specific requirements regarding FHA loans. Working with NHSA will increase the organization’s productivity while sustaining its operational costs.”
Since 1974, NHSA has collaborated with philanthropic organizations, private sector institutional investors, government entities and its affiliate non-profit NeighborWorks organizations, to offer mortgages and lending services for neighborhood revitalization and stabilization. The non-profit firm is one of the leading providers of capital in the community development arena, supporting affordable single-family and multifamily residential properties.
“With FHA returning to the marketplace in a big way, local originators are having a tough time competing with larger institutions,” said Mary Lee Widener, president of NHSA. “Through our partnership with LenderLive and our 35 years of experience, smaller originators are able to participate in a prudent and efficient way. Our main objective is to promote sustainable home loans for as many qualified borrowers as possible, and this program is a huge step toward meeting that goal.”
LenderLive’s FHA fulfillment service is one of the many services LenderLive provides to financial institutions of all sizes. Other services LenderLive provides on a component basis include; contract underwriting, closing coordination, document preparation and various settlement service products.
For more information, visit www.lenderlive.com or www.nhsaonline.org.