Interthinx now offers specific FHA Requirement Solutions to help lenders ensure compliant FHA lending programs. Interthinx features and services—such as income verification, identity validation, occupancy status, automated regulatory compliance checks, and third-party certifications—provide the necessary data validation to meet a broad number of specific requirements to support the rapidly growing share of FHA business for many lenders. Interthinx is the leading provider of proven risk mitigation, mortgage fraud prevention and regulatory compliance tools for the residential mortgage industry.
"Although FHA lending programs are clearly presenting profitable revenue opportunities in the residential mortgage marketplace, lenders are at risk if they mistakenly loan outside of strict requirements," stated Mike Zwerner, senior vice president of business development and marketing for Interthinx. "With the many rules, regulations, and restrictions, Interthinx can help limit the risk of missing important facts that could make a loan uninsurable by the FHA."
For training purposes, a multitude of Interthinx "Red Flags" have been mapped to specific FHA requirements to help challenged underwriters understand exactly what loan data needs further scrutiny. For example, FHA handbook 4155.1 states FHA will insure "Owner Occupied principle residences only. At least one borrower must occupy the property." Interthinx provides a minimum of eleven Red Flag alerts around the issue of occupancy that, under various circumstances, will trigger and notify an underwriter of potential fraud or risk.
"Lenders can find the increased demand of FHA underwriting overwhelming—especially after coming from an environment with fewer regulations and having the ability to make policy exceptions," added Connie Wilson, executive vice president of Interthinx. "Our FHA Requirement Solutions were developed by Interthinx fraud experts who have experience underwriting FHA loans. They understand the data verification necessary for compliance and how our products satisfy requirements and/or uncover potential fraud. Our goal is to replace some of the confusion with certainty."
For more information, visit www.interthinx.com or call (800) 333-4510.