PrivatePlus Mortgage has received approval from the U.S. Department of Housing & Urban Development’s (HUD) Direct Endorsement Program to underwrite and close FHA loans without prior HUD review. This streamlines the process for anyone seeking an FHA home loan.
“There are of course parameters for the loans,” said Dan Smith, president of PrivatePlus, “From qualifying criteria to FHA loan limits, and every individual’s circumstances vary. A PrivatePlus mortgage pro can help consumers determine if an FHA or another type of loan best suits their needs.”
FHAs also can be assumable, so a buyer may be able to “assume” an FHA loan you have when you sell your home.
“Participation in the Direct Endorsement program is a privilege accorded only to mortgagees who continue to demonstrate the ability to originate mortgage loans in accordance with HUD underwriting policy,” according to HUD.
Smith says that the approval is just another way the organization seeks to streamline business processes and expand consumer choice.
“For instance, last fall, we transitioned to a delegated underwriting model, meaning another significant portion of our processes are tackled in-house,” Smith said. “The takeaway for anyone seeking a loan is that we’re always actively working to ensure we can provide mortgage options for most scenarios and that we can control the process from beginning to end, meaning a great consumer lending experience.”