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Outsource Service Provider Offers FHA Training
By James Comtois
DENVER-In order to allow its employees to respond to the increased demand for knowledgeable FHA business partners, outsource service provider LenderLive Network here has developed a training program on the fundamentals of FHA loan procedures and processing.
According to LenderLive president Rick Seehausen, the company developed this training program because of the FHA's growing significance within the mortgage industry.
"At least 10% of today's market share is FHA, and it is expected to rise to 40% or 50% in the near future," he said. "Most of our employees have had previous exposure to FHA operations, but we want to be certain that they can react to changing market conditions. From FHA program mechanics to technology, the sessions educate our staff on how these loans differ from the conventional loans they generally process."
LenderLive is an FHA-approved mortgagee. Any LenderLive client - also an FHA approved mortgagee - can effectively enter into an outsource agreement with the company for services from application to closing the mortgage transaction. To ensure that employees are well equipped, LenderLive developed the training for employees in its retail and specialty origination channels.
The retail channel provides traditional direct-to-consumer origination services through private-label call centers and consumer origination websites. In the growing specialty origination unit, LenderLive focuses on providing lender/servicer clients with technology and resources to execute their portfolio retention and loss mitigation efforts. This sometimes means working with borrowers who might qualify for FHA loans, including the FHA Secure Program.
"If LenderLive is to accommodate the growth in FHA loan demand while still maintaining superior customer service, we are responsible for educating our employees and providing them with the best resources available," said Ruth Leland, director of training at LenderLive. "The training program has been successful thus far, and LenderLive intends to offer continuous training for its staff as the mortgage industry and the FHA program undoubtedly evolve."
According to the company, the FHA training program has two primary phases: FHA 101 and FHA Technology. The first phase of classes introduces the basics of FHA loan products and highlights the differences in these loans compared to conventional ones, including calculations and disclosure requirements.
Also covered in the training are the variances in FHA underwriting procedures from traditional Freddie Mac/Fannie Mae guidelines, as well as the specifics of refinancing and the FHA Secure Program. LenderLive employees attend five one-and-a-half-hour classes to complete the first phase.
The second phase is more focused on the technology involved with FHA and is uniquely tailored to an employee's function in the loan fulfillment process. The training materials for each position in the company detail how a person in that role should use technology when working with FHA products.
Two two-hour sessions train the staff on how to operate the FHA website in conjunction with LenderLive's internal system.
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