Richmond, VA (July 28, 2017) – LenderSelect Mortgage Group announced the offering of FHA loans through its correspondent delivery channel. FHA loans are designed to help low- to moderate-income creditworthy families by offering a mortgage with lower down payment requirements and less restrictive qualifying criteria. LenderSelect’s announcement opens new competitive opportunities for community lenders.
FHA allows community banks and credit unions supervised by the NCUA or FDIC to apply for Supervised Lender Status. After receiving Supervised Lender approval, a Lender may originate a FHA loan in their name. LenderSelect will provide compliance, underwriting, processing and closing document preparation support. After the FHA loan closes in the Supervised Lender’s name, LenderSelect will purchase the loan from the Lender’s portfolio. LenderSelect does not originate the loan, but does retain the servicing.
LenderSelect’s correspondent lending program allows for a more positive borrower experience since their loan process is all under their community lender’s name and also allows the opportunity for more competitive pricing. For community lenders not currently approved by FHA, LenderSelect offers assistance in completing the process to become an approved Supervised Lender.
LenderSelect is proud of their 99.4% customer satisfaction rating and aims to keep clients happy with an average closing rate of less than 28 days.
For more information on their mini correspondent lending channel and FHA loans, please contact LenderSelect at (808)977-2393 or at email@example.com.
Information deemed reliable but not guaranteed. All loans subject to credit approval and property appraisal. Not a commitment to lend.