NAMP and FHA Online University
Team up to Educate Mortgage Professionals about the New FHASecure
Initiative. The
National Association of Mortgage Processors (NAMP) is offering online
classes through FHA Online University to enable mortgage professionals
help borrowers through the recently developed FHASecure initiative.
Through FHA Online University's FHASecure course, borrowers with good
credit will be able to rebound from the strains of the currently
volatile mortgage market.
Washington,
D.C. (PRWEB)
September 23, 2007 -- What is buzz worthy in the world of mortgage
professionals? The National Association of Mortgage Processors has
teamed up with FHA Online University to educate professionals about the
new initiative called FHASecure. Specifically designed to bring
stability to the real estate market by truncating the current trend of
foreclosures and price depreciation, FHASecure promises to create
possibility and flexibility in a previously restrictive mortgage
market, and extends to those with little or no equity and a previously
less-than-perfect credit history. Borrowers with no 30-day late payment
in the 6 months prior to recasting their interest rate are eligible.
The partnership between NAMP and FHA Online University is based on
dedication to helping mortgage professionals gain the edge they need to
utilize FHASecure and better help homeowners.
The
Federal Housing Administration (FHA) has taken measures to reduce the
impact to all involved in the fluctuating loan resets of the current
mortgage market. Importantly, the measures taken by FHASecure was
created by the US Department of Housing and Urban Development (HUD.gov)
in response to the rising foreclosure crisis which resulted from
homeowners with less-than-perfect credit refinancing into subprime
products with adjustable rate features. These recently began to
fluctuate upward into the range of significant payment increases and
the subsequent impact of unaffordable monthly housing expenses.
The
FHASecure program will aid both borrowers suffering losses as a result
of doubling and tripling loan rates, as well as the lenders who have
been working hard to help lessen this blow. Under the FHASecure plan,
families will be rewarded for having strong credit histories and making
timely mortgage payments. These homeowners will be given the option for
refinancing, providing the necessary chance to rebound from the impact
caused by the aforementioned spike in loan rates.
The
risk-based premium pricing that operates under FHASecure will allow the
FHA to avoid risk-impact and remain self-financed. This means that the
program will still extend its services to traditionally underserved
markets, such as first time homebuyers with limited funds as well as
other minority groups, with rates proportional to the unique risk
conditions of these homeowners. This risk-based pricing is slated to
take effect on January 1, 2008.
Part
of the excitement surrounding this notable program is that it will help
an estimated 240,000 families to immediately avoid foreclosure. "The
Federal Housing Administration has always been commited to serving the
American public by providing affordable homownership options and
programs. FHASecure is another example of how FHA will continue to make
homeownership an affordable reality to the American public," says
Bonnie Hildt, lead FHA instructor for FHA Online University. Indeed,
the initiative of mortgage professionals is always to help homeowners
by providing safe options and sensible solutions. Uniquely, FHA Online
University provides the opportunity for mortgage professionals to gain
the expertise and know-how necessary to navigate the FHASecure plan.
Daily,
mortgage professionals well versed in FHASecure will have the power to
help families maintain a comfortable life. NAMP is excited about their
role in helping more mortgage professionals become adept at utilizing
FHASecure through FHA Online University. Understanding FHASecure could
have widespread positive impact, providing more possibility and hope,
for the status of many American homeowners.
Building
a wide knowledge base is crucial for mortgage processors to perform
best. Taking the simple steps toward completing FHA Online University's
course on FHASecure Refinancing will result in incredible growth and an
undeniable edge for those mortgage processors. NAMP provides the
opportunity for mortgage professionals to arm themselves with a unique
knowledge base - one that encompasses FHASecure. The team created by
NAMP and FHA Online University is dedicated to helping millions of
Americans secure their own "American Dream."
Previous
to the adoption of FHASecure, homeownership for hundreds of thousands
of Americans balanced on the edge of a volatile market. Now, offering
credit-worthy homeowners a refinancing option will be easy for mortgage
professionals who complete the FHASecure Refinancing course. NAMP and
FHA Online University's partnership is a unique and exciting
opportunity for mortgage professionals to gain a wide knowledge base,
understand and utilize today's programs and resources, and perform
effectively and efficiently for the American public.
About
NAMP.
Based in the heart of Washington D.C., the National Association of
Mortgage Processors (NAMP) is known throughout the mortgage processing
industry as the voice of today's mortgage processor. NAMP is dedicated
to assisting contract loan processors as well as in-house mortgage loan
processors, in all aspects of their business. For more information,
visit NAMP online at: http://www.MortgageProcessor.org
About
FHA Online University.
FHA Online University offers live, instructor-led online FHA training
classes to students nationwide. For more information, visit http://www.FHAtraining.org
