Team up on FHA Training Presentations for Realtors

Written By: Stacey Sprain,
Certified Ambassador Loan Processor (CALP)

I struggled a bit this week trying to think of the topic I would cover with my next article and just as my deadline neared, two different loan originators came to me separately with the same question- “What training information do you have that I might use for a training I am putting together for area realtors?” With that question, I knew I had the subject of today’s article.

With the number of processors in the market looking for additional business and revenue, I feel it’s important to mention an idea I would use myself if I were in your shoes. One of the best ways to earn the respect of others in your market area is to pass on information and knowledge that they can learn and benefit from. In return, they may do the very same for you.

When you look at the big picture, it makes a lot of sense that we can all help each other a great deal. By “we” I mean the realtor, the originator and the processor. We are all working on each loan file for three sole purposes: We want to satisfy the needs of the borrower, we want to see the loan close smoothly on time, and ultimately, we all need the paycheck that results from the successful closing. It’s important to understand the role that each party plays in each loan file and how the relationship between the realtor and the loan originator affect us in processing.

One thing that processors can do to help the loan officers build and maintain relationships with realtors is to help assemble training and presentation material. Loan officers aren’t always so great with those things. We processors are often more creative, have a more expanded scope of resources and tend to have more thorough ideas when it comes to topics of training.

These presentation meetings with realtors can be done one on one or even better, can be designed for a group setting. The series might include a session where the loan officer introduces you as the processor and has you present a portion of the information. Another session idea for the series might be to incorporate an underwriter so that the realtor has direct access to someone with the power to make the loan decisions. And lastly, it might be a great idea to include a session with a loan closer or title company representative. Designing and presenting a series of realtor trainings with your loan officers is a great way to strengthen bonds, build new relationships and bring more business your way!

One of the hottest and most in-demand training topics for realtors these days is the need to learn more about FHA. Many realtors have never dealt with FHA lending and those who have may not have utilized FHA lending in many years. So when I was questioned about having training information that two originators might use for their realtor training presentations on FHA, I started thinking of what information I had that I felt would be most informative and helpful for realtors.

In my opinion, the pieces of information that would be of most importance to realtors would be Mortgagee Letter 2005-48, which announced revisions to appraisal protocol and inspection policies, Mortgagee Letter 1996-41, which outlines condominium requirements, Mortgagee Letter 2006-14, which explains property flipping guidelines and Mortgagee Letter 2007-02, which explains the required exhibits for newly constructed properties.

In addition, it would obviously be important that realtors be provided with the website that provides max mortgage limits for FHA https://entp.hud.gov/idapp/html/hicostlook.cfm and the website that lists HUD approved condominium projects https://entp.hud.gov/idapp/html/condlook.cfm.

Other resources worth mentioning to realtors are the first-time homebuyer webcasts that are available at http://www.hud.gov/webcasts/archives/buying.cfm. There is also a lot of helpful first time buyer information at http://www.hud.gov/buying/index.cfm, owning information at http://www.hud.gov/owning/index.cfm and home selling information at http://www.hud.gov/selling/index.cfm. A realtor might also utilize the resources that can be found at http://www.hud.gov/consumer/index.cfm.

In conclusion, there is a great deal of opportunity for you to share information, build relationships and generate additional revenue with your processing. Just take a look at the people you work closely with today to generate more business tomorrow.

About the Writer. As one of NAMP's volunteer writers, Stacey Sprain is currently a NAMP member in good standing and is a NAMP Certified Ambassador Loan Processor (CALP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.