DENVER, CO - LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, announced that it has partnered with the Neighborhood Housing Services of America (NHSA) to process and underwrite FHA loans that the nonprofit secondary market investor plans to purchase. LenderLive will provide the services for NHSA's Non-Supervised Federal Housing Administration (FHA) guarantee program, which allows correspondent lenders to sell FHA loans to NHSA.
"The continued growth in FHA lending has meant that more lenders need an experienced back office that is knowledgeable and up to date on the latest FHA developments in order to manage these loans in a timely, compliant fashion," said Rick Seehausen, president and CEO of LenderLive. "We have a dedicated staff that is specially trained to handle all of the specific requirements regarding FHA loans. Working with NHSA will increase the organization's productivity while sustaining its operational costs."
Since 1974, NHSA has collaborated with philanthropic organizations, private sector institutional investors, government entities and its affiliate nonprofit NeighborWorks® organizations, to offer mortgages and lending services for neighborhood revitalization and stabilization. The nonprofit firm is one of the leading providers of capital in the community development arena, supporting affordable single-family and multifamily residential properties.
"With FHA returning to the marketplace in a big way, local originators are having a tough time competing with larger institutions," said Mary Lee Widener, president of NHSA. "Through our partnership with LenderLive and our 35 years of experience, smaller originators are able to participate in a prudent and efficient way. Our main objective is to promote sustainable home loans for as many qualified borrowers as possible, and this program is a huge step toward meeting that goal."
LenderLive's FHA fulfillment service is one of the many services LenderLive provides to financial institutions of all sizes. Other services LenderLive provides on a component basis include: contract underwriting, closing coordination, document preparation and various settlement service products.
LenderLive is a Denver-based mortgage service provider. Since 1996, the company has offered the single-family mortgage loan industry with private-label service and technology solutions to originate, process, underwrite and close loans. LenderLive offers the people, technology and processes that allow its clients to focus on their core business while LenderLive provides their mortgage loan fulfillment needs. LenderLive management has more than 250 years of combined experience in the mortgage industry.
Neighborhood Housing Services of America (NHSA) is a nonprofit mortgage bank and secondary market for affordable home loans. It assists potential homebuyers by linking them with credit counseling, mortgage loan capital and community resources to obtain mortgages that are the "BestFIT" for their income level and circumstances. Since 1974 these efforts have placed thousands of fiscally responsible consumers into homes, injected capital into local communities and helped bolster the U.S. economy through sound investments in mortgage lending. With the support of private social investors, as well as government funding, NHSA's endeavors have created a win-win solution for investors, homeowners and communities.
Source: LenderLive Network