Chicago Bancorp Now HUD Lender

Chicago Bancorp Now HUD Lender CHICAGO, IL - Chicago Bancorp today announced that following a review by the Department of Housing and Urban Development (HUD) the bank will now be permitted to underwrite and close mortgage loans without prior HUD review.

According to the federal agency, participating in what is known as the Direct Endorsement Program "is a privilege accorded only to mortgagees who continue to demonstrate the ability to originate mortgage loans in accordance with HUD underwriting policy." To qualify, lenders must be able to demonstrate a history of conducting business "in accordance with sound lending ethics and standards."

Stephen M. Calk, founder, chairman and CEO of Chicago Bancorp, said the Direct-Endorsement designation means the bank now will be able to serve prospective borrowers quicker and at a lower cost.

"Among other things, the designation allows us to grant low-cost Federal Housing Administration mortgage insurance to creditworthy homebuyers who nevertheless might not be able to meet conventional underwriting requirements," Calk said. "We are proud that while many lenders and banks are going out of business or being shut down or seized by the government, Chicago Bancorp is expanding and building on its stellar 15-year reputation."

Chicago Bancorp is one of the largest Independent Mortgage Banks in America. It offers an exceptional array of loan programs, including first-time homebuyer, VA, Jumbo and Asset-Based loans. As a mortgage bank, it controls the entire loan process – origination, processing, underwriting, closing and funding. Its centralized loan operation is the industry's benchmark for efficient service and its team of professional mortgage bankers and operations specialists is committed to closing loans by the requested date. The men and women at Chicago Bancorp understand the concerns inherent to the loan process and are dedicated to simplifying that process so the borrower's experience is uncomplicated and worry-free.
Source: Chicago Bancorp

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