Washington, D.C. (PRWEB) April 28, 2007
The National Association of Mortgage Processors (NAMP) predicts FHA loan programs may start to replace Sub Prime mortgages in the months ahead. Embracing this shift, NAMP has partnered with the nation's leading FHA training school, FHA Training University, to offer live, instructor-led online FHA training classes to students nationwide.
In recent months, some of the mortgage industry's top Sub Prime players (New Century Financial Corp., People's Choice Financial Corp. and others) have gone out of business. With a fall out in the Sub Prime mortgage space, FHA loans have become an attractive option among borrowers seeking an alternative financing solution.
As the government's largest mortgage program, the Federal Housing Administration (FHA) loan has been basically a low down payment source for first time homebuyers with issues with their credit, but who could fully document their income and assets. In recent times the Federal Housing Administration has made some significant changes. According to FHA Commissioner Brain D. Montgomery, the agency has shifted from its historical emphasis on the repair of minor property deficiencies and now only requires repairs for those property conditions that rise above the level of cosmetic defects, minor defects or normal wear and tear.
NAMP's recent partnership with FHA Training University creates a unique, cost-effective way for mortgage processors and loan originators across the country to obtain sound FHA processing, sales & compliance education, taught by FHA industry veterans.
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. For information, visit http://www.FHA.gov.
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 Training University.
FHA Training University offers live, instructor-led online FHA training classes to students nationwide. For more information, visit http://www.FHAtraining.org.