Washington, D.C. (PRWEB) September 24, 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.
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.