FHA Guidance for Merging Mortgage Ops; Chase Joins HAMP 2nd Lien Program; USDA Update; Corporate Rates Lower than Treasuries
Posted To: Pipeline Press
I couldn't make this stuff up. "Octomom" is facing foreclosure, and a leading adult entertainment kingpin is offering to pay her mortgage. Only in America! Dear Abbey, "If a mid-sized lender that is not doing any FHA loans (or is about to go through their test cases) and absorbs or buys a branch or smaller lender who is fully "up and going" with its FHA lending, does that allow the mid-sized lender to start doing FHA loans?" Signed, "Searching for Shortcuts in Saginaw." Dear SSS, " The surviving entity has to have the approval . The acquiring non-approved company must go through the process of converting the approval to the official (surviving) entity, which is easy presuming the acquisition (absorption) results in a qualifying entity. In other…(read more)