Jun 24
Battle lines are being drawn again on HR 6254 FHA Direct Endorsement Lender Participation Act. The proposed legislation sponsored by Representatives Gary Miller (R-CA), Brad Sherman (D-CA) and Joe Baca (D-CA) allows mortgage brokers and lenders to participate in the FHA single family mortgage insurance program through direct endorsement lenders. The Act allows for brokers and lenders that are currently in application with HUD for FHA approval to begin originating loans through a direct endorsement lender without completion of their audited financials.
Click here to read an argument against.
Click here to read an argument in favor.
