NAMB Applauds FHA Direct Endorsement Lender Participation Act

06/12/2008

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Press Release              Contact: Lexi Denniston
                        (703) 342-5868

NAMB Applauds FHA Direct Endorsement Lender Participation Act
Consumers Gain Access to More Affordable Loan Options

McLean, Va. – June 12, 2008 – The National Association of Mortgage Brokers (NAMB) today applauded Representatives Gary Miller (R-CA), Brad Sherman (D-CA) and Joe Baca (D-CA) for introducing the "Temporary FHA Direct Endorsement Lender Participation Act of 2008 (“H.R. 6254”).”

This Act allows mortgage brokers and lenders to participate in the FHA single family mortgage insurance program through direct endorsement lenders. By participating in this program, mortgage brokers may start originating loans via certain direct endorsement lenders while their required audit is completed. “If signed into law, this is a victory for all consumers who need access to the FHA program to refinance into a more affordable loan" said NAMB President George Hanzimanolis, CRMS. “We thank Representatives Miller, Sherman and Baca for their leadership in addressing the importance of making FHA programs more available to homeowners."

These provisions are effective until December 31, 2008, but may be extended by the HUD Secretary for another six months. In order to take advantage of these provisions, mortgage brokers and lenders must submit an application to FHA to become approved FHA originators.

The text of this bill is not yet available. Please check www.namb.org in the next few days for the full text.

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The National Association of Mortgage Brokers is the voice of the mortgage broker industry with more than 25,000 members in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage broker industry, which originates over 50% of all residential loans in the United States.