Jeff Rickard

I have spent the last three months educating Realtors and the public through classes, websites, and this blog on the return of FHA. I have been telling everyone that if you are working with a loan officer or Realtor that has come into the business in the last 5 years, then most likely they’ve never done an FHA loan or had an FHA loan be part of their real estate transaction.

I have warned that if you do not know FHA in this market that you are at a competitive disadvantage. So why am I now warning you against new FHA loan officers? Because of a new FHA Alert that addresses brokers who were not FHA approved giving the impression that they are. They are giving their loans to an FHA approved ‘buddy’ who closes it and then gives a kick back to the broker. Is that the FHA “knowledgeable” lender you want to work with?

Now that is only part of the problem. The other half of this is that many brokers are moving en mass to FHA approved lenders to get jobs. Now if someone wants to move to new employers and better themselves I am more than fine with that.  What I am not fine with is that they come to work on Monday and by Tuesday they are on the street saying that they are FHA experts.

In today’s market, where the smallest hiccup is causing a deal not to close, it is imperative that you use an experienced FHA loan officer who works at a company that has experienced FHA underwriters and processors.