Oct 22, 2008

You've Asked - We Will Deliver !

You wanted Neighborly to do loans?

Watch this space for updates!

We'll have that capability in 2009 - including FHA !

Coming soon...

- Jim


Anonymous said...

You can't do FHA. You're a real estate broker. Read on...

"Can I work for one lender as a loan officer and at the same time work for another company as a real estate agent?"

FHA´s answer:
A loan officer must work exclusively for the lender and cannot work as a real estate agent (even on a part time basis) for another company at the same time they are working for the lender. Lender employees, such as loan officers, underwriters, processors and other support personnel must work exclusively for the lender and cannot work (even on a part time basis) for other lenders or other companies engaged in the real estate or mortgage finance business at the same time they are working for the lender.

DISCLAIMER: All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.

Additional Information
Reference: Handbook 4060.1 REV2, Section 2-9

For further assistance please contact the FHA Resource Center at hud@custhelp.com or by calling 1-800-225-5342 (1-800-CALL-FHA).

Jim Harris, Neighborly Realty said...

Thank you "anonymous"!

Yep, we are on the same page with your findings. ….and PLEASE keep the insight coming. I hope you don’t mind us publishing your blog feedback. It’s helpful to keep all of our Neighbors up to date. We believe in total transparency.

We have to create an entirely new structure to build this engine and offer these services. Not only do we need separate legal entities, but to do FHA even the physical address has to be different!

Current Neighborly agents (including me) won't be able to do FHA loans directly. Conventional loans will be possible, but FHA will require an entirely new legal structure and team.

We're glad these requirements are in place. Proper separation of duties is critical as this industry recovers from such turmoil.

Fortunately we have some amazing seasoned coaches and advisors helping us create this new functionality. We wouldn't be stepping into this space if we didn't have their help.

Thank you for the feedback, for noting the specific FHA regulation, and for the FHA contact phone number!

- Jim