-With the upcoming HUD changes that may no longer require mortgage brokers to seek approval directly from the FHA, it will become more important for borrowers to independently verify the credibility of any lender they do business with.
For those of us that meet the new HUD Net-worth Requirements (1,000,000 as of 12/31/2010 and 2,500,000 as of 12/31/2012) we will retain our FHA approval. Based on the numbers released from HUD only 500 – 600 of the current 13,000+ FHA Approved entities will be able to meet these requirements. We will still appear on FHA’s website as approved institutions – RP Funding FHA Listing or the new more attractive listing – RP Funding FHA Approval.
Additionally, approval by the Better Business Bureau may become more important. The BBB maintains a rating for all accredited business that can be viewed online. You can see RP Funding BBB Rating by visiting the website.
Other factors may include memberships to organizations like MERS, the Mortgage Electronic Registration System, they also publish a profile of the member lenders. MERS Profile – RP Funding.