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Article: FHA Exceeds Loan Broker's Expectations.
- Article from:
- Mortgage Line
- Article date:
- August 12, 2008
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHARLOTTE, NC -- Federal Housing Administration loans represented 50% of mortgage broker 1st Metropolitan Mortgages production in May and June, exceeding expectations, according to chief operating officer Daniel H. Jacobs.
I had predicted 35% by summer, he said.
Mr. Jacobs said the company has been able to make so much of its production FHA-based in part because we recognized the changing product mix and started training originators on FHA loan production and we authorized more of our production branches and originators to make FHA.
Branch managers have to go through a 14-hour training class the company requires and executives also have been ...