Senator commends FHA efforts for change

The FHA’s efforts to implement changes in its policies have been warmly commended by Senator Bob Corker, who was the initial supporter of the changes.

Significant changes are taking place at the FHA to increase revenue, insurance, and efficiency. Senator Bob Corker has been credited as the one who initially suggested the change. His influence was crucial to the changes since, the FHA experienced significant losses in 2012 due to their automatic cancellation policies, which cancels any borrower’s balance once it reaches 78%.  Their problematic reverse mortgage policies were the source of the loss of revenue, but of course, this isn’t the only change. The FHA is comprising a complete overhaul of underwriting procedures. This will foster a better mutual mortgage fund, as well as analyze the various risks involved with much more scrutiny.

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About alifarahpour

Ali Farahpour is the founder and president of FNC Title Services, LLC. Farahpour has nearly 20 years of experience in residential and commercial real estate settlements, with a focus on serving senior citizens through home equity conversion mortgage (“HECM”) transactions. He is a resident title insurance producer for Maryland and in addition holds several individual title insurance licenses throughout the country. More recently, Mr. Farahpour focused his skills on serving the reverse mortgage industry. In 2007 he founded FNC Title Services, LLC, a multi-state title insurance agency that specializes in closing HECM transactions. As a means to better serve his clients, Mr. Farahpour developed on-line systems that allow FNC clients to generate fees, GFEs and open and track title orders. Clients are able to close loans throughout the nation and are guided by specific FNC divisions dedicated to reverse mortgages. Mr. Farahpour runs FNC Title Services, LLC from its corporate headquarters in Rockville, Maryland and lives with his family in Bethesda, Maryland. You can read more about FNC at www.fnctitle.com
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