Frustrating Hassles Associated With Bringing Technology To Bear On A Certain Type of Mortgage

Credit Union Journal, The, July, 2008 by Kevin Jepson, Technology Correspondent

Don’t expect technology to lend a helping hand as credit unions delve into FHA loans.

“We need automation through the entire FHA loan process,” said Caleb Cook, lending manager at Sound Credit Union here, which is now originating about 50% of all its mortgage loans through the FHA (CU Journal, June 9).

“A lot of institutions don’t even offer FHA loans because they’re so confusing,” he continued. “An FHA loan takes us twice as much time to process as a conventional loan.”

That from a man who has been making FHA loans for “several years now. Even after three or four years I’m still not an expert, but I’m familiar with the process,” said Cook.

Other credit unions told Credit Union Journal that they were at the beginning stages of offering FHA ...