FHAPROS offers contract underwriting of Single Unit Approvals for mortgage companies, banks, and brokers trying to fund FHA mortgages under this new program. For a $295 fee, FHAPROS will obtain the legal, governing, recorded, financial, and insurance documents, and review them for compliance with HUD regulations.
Once the review is complete, FHAPROS will generate the first and only report of its kind, displaying the documents reviewed and the underwriting analysis the review has revealed. In addition, the report will include FHA concentration/saturation data, a critical part of the report, which is made easy by our daily data aggregation of nationwide property records.
Our easy to read CondoFax® report uses our branded traffic light icon, which will give every underwriter, lender, compliance officer, investor, and servicer the confidence to know their funded Single Unit FHA mortgages are compliant and safe from QC or buyback threats.
In addition, FHAPROS Single Unit Underwriting conserves valuable underwriting time with this new rule change, and can prevent the need for hiring a full-time underwriter for condominiums. We have approved over three thousand condominiums and are well aware of the nuances of FHA regulations and condominium document analysis. Below you will find an example of our report. If you have any additional interest or questions regarding our service, click here.