ROLLING MEADOWS, Ill. -- Household Financial Services has announced it is now offering an FHA-Title I program.
It said the program was unusual because Household would "function as a secondary market" for Title I lenders.
In a typical Title I financing, Household said, loans change hands a number of times before securitization.
Household, however, would function as a conduit, acquiring loans directly from lenders and holding them until there is enough volume to securitize.
Title I loans are generally for home improvements or mobilehome purchases.
Household Financial is a division of Household International.