With FHA loan volumes projected to become a component of the wheezing lending market, mortgage services outsourcing firm Lydian Data Services has opened a new subsidiary to work specifically with FHA and VA activity.
Boca Raton-based Lydian has established Lydian Data Government Services to provide mortgage processing, closing, post-closing and quality control services. Opportunity is knocking, Lydian claims, with the backlog of loan approvals and funding with government loans and the lack of experience in servicing FHA programs by mortgage companies that let their FHA programs wither in favor of processing conventional and subprime loans during the real estate boom. Lydian cites statistics from the Government Accountability Office predicting FHA loans will grow to 15 percent of lending volume next year.
“There are surprisingly few qualified processors out there,” says Brian Fitzpatrick, evp of Lydian Data Services, “and direct endorsement underwriters are positively scarce.” Lydian says it can speed up FHA
The new subsidiary, which will operate in Philadelphia, will also work getting approvals for originators and offering FHA/VA training services to realtors, loan officers and brokers working with lenders.
