Getting and FHA Mortgage

Friday, October 3, 2014

Getting and FHA Mortgage

I don't know what you do for a living; but I bet whatever you do you know how to do it. Ever go somewhere and expect that they're pro's only to find out they don't know what they are doing?

Today, I met with a regional lender only to find out that they can't and do not offer FHA loans. I was stunned, to say the least. They can pull off huge mergers and are on the stock exchange. But, they can't do an FHA Loan and are not approved to do them through HUD.

So, lesson learned. Never assume because someone's marketing, image and foot print is impressive that they have the market cornered. Do your best at what you do. You may find out that not only are you the best, but that those who give a great image are not even in your league!

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Philip LaTessa, a liberal arts graduate of Syracuse University, became a managing member of The Funding Source in Syracuse, New York, in 1996. As the company’s leader, he personally hired five managers to lead departments dedicated to areas of sales, accounting, post-closing, underwriting and processing, and risk management. During his time with the company, The Funding Source grew from a mortgage broker into a mid-sized lender and a Federal Housing Administration (FHA) lender recognized by the United States Department of Housing and Urban Development (HUD). Philip LaTessa and The Funding Source achieved this designation through a number of tests and audits, including 30 test case underwrites necessary to become an HUD FHA Delegated Underwriter.

During his time as a managing member with The Funding Source, Mr. LaTessa also spent several years as a city auditor for Syracuse, New York. His primary responsibilities in this office involved the oversight of government program audits throughout the city. Prior to establishing The Funding Source, he worked as a residential loan officer with JP Morgan Chase.