MIDVALE, Utah, July 27, 2016 (GLOBE NEWSWIRE) -- Elevate Mortgage Group is pleased to announce that it has this month received FHA Full Eagle approval. This anticipated and welcome news for the company means that it will be able to perform all lending functions in-house without the need for a sponsor company. Elevate can now originate, underwrite, fund, service, and/or own FHA insured loans. Elevate previously operated as a correspondent and only originated loans that were underwritten by its sponsoring mortgagee. With the approval, granted on June 22, Elevate is now officially titled "mortgagee" or "sponsor."
To put this development into perspective, FHA Full Eagle approval takes into account several eligibility requirements, which include required business licenses and a company classification as a partnership, corporation, or other chartered institution. Other approval requirements include state approval for the company's legal name, a commercial space, a company net worth of over $250 million, and liquidity assets equal to 20 percent of that net worth or $100 million, if that is lower than the 20 percent mark. Elevate has met each requirement and will continue to operate in a manner that FHA borrowers can trust.
Division President Felipe Pacheco said he was excited to announce that Elevate Mortgage Group, a division of Low VA Rates, had completed the required steps to receive Full Eagle delegated approval from the Department of Housing and Urban Development. "While we have always had the ability to originate FHA loans, this approval allows us to underwrite these files in-house without supervision from HUD, giving us the ability to better control our pipeline and achieve quicker turn times," he said. "This approval helps catapult EMG and LVR to the same arena as some of the largest lenders in the nation."
Mr Pacheco said this type of approval was not easy to attain. "Eagle Approval is not just handed out to any lender," he said. "In order for us to qualify for this approval, we had to demonstrate financial strength and stability as a company as well as go through a rigorous review process on all FHA files over the past year. It is truly an honor to have this approval, and we will cherish this as we continue to offer our clients all options offered in the mortgage industry. We would like thank the underwriting team, loan officers, and processors who help us with their expertise to achieve this honor."
As a Full Eagle, Elevate's credentials will not only match the outstanding service it has given its customers since its inception in 2014 – the company pledges to expand even further on its foundation of quality. With FHA approval, Elevate employees will take on more responsibilities, and this will mean even more big changes for Elevate. The company has already begun to expand, starting with the establishment of their second branch in Tooele, Utah, in April 2016.
About Elevate:
Elevate Mortgage Group is a mortgage loan company that started business in December 2014 and is located in Midvale, Utah. In addition to its headquarters branch, a second Elevate branch is in Tooele, Utah, but the company provides its loan services to the entire nation. Elevate offers FHA loans, conventional loans, and VA loans. It is a division of United Military Mortgage, operating as Low VA Rates.