Pacific Mercantile Obtains Approval As Title II FHA Lender

Posted by Orb Staff on April 20, 2009 No Comments
Categories : Residential Mortgage

c Mercantile Bank has obtained approval from the Federal Housing Administration (FHA) to originate FHA-insured single-family mortgages as a Title II FHA Lender. ‘If one is looking at the California home-purchase market today, the FHA is fueling the majority of financing,’ notes Raymond E. Dellerba, the bank's president and CEO. ‘Furthermore, looking at the breakdown between conventional and FHA financing, I believe that FHA is playing a bigger part today than at any time during the last 15 to 20 years." Pacific Mercantile Bank's core mortgage team has an average of 20 years of FHA experience per person, Dellerba adds. "FHA loans require specialized expertise, and we believe we have that expertise, with four FHA-approved underwriters on our team," he says. "Because there is a shortage of individuals with these qualifications in the industry, we believe this gives us a competitive edge." SOURCE: Pacific Mercanti

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