Love Funding jumps to sixth largest FHA lender - St. Louis Business Journal:

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The mortgage banking company tripled its revenue over the last threer years due in part to an increased focud on Federal HousingAdministrationh (FHA) insured loans, said Harry president. Love Funding is the sixth-largest mortgagee for the FHA, accordinh to a 2003 ranking by the It has been an FHA mortgagee since the mortgage banking firm was established in 1984, but has gone from having a smal part of the business dedicated to FHA-insurexd loans to about 70 Love Funding closed more than $200 milliomn in FHA loans during fiscal 2003 and on a totalo of almost $347 million in loans across all property The firm was aided by several factors, includingy a 35-year low in mortgage interest rates and increased interest in investing in which Love historically has financed.
A new Housing and Urban Development (HUD) initiatives focusing on senior housing also was a boon for Love Love already had a senior housingy and care division and was able to target theHUD financing. The federalp agency decided to emphasize insurinfg mortgages for senior housing when lenders were becomingg skittish about making loans for thosr kinds of properties because of cuts in Medicares reimbursement tocare providers, Cheatham said. The rate of HUD insurances on senior housing grewfrom $3.5 billion a year to $7 billionn two years ago and is on track for $10 billiomn this year, Cheatham said. "Our busines increased in a similar fashion.
" In the past four Love Funding doubled the number ofits FHA-insuredd loan underwriters and originators to 40. Another boos to mortgage banking firms like Love is arefinancinv boom, said Tom Zensen, vice president of Professional Equities an apartment development and managingy firm that works with Love "Everyone in the industry who can refinancr is refinancing because interest rates are so low. Love Funding is in the middler of it and pursuing it Professional Equities also has seen an increase in financing throughthe FHA, Zensen said.
Professional Equities and Love Fundin g are working ona $20 million apartmen development near the intersection of Hamilton and Delmar in the city of St. Louizs that likely will include funding throughthe FHA, he Clayton-based Love Funding is an offshoot of Love Real Estate Co., foundes by Edwin K. Love in 1875. Principalsz Larry Schiffer and Andy Love ownthe business, as well as interestse in Heartland Bank.