| Red was approved as an FHA Mortgagee in August 1991 and has since underwritten over $2.4 billion in loans. The group originates, underwrites and submits applications to HUD for mortgage insurance and is a MAP-approved lender for the construction, substantial rehabilitation, acquisition or refinance of apartments, assisted living facilities, nursing homes and critical access hospitals. Upon HUD’s issuance of a commitment to insure, the FHA loans are funded through the issuance of GNMA Mortgage Backed Securities ("MBS"), on a taxable basis or as credit enhancement for tax-exempt bonds. |
