June is National Homeownership Month

  • 2020-06-18
  • Interactive Government

June is National Homeownership Month
Due to COVID-19, we’ve been hearing a lot about “home” lately as Americans telework and self-quarantine. Homes are also on buyers’ minds. One bit of positive news in the COVID economy is that the real estate market is still moving. In fact, applications for home mortgages are at an 11-year high.

It’s fitting that June marks National Homeownership Month.

Sixty-five percent of Americans own their own home. For generations, people have been pursuing the American dream, turning houses into homes and investing in their future.

In 1934, Congress created the Federal Housing Administration. It describes itself this way: “The Federal Housing Administration, generally known as ‘FHA,’ provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories.” The FHA has insured more than 46 million mortgages since its inception. The FHA falls under the Department of Housing and Urban Development (HUD).

Currently, the FHA is undertaking a huge information technology modernization project to fully digitize FHA’s single-family systems. This was prompted by antiquated programs more than 40 years old and frequent system failures that resulted in costly delays.

Interactive Government Holdings is pleased to join our partners at incapsulate and Pyramid Systems, Inc. to lead this modernization project at the FHA. We’re able to provide an innovative salesforce-based solution to cut down backlog and response times from a month or more to mere minutes.

HUD and the FHA are closely watching the long-term effects COVID-19 may have on the housing and mortgage industries. We’re proud to partner with the FHA on their modernization project so that they, along with HUD, can remain focused on maintaining strong neighborhoods and healthy communities.

Learn more about the FHA’s modernization project here: www.interactivegov.com/articles/updating-technology-at-the-federal-housing-administrationFHA
 

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