Red Mortgage Capital, LLC ("Red") is one of the nation’s most active FHA-approved Mortgagees. Since 1991, we have been actively originating, underwriting and submitting loan applications to FHA for mortgage insurance and have underwritten over $2.5 billion in loans nationwide for the construction, substantial rehabilitation, acquisition and refinance of apartments, assisted living facilities, nursing homes and critical access hospitals. Red is a MAP-approved lender for the construction, substantial rehabilitation, acquisition or refinance of apartments, assisted living facilities, skilled care nursing homes and critical access hospitals and also is an experienced, LEAN-approved lender for the acquisition and refinance of skilled care, assisted living, independent living and other licensed residential care facilities. Upon FHA’s issuance of a firm commitment to insure a project loan, Red funds the loan through the issuance of GNMA Mortgage Backed Securities ("MBS"), on a taxable basis or utilized as credit enhancement for the sale of tax-exempt bonds and services the loan.
Edward H. R. Tellings, FHA Chief Underwriter