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Industty's Affoirs lfhe -NAC iIEiIBER
FHA insurance endorsement, which in the past have been performed in the FHA insuring offices, will now be carried out by local lending institutions using appraisers and construction inspectors employed on a fee basis.
"Qualified lending institutions, which are FHA Approved Mortgagees, will be designated as Authorized Agents of the Federal Housing Commissioner upon application to and approval by local FHA insuring ofhce directors. Lenders not presently listed as Approved Mortgagees may make application to their local FHA office. Fee appraisers and construction inspectors must be certified also by the local FHA office.
"Authorized lending institutions will be empowered to accept applications for insured mortgage loans on single- family units, both for proposed construction and existing dwellings eligible under Section 203 of the National Housing Act.
"The lendbr will arrange for an appraiser designated by FHA to appraise the property and will perform the credit analysis. After the lending institution reviews the credit of the borrower and the appraisal report, they will issue a commitment for a loan in accordance u'ith the provisions of the National Housing Act.
"The appraiser in reviewing the plans and specifications for proposed construction will be responsible {or ascertaining that the property meets with minimum FHA requiremeuts. On proposed construction the Autl-rorized Agent will also arrange for periodic inspections to be made during coustruction. He will use fee construction inspectors, ap- proved by FHA. After construction is completed and the loan is closed, the Agent will complete the closing functions and forward all documents to the local FHA insuring office for insurance endorsement.
"The key-point of the program is that the entire transaction will be completed at the HOME-TOWN LtrVELall personnel involved will have been qualified by FHA and will act in accordance with FHA standards. However. thev will have sufficient flexibility to enable them to apply thesi criteria to reflect local conditions. Delays in processirrg are substantially reduced through the CAP program and maximum value is derived from standards applied in accordance with sound local judgment-a problem which heretofore has slowed financing and construction in outlying areas. FHA believes this program will stimulate financing and building in these areas -because the lender can compietely process the FHA insured loan in a matter of days rather than waiting for weeks until the local office would have an appraiser in the area."
Meetings to further discuss the impact and importance of the CAP program rvill be held in the following areas on the dates announced and all members of the industry are cordiallv invited to attend.
WUNDTINff-NATHAN... a name that has meant Sincere Seruice in lumber since 1974
WT NDTINff .N ATIIAN C OMPAI{Y
Wholcsalers of West Coast Forest Prod.ucts
564 Market St.
2185 Huntington Drive
Main Office
Otlwr Offices
SAN MARINO 9. CALIF.
Additional meetings are now being arranged for other areas north of Sacramento and will be announced as soon as finalized.
In announcing the schedule of the meetings, LMA's Jack Pomeroy urged that all dealers attend the meeting in their area for, as he noted, the program has been widely tested
Salinas
Monterey
Visalia
Eureka
March 25 and has resulted in a substantial increase in total construction in those areas. Here is another tool for the wide-awake retail lumber merchant.
We suggest for other than Lumber Merchants Association dealer members that reservations be made through the Arrangements chairman for each area :
Les
Santa Cruz Lumber Company
Clair Hicks, Hicks Lumber Company
Bob Work, Work Lumber Company
Ray Noble, Visalia Lumber Company
Howard McCulloch, Yosemite Builders Supply
Clark Bradford, Modesto Lumber Co.
To be announced
Fred Goodwin, George C. Jacobs Co.
Bill Bittenbender. Bittenbender Lumber Co.
L.A. Hoo-Hoo Advisory Committee Sets Future Policy for '59
_Don Braley, Snark of Los Angeles Hoo-Hoo Club 2, and l2 members of his Advisory committee met at General Lee's restaurant February 24 to schedule social events for the balance of the fiscal year and to establish and change certain policies of the fraternal organization.
^
As usual, the Los Angeles 1lub will participate in the Southern California Retail Lumber Association ^conclave at the Ambassador hotel, April 7 to 9. Thursday luncl-reon. April 9, will be Hoo-Hoo day at the conveniion and ali members are asked to make iheir plans to be oresent at this special event. Hoo-Hoo will honor members oi SCnln and,_in turn, shall be l-ronored by having this day designated as Hoo-Hoo day. Many Hoo-Hoo-Etles will- also lttend this special afrair.
The committee has agreed to continue golf tournaments and, meetings throughout the Summer months this year. Irollowing the convention in April, a Spring dance has'been schedulecl for May 15. On Jurie 5 a CbncJtenation will be held and, on that date, the club membership will honor outstanding members for their past performance in club affairs. This will be known as "Awards Nite," it was said. Other events will be "Las Vegas Nite," on July 17, and a golf tournament on August 21, rvhich will intlude election of officers for the 1959-1960 term.
It was also agreed, due to the fact that club officials must be advised at an early date, to hold the annual Christmas party at Oakmont Country Club in Glendale on December 11. This will include a full day of golf and sports, cocktail party and banquet, with top-drawer entertainment in the evenlng.
"I believe lve have enough interest in Hoo-Hoo to hold nrouthly meetings the year 'round. I see no reason why our fraternity should have two dark months each year when tnost of the membership is interested in golfing and summer sports," said Snark Don Braley. The committee agreed with the heaclman and it was decided to try it out during the surlmer of 1959. By your attendance, you will confirm this arrangement, which has been made iust for you members.
Sitting in on the roundtable disiussions,-which lasted for hours, were Tom Burden, Bill Smith, Chuck Lember. Harold Cole, Ole May, John Osgood, George Clough, Rex Oxforl, Harvey Koll, Don Bufkin, Freeman Camp6ell and Rex Wells.
,Snark Braley asked all members of the Steering committee to work on new members and reinstatementl from now until June 5. All Kittens will be inducted on that date ancl applications must be in the hands of Freeman Camp- bell, secretary-treasurer, not later than fune 3. Membeis rvho have Kittens to be initiated at the summer Concatenation should contact John Osgood, Chuck Lember or Bill Smith for proper information.
It is requested that all "Black Cats" lend an ear to this plea.ald_help_make the Concat successful in every way possible. Rex Oxford is the chairman of this division of new members and initiation.
Dillon Moncges Pqrodise Yqrd
Paradise, Calif.-Wayne H. Dillon has been promoted to manag_er of the retail store of the Diamond Gardner Corp. here. He went to work for Diamond Match five years ago when it purchased the Hayward Lumber Co. of Hanfoid, where Wayne was a truckdriver. Since then, he had been yard foreman, clerk and assistant manager in the Hanford store.
