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Learn how to get FHA approval with a sponsor!

How to Become an FHA-Approved Lender

 

      FHA 'Mini Eagle / Loan Correspondent Approval

     FHA Approval with Sponsor

Most sponsors require the following:
  • Company check in the amount of $1,000.00 payable to "HUD"
  • Completed Form HUD-11701
  • Original Residential Mortgage Credit Reports for all owners with 25% or more interest in the corporation and all senior corporate officers
    • Reports must state that public records were checked
  • Resumes for all owners with 25% or more interest in the corporation and for all senior officers
  • Certified (original) Audited financial statements with a computation of adjusted net worth (must be at least $63,000 and 20% of assets must be liquid)
    • Financials cannot be over 1 year old
  • Current State Banking/Broker License
  • State dba approval, if applicable5
  • Office floor plan (neatly drawn and clearly labeled handwritten sketch acceptable)
  • Photos of both the inside and outside of facility, including a photo displaying the company name on the door, directory, or an outside sign
  • Certification on Company Letterhead that Facility meets all HUD requirements
  • Certification on Company Letterhead that Lender has not been sanctioned
  • Quality control Plan4

Notes:
  1. Acceptable Business Types: Corporations, Partnerships5, or other financial institution (Sole Proprietorships not permitted)
  2. Staff: There must be at least two or more full time employees.  A shared receptionist is permitted but cannot be used to meet this requirement.  All employees, except a shared receptionist, must be employed exclusively by the applicant.
  3. Office Facilities: All office space must be separate and apart from any other entity, in a location conducive to mortgage lending, and clearly identified to the public.
  4. Quality Control Plan: All applicants must have a written quality control plan that meets the requirements of Chapter 6 of the Mortgage Approval Handbook 4060.1 Rev2
    • If you do not have a Quality Control Plan, Quality Mortgage Services can prepare it for you
  5. dba Name: All applicants that have a dba name must submit with the application a copy of its Fictitious Business Name Statement or Assumed Name Statement to show the State has approved the use of a dba.
    • If the Applicant is a Limited Liability Corporation (LLC) a copy of operating agreement must be provided
    • If the Applicant is a Partnership it must provide a copy of a partnership agreement


Contact us to learn how Quality Mortgage Services can help you.

Quality Mortgage Services, LLC
1111 Lakeview Drive
Franklin, TN  37067
 
Phone: (615) 591-2528
Fax:     (615) 591-2687
E-mail:  info@qualitymortgageservices.com

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