QUALITY MORTGAGE SERVICES, LLC

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

Acceptable Business Types: Corporations, Partnerships⁵, or other financial institution (Sole Proprietorships not permitted)
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.
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.
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
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