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Did You Know?
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YOU
CAN SUBSCRIBE to the Single Family Housing email list.
You will get frequent updates to the HOC Reference Guide,
training and event announcements, mortgagee letters and
notices about your Single Family mortgage business.
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FHA
Lender Approval Types
Nonsupervised
Loan Correspondent: This is the only type of approval mortgage
brokers can apply for and allows them to originate Title II single
family loans and/or Title I loans. Correspondent lenders and mortgage
lenders who only want to originate should apply for this type of
approval.
Nonsupervised
Mortgagee: Correspondent lenders and mortgage lenders should
apply for this type of approval if they want to do any of the following
lender functions in addition to origination: underwriting, servicing
and owning any type of FHA insured loan.
Supervised
Loan Correspondent: Banks, savings banks and credit unions should
apply for this type of approval if they only want to originate Title
II single family loans and/or Title I loans.
Supervised
Mortgagee: Banks, savings banks and credit unions should apply
for this type of approval if they want to do any of the following
lender functions in addition to origination: underwriting, servicing
and owning any type of FHA insured loan.
Government
Mortgagee: Federal, State and local government agencies should
apply for this type of approval if they want to do any of the following
lender functions: origination, underwriting, servicing and owning
any type of FHA insured loan.
Investing
Mortgagee: Any entity that only wants to own FHA insured loans
should apply for this type of approval.
All
approval types, except an investing mortgagee, can fund FHA loans.
The
requirements for each type of FHA lender approval are at:
FHA lender approval requirements.
FHA
Lender Application Packages are at:
Title
I Lender Application Package
Title
II Lender Application Package
Please
visit HUD's comprehensive Lenders
Page for more links.
Comments and Questions
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