Lender Qualifications

Overview

Under the Section 184 Program, loans may be made and serviced only by eligible qualified lenders. Lenders must comply with their supervisory agency's requirements concerning net worth, staffing, geographic authorities and industry relationships (such as FHA's Sponsor/Loan Correspondent agreements).

Qualified lenders include...

1. Lenders who are approved by the Federal Housing Administration , U.S. Department of Housing and Urban Development, for participation in the single-family mortgage insurance program under Title II of the National Housing Act.

2. Lenders authorized by the US Department of Veterans Affairs to originate automatically guaranteed housing loans under Section 1802(d), Chapter 37, Title 38, of the US Code.

3. Lenders approved by the US Department of Agriculture to make loans for single family housing under the Housing Act of 1949.

4. Lenders who are supervised, approved, regulated, or insured by any agency of the Federal government.

5. Entity seeking lending approval via Mortgage Letter 98-3 (see letter for approving criteria)

A lender meeting any of the above criteria should submit the items below to:

U.S. Department of Housing and Urban Development
Program Office of Native American Programs
Office of Loan Guarantee
1670 Broadway, 23rd Floor
Denver, CO 80202
1-800-561-5913, or (303) 675-1615 for Deanna Lucero

Items that must be submitted to the 184 program office

• On letterhead, the name and address of lender
• FHA approval/lender number
• Direct Endorsement Status (where approved)
• Name, address and FHA approval numbers for branch offices originating loans
• Other type of approval (Bank supervised, approved, regulated or insured by another agency of the Federal government
• The sponsor/loan correspondence agreement
• VA or Rural Development approval: provide approval letter and lender number
• State in which you will be originating loans and address of office
  Name and location of the entity that will be processing the loans
• Name and location of the entity that will be servicing the loans

The 184 Office will review the documentation for approval. If approved, the lender will be added to the list of Section 184 lenders. The lender will be approved to originate 184 loans in the same jurisdictions the lender is approved to originate FHA, VA or Rural Development loans.

If you need assistance, please contact the Section 184 Office at 1-800-561-5913.