Here is a brief summary of the six basic requirements to become an FHA Correspondent (mini-Eagle). This will allow you to originate FHA loans and broker them to a wide variety of investors. Our approval process helps you meet all requirements and become fully operational as an originator of FHA loans.

• An applicant cannot be a sole proprietorship. The company must be a corporation, an LLC or a partnership, with at least two members. HUD requires additional restrictions for LLC and partnership forms of ownership. The company must have a main office that is a normal business location, not a residence, with exterior and interior signs, and the usual equipment and furnishings needed to run a mortgage lending operation.

• Your company must have an adjusted net worth of $63,000. The entire net worth must be verified to HUD by an audited financial statement, prepared by a Certified Public Accountant (CPA) in accordance with GAAP. If you don’t have audited financials, we’ve partnered with a highly regarded CPA firm that’s very knowledgeable about FHA and HUD requirements. We’ll be happy to set you up with them to get this process moving along quickly and accurately.

• Your company must be currently licensed by its state lending regulatory agency, with no sanctions or restrictions. If a state does not require licensing, that is acceptable to HUD.

• The approval process requires a Quality Control Plan that meets all of the requirements of the applicable FHA, HUD regulations. If you don’t have a Quality Control Plan, we’ll provide you with one that’s HUD approved.

• At least one senior corporate officer, vice president or above must have a minimum of three years experience in the origination of mortgage loans. The corporation, senior officers and major stockholders must have acceptable credit. HUD uses the Mortgage Asset Resource Institute (MARI), as well as its own records, to check the background of applicants for license restrictions, suspensions, debarments, and other negative items which may make individuals or companies ineligible for approval. Applicants may preview the MARI database by going to www.mari-inc.com to determine if there are adverse records.

• A loan correspondent applicant must have a HUD-approved sponsor to underwrite and fund its FHA loan originations. Once a loan correspondent has received its initial HUD approval, additional sponsors may be obtained. If you do not have a sponsor, we can provide with guidance in selecting a sponsor.

We make it a simple process. We'll fill out all the necessary forms and get your application package 100% ready for submission.