FHA Sponsor

Learn how to get FHA approval with a Sponsor 

FHA Mini Eagle /  Loan Correspondent Approval

Below please find the information on how to obtain your mini eagle.

If you wish your mortgage operation to be sponsored for an FHA Loan Correspondent Approval, 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 all senior corporate officers.
• Certified (Original) Audited financial statements with a computation of adjusted net worth (must be at least $63,000. 20% of assets must be liquid). Financials cannot be over 1 year old.
• Current State Banking/Broker License
• State dba approval, if applicable*
• 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 Plan (see note 4 below)

Notes

(1) Acceptable Business Types:
Corporations*, Partnerships*, or other chartered 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 off space must be:
    (1) separate and apart from any other entity,
    (2) in a location conducive to mortgage lending and
    (3) 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 Rev 2. If you do not already have a written Quality Control Plan, Quality Mortgage Services, (615) 591-2528 x24 can prepare it for you.

*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.

Click here to order a FHA Quality Control Plan for FHA sponsorship