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Mandyvilla
3050 Posts |
 Posted - 03/14/2008 : 11:42:28 AM
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I was asked by a friend that works in a small broker shop, how she could originate FHA loans. Could she just get signed on with a correspondent or must her small office get approved?
I have only worked retail for banks and am clueless on answering her question. FHA approval was never a question. LOL, my first thought was change employers, but that is not possible until year end (if at all). She doesn't want to ask the question w/out understanding what she is asking for. (Like audits, etc)
Can someone give me the basics - I think I know where the answer is, but honestly, this is where my eyes glaze over the words.....audits, net worth...yada yada. I told her I knew the place to find it (you guys). How can a small broker get in on the FHA originations without all the hassle and expense? Reader's Digest version readily appreciated.
TIA.......
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ADAM4680
166 Posts |
Posted - 03/14/2008 : 11:48:57 AM
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she can always utilize someone elses liscense however they would charge her a fee per file. I know that our company is FHA approved in 13 states and a couple guys come in here as outside reps that do close loans under our brokers liscense.
call if you want furhter information.
Adam Owens
949-357-9926 |
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BB
989 Posts |
Posted - 03/14/2008 : 12:01:35 PM
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Tell her to read the Mortgagee Approval Handbook http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/index.cfm
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clarenceworley
3993 Posts |
Posted - 03/14/2008 : 12:02:04 PM
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| TTT for the answer. I am the same as you and never really thought much about it. |
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