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ELISEC
94 Posts |
 Posted - 03/17/2008 : 2:55:56 PM
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We are a small brokerage and considering to go net branch to have FHA capabilities... Is there any other way to get FHA approved with out going with an FHA approved net branch. I've heard of lenders sponsering your FHA license but know nothing about it.
Thanks in advance,
Elise |
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1stintegritymort
1298 Posts |
Posted - 03/17/2008 : 3:03:24 PM
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| you would need a financial audit to show 63k net worth, company and personal credit report, photos of your office with signage, sketch drawing of your office, business references, resume, quality control plan, and a few other small things. the financial audit usually is what keeps brokers from getting approved themselves. the audit alone will cost roughly 5k. also, the fha approval only allows you to originate fha loans in your designated region. for example, if you are in florida and want to do an fha in california, you can not do so. a sponsoring lender is easy to find. that is not a big deal. but they will not get you approved. |
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gsgroupinc
2035 Posts |
Posted - 03/17/2008 : 3:24:54 PM
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| you can apply for a direct lending branch which can exist in your same location however you need higher net worth = 88K but allows you to do FHA anywhere you are licensed! |
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1stintegritymort
1298 Posts |
Posted - 03/17/2008 : 4:15:54 PM
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quote:
Originally posted by gsgroupinc
you can apply for a direct lending branch which can exist in your same location however you need higher net worth = 88K but allows you to do FHA anywhere you are licensed!
that is for a full eagle right? dont you need a warehouse line? |
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BANKNNYC
75 Posts |
Posted - 03/17/2008 : 4:21:44 PM
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I CAN GET YOU A NET BRANCH ASAP IF YOU NEED TO.. AND YOU'LL BE ABLE TO SUBMITT YOUR FHA DEALS IN HOUSE,
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gsgroupinc
2035 Posts |
Posted - 03/17/2008 : 4:23:20 PM
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quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by gsgroupinc
you can apply for a direct lending branch which can exist in your same location however you need higher net worth = 88K but allows you to do FHA anywhere you are licensed!
that is for a full eagle right? dont you need a warehouse line?
No I am Mini without a warehoulse line |
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1stintegritymort
1298 Posts |
Posted - 03/17/2008 : 4:44:25 PM
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quote:
Originally posted by gsgroupinc
quote:
Originally posted by 1stintegritymortgage
quote:
Originally posted by gsgroupinc
you can apply for a direct lending branch which can exist in your same location however you need higher net worth = 88K but allows you to do FHA anywhere you are licensed!
that is for a full eagle right? dont you need a warehouse line?
No I am Mini without a warehoulse line
i never heard of this... do you have a link with more information? i was told by HUD you need an office in each region. |
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gsgroupinc
2035 Posts |
Posted - 03/17/2008 : 4:48:36 PM
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http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601c5HSGH.pdf
CUT AND PASTE
refer to item 5-8 |
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1stintegritymort
1298 Posts |
Posted - 03/17/2008 : 4:59:10 PM
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quote:
Originally posted by gsgroupinc
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601c5HSGH.pdf
CUT AND PASTE
refer to item 5-8
thanks... and thats for a non supervised correspondent? looks like i may have to put in for it. how long did your approval take for that? if you are FHA Approved, it should not take 3 to 6 months like everyone else who is seeking their initial approval correct? |
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gsgroupinc
2035 Posts |
Posted - 03/17/2008 : 5:02:39 PM
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yes 3-6 months
sinced the close approvals at times then open them back up periodically. I did not know approval was closed when I sent mine in they informed when that it was reopend when thye approved me 3-4 months later |
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1stintegritymort
1298 Posts |
Posted - 03/17/2008 : 5:13:54 PM
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| i dont know why it took you so long. it only took me 3 weeks. i used federal mortgage licensing. i will see what they say about it. maybe he has some connection there? i dont know. thanks for the info though. i appreciate it. |
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gsgroupinc
2035 Posts |
Posted - 03/17/2008 : 5:15:20 PM
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quote:
Originally posted by 1stintegritymortgage
i dont know why it took you so long. it only took me 3 weeks. i used federal mortgage licensing. i will see what they say about it. maybe he has some connection there? i dont know. thanks for the info though. i appreciate it.
for your branch??? |
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1stintegritymort
1298 Posts |
Posted - 03/17/2008 : 5:22:00 PM
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quote:
Originally posted by gsgroupinc
quote:
Originally posted by 1stintegritymortgage
i dont know why it took you so long. it only took me 3 weeks. i used federal mortgage licensing. i will see what they say about it. maybe he has some connection there? i dont know. thanks for the info though. i appreciate it.
for your branch???
just one company with a corporate office... no branches. he got the initial approval. we sent it in september and got the approval in october. maybe we sent it in at the right time, i dont know? it took them about a week to log it in their system and then they approved the first time they looked at the file. at the time we were only licensed in maryland so he probably did not ask me if i wanted the direct lending branch. i was under the impression you still had to have 12 offices to cover all the regions and then you could get the direct lending branch. i guess i was wrong. good to know that i can get it now because i did not want to have to open up numerous branches to do nationwide fha. |
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gsgroupinc
2035 Posts |
Posted - 03/17/2008 : 5:26:51 PM
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| I have been approved for years I was talking about getting my Direct Lending Branch approval--- it took a few months. |
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