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sammynega
13 Posts |
 Posted - 05/20/2008 : 11:00:19 AM
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| Does any one know what the requirments of becoming HUD approved broker to be able to originate FHA loans in Texas? How long does the process takes? Please let me know the major requirements for an approval. Thanks in advance for your time. |
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Ging
128 Posts |
Posted - 05/20/2008 : 11:18:50 AM
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at least 120 days go to one of the work shops put on by your local HUD FHA office they are free. subscribe to jerrold.h.mayer@hud.gov they list all the up comming training as well as new FHA mortgagee letters.
company audited $63,000 net worth 3 yrs experience on one of FHA web pages are all the forms. have patience they are over whelmed |
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BB
989 Posts |
Posted - 05/20/2008 : 11:22:42 AM
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Here are a few places to start
http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-05.cfm you will want the Title II package
Go to hudclips and read the 4060.1
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/index.cfm
and then check out these two services
http://www.lenderlicense.com/
http://www.federalmortgagelicensing.com/FHA_HUD_Approval_Specialists.asp
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michellec
150 Posts |
Posted - 05/20/2008 : 11:23:37 AM
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| Another option is to work for a company that is already FHA approved. |
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sammynega
13 Posts |
Posted - 05/20/2008 : 11:41:09 AM
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quote:
Originally posted by michellec
Another option is to work for a company that is already FHA approved.
Thanks for your suggestion, Michellec. I just wanted to avoid giving up all the fees to another broker if I could get the license myself. I have talked to a few of the FHA approved brokers and lenders and most of them want 25% split plus some flat fee per file in addition to giving up my broker license and pay fees on my conventional loans at the same time. I do about 5 to 7 loans per months and if I have to pay another broker a 25% fee that equates to be about giving up 2 full files every month. Hopefully, there is some reasonable broker out there who only charges a flat fee or like a 10% per file. |
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michellec
150 Posts |
Posted - 05/20/2008 : 11:45:32 AM
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quote:
Originally posted by sammynega
quote:
Originally posted by michellec
Another option is to work for a company that is already FHA approved.
Thanks for your suggestion, Michellec. I just wanted to avoid giving up all the fees to another broker if I could get the license myself. I have talked to a few of the FHA approved brokers and lenders and most of them want 25% split plus some flat fee per file in addition to giving up my broker license and pay fees on my conventional loans at the same time. I do about 5 to 7 loans per months and if I have to pay another broker a 25% fee that equates to be about giving up 2 full files every month. Hopefully, there is some reasonable broker out there who only charges a flat fee or like a 10% per file.
Contact 1003s.com on this board. He may be able to help you out in getting set up with another company. You can also check out www.ascenthomeloans.com or do a search for net branches and you will get a ton of results. |
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bmoran
1083 Posts |
Posted - 05/20/2008 : 11:46:43 AM
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quote:
Originally posted by sammynega
quote:
Originally posted by michellec
Another option is to work for a company that is already FHA approved.
Thanks for your suggestion, Michellec. I just wanted to avoid giving up all the fees to another broker if I could get the license myself. I have talked to a few of the FHA approved brokers and lenders and most of them want 25% split plus some flat fee per file in addition to giving up my broker license and pay fees on my conventional loans at the same time. I do about 5 to 7 loans per months and if I have to pay another broker a 25% fee that equates to be about giving up 2 full files every month. Hopefully, there is some reasonable broker out there who only charges a flat fee or like a 10% per file.
That will seem cheap after you get audited financials every year and jump through all the other hoops HUD wants. Don't look at what you give up look at what you gain. |
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sammynega
13 Posts |
Posted - 05/20/2008 : 12:05:55 PM
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quote:
Originally posted by bmoran
quote:
Originally posted by sammynega
quote:
Originally posted by michellec
Another option is to work for a company that is already FHA approved.
Thanks for your suggestion, Michellec. I just wanted to avoid giving up all the fees to another broker if I could get the license myself. I have talked to a few of the FHA approved brokers and lenders and most of them want 25% split plus some flat fee per file in addition to giving up my broker license and pay fees on my conventional loans at the same time. I do about 5 to 7 loans per months and if I have to pay another broker a 25% fee that equates to be about giving up 2 full files every month. Hopefully, there is some reasonable broker out there who only charges a flat fee or like a 10% per file.
That will seem cheap after you get audited financials every year and jump through all the other hoops HUD wants. Don't look at what you give up look at what you gain.
Thanks Bill. I am loking what I am gaining. First, I will gain up to full files every month, the files the other broker would not keep as a result of the 25% commision split. Second, just to be able to do 2 FHA files per month, I give up my conventional files since I have to surrender my brokerage license. Additionally, once I am an approved FHA broker, I will want to recruit other loan officers to work with in my brokersgae with a fair amount of commission split, say 10% of the revenue plus the processing fee. Hopefully, I will finder a broker that will charge me no mre than 10% or sdo and not have to get licensed. |
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ZoolanderMSM
188 Posts |
Posted - 05/20/2008 : 12:08:27 PM
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quote:
Originally posted by BB
Here are a few places to start
http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-05.cfm you will want the Title II package
Go to hudclips and read the 4060.1
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/index.cfm
and then check out these two services
http://www.lenderlicense.com/
http://www.federalmortgagelicensing.com/FHA_HUD_Approval_Specialists.asp
BB, you always have great posts! |
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djorge44
1206 Posts |
Posted - 05/20/2008 : 12:08:29 PM
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| If you are doing 7 loans a month now than 63K net worth should be easy to get. |
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sammynega
13 Posts |
Posted - 05/20/2008 : 12:42:10 PM
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quote:
Originally posted by BB
Here are a few places to start
http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-05.cfm you will want the Title II package
Go to hudclips and read the 4060.1
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/index.cfm
and then check out these two services
http://www.lenderlicense.com/
http://www.federalmortgagelicensing.com/FHA_HUD_Approval_Specialists.asp
Thanks very much for your very helpful info. I went to the sites and got very useful info. Thanks again. |
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