| Author |
Previous Topic | Next Topic |
|
acitymortgagelj
250 Posts |
 Posted - 11/04/2009 : 09:20:14 AM
|
| FHA loans in states that touch your state by border without full licensing in that state? If so, if you have a link for confirmation that would be more than appreciated. Please advise. Thanks! |
|
|
|
1stintegritymort
1791 Posts |
Posted - 11/04/2009 : 09:39:45 AM
|
quote:
Originally posted by acitymortgagelj
FHA loans in states that touch your state by border without full licensing in that state? If so, if you have a link for confirmation that would be more than appreciated. Please advise. Thanks!
No, that is not true. You must be licensed in every state you do loans. |
|
|
1003s.com
4162 Posts |
Posted - 11/04/2009 : 10:21:31 AM
|
HUD, may have allowed that type of thing in past, HUD exempts
are going the way of the Edsel. |
|
|
WorldWideWayne
3113 Posts |
Posted - 11/04/2009 : 10:33:59 AM
|
Yes it is true...but almost irrelevant.
Soon you will not need to be a HUD approved broker any longer and that should open up FHA lending in any state you are licensed to do business in.
I am in Illinois so by virtue I can do Wisconsin FHA deals...however I still need to have a WI brokers and LO's license too. |
|
|
jsmith22309
16 Posts |
Posted - 11/04/2009 : 11:08:05 AM
|
HUD allows you to use your FHA Lender ID in any State that is serviced by that Lender ID's HOC. If you need to do loans in a state that is not serviced by that HOC, then you'll need to apply for a Lender ID for that new HOC.
States require you to be licensed as a company/branch/ and or LO. Each state is different. |
|
|
1003s.com
4162 Posts |
Posted - 11/04/2009 : 2:20:35 PM
|
quote:
Originally posted by jsmith22309
HUD allows you to use your FHA Lender ID in any State that is serviced by that Lender ID's HOC. If you need to do loans in a state that is not serviced by that HOC, then you'll need to apply for a Lender ID for that new HOC.
States require you to be licensed as a company/branch/ and or LO. Each state is different.
HUD REGS do ___not trump state REGS, as Wayne
indicated above. In the past many states would
allow brokers exempt status as long as they
complied with the states bonding requirements.
Those days are over.
|
|
|
johnnyboy38109
4363 Posts |
Posted - 11/05/2009 : 05:18:07 AM
|
quote:
Originally posted by WorldWideWayne
Yes it is true...but almost irrelevant.
Soon you will not need to be a HUD approved broker any longer and that should open up FHA lending in any state you are licensed to do business in.
I am in Illinois so by virtue I can do Wisconsin FHA deals...however I still need to have a WI brokers and LO's license too.
No, its not true.
Where on God's green Earth do you all come up with this stuff?
HUD requires you to be adequately licensed in every state you're in, according to that state's requirements. |
|
|
LO1003
447 Posts |
Posted - 11/05/2009 : 10:43:23 AM
|
| LO's in Tennessee would have had a field day if true. It borders 8 states. |
|
|
WorldWideWayne
3113 Posts |
Posted - 11/05/2009 : 12:22:21 PM
|
quote:
Originally posted by johnnyboy38109
quote:
Originally posted by WorldWideWayne
Yes it is true...but almost irrelevant.
Soon you will not need to be a HUD approved broker any longer and that should open up FHA lending in any state you are licensed to do business in.
I am in Illinois so by virtue I can do Wisconsin FHA deals...however I still need to have a WI brokers and LO's license too.
No, its not true.
Where on God's green Earth do you all come up with this stuff?
HUD requires you to be adequately licensed in every state you're in, according to that state's requirements.
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/05-40ml.doc
Per HUD letter above Tennessee gets:
Alabama
Arkansas
Georgia
Illinois
Indiana
Kentucky
Mississippi
North Carolina
South Carolina
Tennessee
Still gotta be state licensed however...
|
|
|
1stintegritymort
1791 Posts |
Posted - 11/05/2009 : 1:06:01 PM
|
| Right, all that means is that you are able to use your FHA Lender ID and do full income qualifying and appraisals. You still need a state license to do loans in those states. The OP asked if you are able to close them without being licensed. The answer is no. You must be licensed in every state you originate. The HOC is just a way to know which states your Lender ID covers. If you are licensed in TN and CA, you can't use your Lender ID for CA. You could do a streamline without appraisal and that is it. |
|
|
WorldWideWayne
3113 Posts |
Posted - 11/05/2009 : 1:45:29 PM
|
>>>You must be licensed in every state you originate.
Which is what I said two times now... |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
