Eligibility Requirements for FHA Program Approval

Online Application Attachment Category

Required Documentation

Standards

Financial Requirements

Required Financial Statements

Unaudited regulatory report (Call Report);

• Call Report must demonstrate the Mortgagee has:
  • $1,000,000 minimum adjusted net worth at all times
  • $200,000 minimum liquid assets at all times
• Call Report date must align with Mortgagee's fiscal year end
• Call Report must be signed and dated by a Corporate Officer in ink
• If the end date for Call Report corresponding with the Mortgagee's fiscal year end is more than 6 months old, the Mortgagee must also submit a Call Report, signed and dated by a Corporate Officer in ink, for the most recent interim accounting period ending less than three months prior to submission of the FHA application
• Call Report must still demonstrate the Mortgagee has:
  • $1,000,000 minimum adjusted net worth at all times
  • $200,000 minimum liquid assets at all times

Errors and Omissions Insurance

Errors & Omissions Insurance

Full Policy

• $300,000 minimum coverage amount
• Insured Party must be the exact name of the Mortgagee
• Current policy must not expire until after the application process

Fidelity Bond

Fidelity Bond

Full Policy

• $300,000 minimum coverage amount
• Insured Party must be the exact name of the Mortgagee
• Current policy must not expire until after the application process

Quality Control Plan

Quality Control Plan

Quality Control Plan

• Plan must include all requirements from the Handbook 4000.1 Section V.A.1 through V.A.4

State License or Registration

State License or Registration

Charter certificate

• Active chartered institution
• Alternative document can be NMLS registration showing an Approved, Active license

Ownership and Personnel

Resume(s)

Resume for Officer in Charge

• Must cover most recent 7-year period
• Must provide enough detail to demonstrate person has 3 years of experience in the specific Mortgagee functions or activities that the Mortgagee is seeking approval to perform
• Person must be employed exclusively by the Mortgagee