Small Supervised Mortgagee
A Small Supervised Mortgagee is a member of the Federal Reserve System, or regulated by FDIC, OCC, or NCUA, with consolidated total assets of less than $500 million at the beginning of the fiscal year.
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Eligibility Requirements for FHA Program Approval
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Online Application Attachment Category
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Required Documentation
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Standards
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Financial Requirements
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Required Financial Statements
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Unaudited regulatory report (Call Report);
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- 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
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Errors and Omissions Insurance
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Errors & Omissions Insurance
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Full Policy
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- $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
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Fidelity Bond
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Fidelity Bond
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Full Policy
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- $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
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Quality Control Plan
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Quality Control Plan
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Quality Control Plan
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- Plan must include all requirements from the Handbook 4000.1 Section V.A.1 through V.A.4
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State License or Registration
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State License or Registration
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Charter certificate
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- Active chartered institution
- Alternative document can be NMLS registration showing an Approved, Active license
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Ownership and Personnel
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Resume(s)
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Resume for Officer in Charge
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- 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
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