How to Get a FHA Mortgage License as a “Loan Correspondent” (Broker)
Getting an FHA license can be a bit complex so it’s good to know what steps you will need to take to get the license. Obtaining your FHA approval takes a bit of hard work and some financial investment, but it’s time and money well invested. Given the tightening of available mortgage products to persons with less than perfect credit or with more limited equity in their homes, FHA loan products are a great source for new loan origination business in this ever changing mortgage market. You really need to be FHA approved to push your mortgage business to growth and prosperity.
To obtain your FHA mortgage license, your application will need to be submitted to the US Department of Housing and Urban Development (HUD) by your sponsoring lender. Here’s some of the initial requirements that you and your company will need to meet:
• You will need to meet certain experience levels and have a mortgage company setup that is already licensed in at least one state.
• Your company will need to meet certain net worth and liquid cash requirements.
• You will need to download the appropriate forms from the US Department of HUD website or from your sponsoring lender’s website.
• You will need to print out the appropriate HUD Mortgagee Approval Handbooks that explain how to get a FHA License.
• You need to have a clean record- no convictions involving monetary crimes.
• You cannot be listed on any of HUD’s ineligible lists of persons, such as a limited denial of participation list.
• You cannot plan on originating FHA loans as a net branch of another lender.
• You will need to work with a sponsoring lender that already is approved by HUD to fund FHA loans. This lender will assist you with the sponsorship of your FHA approval.
These are just a few of the initial requirements with you need to become familiar.
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