FHA/HUD Non-Supervised Licensing Support

Helping Lenders Navigate the Federal Application Process

While Lenders seeking FHA/HUD Non-Supervised Licensing approval are required to submit an application containing all information and documentation needed to demonstrate eligibility for approval, there are also associated fees to be aware of. This approval process specifically applies to lenders seeking to participate in Single Family and Multifamily loan programs.

As you should expect, MLG is well prepared to assist Lenders in their quest to achieve FHA/HUD Non-Supervised Licensing. We are familiar with the time constraints, documentation, and eligibility requirements needed for approval and will assist you in preparing everything needed, prior to beginning the application process.

Non-Supervised Mortgagee: Lending institutions whose principal activity is the lending or investing of funds in real estate mortgages, consumer installment notes, similar advances of credit, the purchase of consumer installment contracts from a directly related field. A directly related field means the lending or investing of funds in real estate mortgages, not simply actions relating to real estate in general.

bigstock Handwriting Text LFHA/HUD Non Supervised Application Includes:

  • Coordination and analysis of company structure, history, executive officers, directors, and qualifying persons for the FHA/HUD required narrative of company’s scope of operations
  • Provide contact with requirements needed by the company and qualifying persons for licensing
  • Complete electronic applications and prepare all supporting documentation for the company
  • Review of officer resumes and update as needed
  • Thorough review of audited financials

If you choose MLG to complete your license (federal and other third-party fees still apply).

What to Expect During the Licensing Process

Net worth requirements:

  • Current to the most recent fiscal year end, please provide Certified Audited Financials reflecting a net worth of $1,000,000 (adjusted, and must reflect 20% liquidity) – If the most recent fiscal year end is greater than 60 days past please provide interim financial statements less than 30 days old
  • Review QC policies and procedures for compliance. Will provide QC P&P if none available.

Review of Facility Requirements:

Expect that the company to be licensed must maintain facilities separate and apart from any other entity and must be conducive to mortgage lending and must be clearly identified to the public. MLG will need to include in the application package visual evidence of compliance with these requirements. That evidence MUST include digital pictures of:

  • Floor plan (actual floor plan of office space)
  • Inside and outside photos of the facility, front door reflecting the name of the company
  • Photo of inside directory with name of the company to be licensed and any signage outside of the facility.
  • Submit the completed applications to the licensing contact or directly to the FHA/HUD
  • Follow-up with FHA/HUD regarding current status of pending application
  • Monitor pending applications and respond to any additional requests
  • Licensing contact updated on status of open and pending applications

In order to avoid surprises during the FHA/HUD Non-Supervised Licensing process you will need to be aware of all required fees. Subsequently, MLG’s FHA/HUD Non-Supervised Licensing Support was designed to ensure you are aware of the costs and steps needed to help you successfully obtain and keep your license.

Call us today for FHA/HUD Non-Supervised Licensing support! We make federal licensing easy.

Consult with us today!

Call (866) 576-7726 or email us at info@mymortgagelicense.com