Page 30
b. Online Application (04/18/2023)
An applicant seeking FHA approval must submit an online application containing all information and documentation required to demonstrate eligibility for approval as provided in this section. Applicants must ensure that all information contained in and documentation submitted with the application is true, complete, and up to date as of the date of submission of the application.
i. Application Information
(A) Standard
The applicant must provide the following information as part of a completed application for FHA approval:
• general information (such as the applicant name, date the applicant was established, Taxpayer Identification Number (TIN), Nationwide Mortgage Licensing System and Registry Unique Identifier (NMLS ID), etc.);
• contact information (the primary contact information for all inquiries related to the application);
• addresses (the geographic and mailing addresses for the applicant’s home office);
• Mortgagee type (the type of FHA Mortgagee approval being sought: Supervised, Nonsupervised, Government, or Investing);
Page 31
I. DOING BUSINESS WITH FHA A. FHA Lenders and Mortgagees (09/20/2021)
3. Application and Eligibility Requirements for Approval
• Mortgagee function (the functions being sought: originate/underwrite, service, and/or hold);
• FHA program participation (the FHA program participation being sought: Title I, Title II Single Family, and/or Title II Multifamily);
• Corporate Officers (the names, titles, and Social Security Numbers (SSN) for all Corporate Officers who will be directly involved in managing, overseeing, or conducting FHA business and the designated Officer in Charge); and
• Principal Owners (the names, SSN or TIN, and percent ownership).
(B) Required Documentation
The applicant must submit all of the application information in the online application.
ii. Application Documentation
(A) Standard
The applicant must provide supporting documentation to demonstrate that it is eligible for FHA approval.
(B) Required Documentation
The applicant must submit all eligibility documentation listed in the table below that is required for the type of approval being sought. This documentation must be submitted in the online application.
Mortgagee
Investing
Nonsupervised
Government
Supervised
Mortgagee
Mortgagee
Mortgagee
Documents Required for Application
Not Federally
Regulated1
Regulated
Federally
Business Formation Documents ✓ ✓ Commercial Credit Report of Mortgagee ✓ ✓ Credit Reports of Principal Owners and Corporate Officers ✓ ✓
Resumes of Corporate Officers ✓ ✓ ✓ Resume of Officer in Charge ✓ ✓ ✓ ✓ ✓ State License or Registration ✓ ✓ ✓ ✓
Page 32
I. DOING BUSINESS WITH FHA A. FHA Lenders and Mortgagees (09/20/2021)
3. Application and Eligibility Requirements for Approval
Mortgagee
Investing
Nonsupervised
Government
Supervised
Mortgagee
Mortgagee
Mortgagee
Documents Required for Application
Not Federally
Regulated1
Regulated
Federally
Financial Reports ✓ ✓ ✓ ✓ Funding Program ✓ ✓ Fidelity Bond ✓ ✓ ✓ ✓ ✓ Errors and Omissions Insurance ✓ ✓ ✓ ✓ ✓ Quality Control Plan ✓ ✓ ✓ ✓² ✓² 1Federally regulated refers to an entity that is a member of the Federal Reserve System or whose accounts are insured by the FDIC or the NCUA. 2Only applicable to Investing Mortgagees applying for Servicing Authority.
iii. Certification of Compliance
(A) Standard
As part of its application, the applicant, through a Corporate Officer, must complete a series of certification statements that address the applicant’s compliance with FHA requirements.
(B) Required Documentation
The certification statements must be completed in the online application by a Corporate Officer of the applicant who has been included in the list of Corporate Officers in the online application.
(C) Unable to Certify
If an applicant is unable to certify to any of the certification statements, the applicant must submit a detailed explanation in the online application for each certification that it is unable to complete. The document must:
• explain in detail the reason(s) why the applicant is unable to certify;
• be on the applicant’s letterhead;
• be dated;
• be signed by the Corporate Officer who signs the application; and
• contain language certifying that, if approved, the applicant will comply with all FHA requirements.
Page 33
I. DOING BUSINESS WITH FHA A. FHA Lenders and Mortgagees (09/20/2021)
3. Application and Eligibility Requirements for Approval
(D) FHA Review
FHA will review the applicant’s explanation for being unable to certify and communicate to the applicant any additional information or documentation needed to render a final decision regarding the applicant’s ability to complete the application process.
iv. Application Fee
(A) Standard
The applicant must pay a non-refundable application fee when submitting an application for approval. Applicants applying for both Title I and Title II approval, whether simultaneously or separately, will only be assessed a single application fee.
(B) Exception
Applicants applying for approval as Government Mortgagees or applicants organized as nonprofits are not required to pay an application fee.
(C) Required Documentation
The application fee must be submitted as part of the online application.