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liverichly
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Joined: 02 Feb 2009
Posts: 4
Location: Aliso Viejo, CA

Re: FHA FUll Eagle Able to broker?
PostPosted: Sat Apr 09, 2016 1:25 am Reply with quoteBack to top

This is good info. Appears the 4000.1 provides more clarity that FHA loans can be brokered out by unconditional DE authority mortgagees to another FHA lender:

Quote:
iv. Principal/Authorized Agent Relationship
Definition (A)
A Principal/Authorized Agent Relationship is one in which a Mortgagee with Unconditional DE authority permits another DE-approved Mortgagee to underwrite Mortgages on its behalf.
Standard (B)
A Mortgagee with Unconditional DE authority (acting as the “principal”) can designate another DE-approved Mortgagee to act as its “authorized agent” for the purpose of underwriting Mortgages. A sponsored Third-Party Originator (TPO) may not act as a principal or authorized agent.
(1) Required Authorities
The authorized agent must have Unconditional DE authority to underwrite the type of Mortgage that is being underwritten. The Mortgagees must be approved as follows.
To originate forward Mortgages:
 the principal may have Unconditional DE authority for either forward Mortgages or HECM; and
 the authorized agent must have Unconditional DE authority for forward Mortgages.
To originate HECM:
 the principal may have Unconditional DE authority for either forward Mortgages or HECM; and
 the authorized agent must have Unconditional DE authority for HECM.
(2) Process
The principal must originate the Mortgage and the authorized agent must underwrite the Mortgage. The Mortgage may close in either Mortgagee’s name, and either may submit the Mortgage for insurance endorsement.
Required Documentation (C)
The relationship must be documented in FHAC by the authorized agent, and the principal’s FHA Lender ID must be entered in the “Originator” field on the FHA case file and in FHAC.

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