Nonsupervised Mortgagee (Full-Eagle) Application Package Checklist
Chapter and Paragraph references in this checklist are to parts of the Title II Mortgagee Approval Handbook 4060.1, Rev-2 Download Here
✔️ FHA Lender Approval Application Form 11701 to be completed online.
✔️ Items 7, 8, 12 and/or 13 not filled in.
✔️ Item 11: Did not check Mortgage Co./Finance Co. Box
✔️ Item 14: Did not include SSN and TAX ID numbers which FHA uses to verify no officer or owner is debarred or suspended by any Federal government agency or has defaulted on any government assisted loan (includes FHA, VA and student loans) Paragraph 2 10
✔️ Item 14: Checked more than one officer in charge of day-to-day operations. Please check only one officer.
✔️ Item 5: Did not check box for non-supervised (not loan correspondent)
✔️ Item 6: Did not check box for Mortgage Co./Finance Co.
✔️ Items 9: or 11 not filled in
✔️ Item 10: If you only want to originate, only check boxes for Title I originations and/or Title II 1-4 Family Mortgages.. If you want to also underwrite, service and/or own, check the service boxes. You can also check the multifamily boxes.
If only applying for Title I approval, please see the Title I Lender Approval Handbook 4700.2, Title I Letters 469, 478 and 2003-01 Download Here. For Title I there is no liquidity requirement.
✔️ $1,000 Application Fee: Pay Online
✔️ Copy of LLC Articles of Organization and Operating Agreement, if applicable: Must have 2 members, minimum 10 year term and provide for succession. Paragraphs 2-2(C) and 3-3(B)
✔️ Partnership Agreement Information, if applicable: Must include names and TAX IDs of general partners, names and SSNs of managing general partner’s officers and directors, evidence that principal business activity of managing general partner meets FHA requirements and minimum of 10 year term. Paragraphs 2-2(B) and 3-3(A)
✔️ State DBA Approval, If applicable: Include copy of State certificate for use of the DBA, Fictitious or Assumed Name. Paragraphs 2-4 and 3-2(A)8
✔️ Copy of State License or Registration or documentation that applicant is exempt from State license or registration. Paragraphs 2-3 and 3 2(A)7
✔️ Copy of Fidelity Bond : $300,000 minimum covering applicant’s employees and agents. HUD does not have to be the beneficiary. Paragraph 3-2(A)10
✔️ Copy of Errors & Omissions Insurance: $300,000 minimum covering applicant’s employees and agents. HUD does not have to be the beneficiary. Paragraph 3-2(A)11
✔️ Funding Program: Provide evidence of a minimum of $1 million of funding (a letter of credit is acceptable). Paragraphs 3-2(A)13a
✔️ Sanctions Letter: A certification by senior officer of applicant that neither the applicant, nor any of its officers or owners have been denied licensing nor been sanctioned, suspended or debarred by any Government or Regulatory Agency. Paragraphs 2-10 & 3-2(A)14
✔️ Commercial Credit or Dun & Bradstreet Business Report on Applicant: Include explanation of all negative items. Paragraph 3-2(A)4
✔️ Resume(s): Must show that one or more of the senior officer(s) of the applicant has at least 3 years experience in the mortgage operations that the applicant wishes to participate in. Paragraph 3-2(A)5
✔️ Credit Reports on Principals: Provide Tri-Merged or Residential Mortgage Credit Reports on all officers Vice President and above and any owners with 25% or more ownership. Provide written explanations for all negative items. Paragraph 3-2(A)4
✔️ Audited Financial Report: CPA issued GAAS audit less than 12 months old with net worth calculation of at least $1,000,000 with a minimum of 20% liquid assets) Paragraphs 2-5, 2-6 and 3-2(A)6
✔️ Office Facilities: Paragraphs 2-11(A) and 3-2(A)9
✔️ Pictures of office facilities (internal, external and signage)
✔️ A floor plan (may be hand drawn)
✔️ Certification by applicant that its facilities meet FHA requirements. Office must be in separate commercial space.
✔️ Quality Control Plan: Must be plan of applicant, tailored to applicant’s duties with regard to FHA loans. Detailed requirements are in Chapter 7 but it cannot be a copy of this chapter since it explains what the Quality Control Plan must cover and is a guide. Paragraphs 7-1 through 7-12, as appropriate
Submit the application form and its required exhibits online.
See FHA Title II Mortgagee Approval Handbook 4060.1, Rev-2 at:
The processing time for a complete application is 45-60 days depending on the number of other applications in the processing pipeline.