The two most important points of this Mortgage Letter is that lenders now can originate FHA loans nationwide without each branch being approved. They must adhere to local and state standards, obviously.
Secondly, FHA reiterates their policy against net branches. All branches must be “corporate,” which means, among other things, the corporate office must pay all branch expenses directly.
For the full content of the letter, go to: https://originationpro.wordpress.com/wp-admin/post-new.php?post_type=post
|September 23, 2011 Mortgagee Letter 2011-34 To:||FHA Approved Lenders and Applicants for FHA Lender Approval
||Revised Lender Approval Requirements
|Purpose of Mortgagee Letter
||The purpose of this Mortgagee Letter is to announce changes to the requirements for obtaining, maintaining and utilizing an entity’s FHA lender approval.
||All requirements in this Mortgagee Letter are effective immediately.