What are the standards for the officer in charge of an FHA-approved Mortgagee?

The Officer in Charge is the Corporate Officer designated to manage and direct the Mortgagee’s FHA operations.  The Mortgagee must designate as the Officer in Charge, a full-time Corporate Officer who is exclusively employed by the Mortgagee and has at least three years of experience in the specific Mortgagee functions or activities that the Mortgagee is approved to perform, including:
  • originating or servicing Single Family or multifamily Mortgages;
  • investing funds in real estate mortgages; or
  • managing other individuals performing these services.
A Corporate Officer’s experience in real estate sales or brokerage does not qualify. 

Exception for Officer in Charge of an Investing Mortgagee Without Servicing Activity
  • An Officer in Charge of an Investing Mortgagee without servicing authority is not required to be exclusively employed by the Mortgagee.

FHA Single Family Housing Waivers are available at: https://www.hud.gov/program_offices/administration/hudclips/waivers/

For additional information see Handbook 4000.1 I.A.3.c.iv(B)(2) available at: https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh
 

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-02064