What is a corporate officer?

A Corporate Officer of a Nonsupervised and Investing Mortgagee is a natural person who serves as one of the following positions:

  • Owner;
  • President; 
  • Vice President in charge of managing or overseeing any aspect of the Mortgagee's FHA business;
  • Chief Operating Officer (COO);
  • Chief Financial Officer (CFO);
  • Director;
  • Corporate Secretary;
  • Chief Executive Officer (CEO);
  • General Counsel;
  • Chairman of the Board;
  • General Partner; or
  • Member or manager of a Limited Liability Company (LLC). 

A Corporate Officer of Supervised and Government Mortgagees is a natural person who serves as one of the following positions:

  • President;
  • Vice President in charge of managing or overseeing any aspect of the Mortgageeā€™s FHA business;
  • Chief Operating Officer (COO);
  • Chief Financial Officer (CFO);
  • Director;
  • Corporate Secretary;
  • Chief Executive Officer (CEO);
  • General Counsel;
  • Chairman of the Board;
  • General Partner; or 
  • Specifically designated staff member(s) of a Government Mortgagee. 

The Mortgagee must ensure that no Corporate Officers are suspended, debarred or otherwise excluded from participation in FHA programs. Corporate Officers may only represent a single Mortgagee, unless the following criteria are met:

  • the Entities represented have some or all of the same Corporate Officers or Principal Owners; and
  • there is a clear and effective separation of the Entities, and Borrowers know at all times exactly which Entity is being represented and with whom they are conducting business

 
For additional information see Handbook 4000.1 I.A.3.c.iv.(B)(1) 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-02437