Does "Corporate Officer" include a Member of the Board of Directors?

A Corporate Officer of a Nonsupervised or Investing Mortgagee refers to a natural person who serves as one of the following positions for the Mortgagee: 
  • Owner 
  • President 
  • Vice President
  • Chief Operating Officer 
  • Chief Financial Officer 
  • Director
  • Corporate Secretary 
  • Chief Executive Officer 
  • General Counsel 
  • Chairman of the Board 
  • General Partner
  • Member or Manager of an LLC 
 
A Corporate Officer of a Supervised or Government Mortgagee refers to a natural person who serves as one of the following positions for the Mortgagee: 
  • President 
  • Vice President in charge of managing or overseeing any aspect of the Mortgagee’s FHA business 
  • Chief Operating Officer
  • Chief Financial Officer
  • Director 
  • Corporate Secretary
  • Chief Executive Officer 
  • General Counsel
  • Chairman of the Board 
  • General Partner
  • Specifically designated staff member(s) of a Government Mortgagee 
 
The definition of corporate officer does not include a member of the Board of Directors who does not also hold another office as “Corporate Officer.” 
 
For additional information see Handbook 4000.1 I.A.3.c.iv.(B) 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-03275