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lotusland
Dud?


Joined: 19 Jul 2011
Posts: 1

FHA Principal- Authorized Agent Relationship
PostPosted: Tue Jul 19, 2011 12:51 am Reply with quoteBack to top

Did HUD discontinue this?

According to the current handbook it is alive and well. The reason I ask is because my company has full Title II approval and we have a DE Underwriter on staff. we wish to close and fund FHA loans to get around the comp restrictions but do not want the UW risk.

I have one investor who is allowing this but my favorite invetsor is telling me that this went away July 1, 2011. I believe they are confusing Authorized Agent relationships with the former loan correspondent sponsorship that was allowed beyond 1/1/11 for former loan correpsondents who needed time to get their full Title II Approval.
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contrarian
Dud?


Joined: 18 Sep 2008
Posts: 2
Location: cleveland,oh

Re: FHA Principal- Authorized Agent Relationship
PostPosted: Tue Jul 19, 2011 7:54 pm Reply with quoteBack to top

I believe your favorite investor is either wrong or over-reaching on their interpretation.

I believe your company is fine as you have the full eagle approval, and DE underwriter on staff. Whether an investor still chooses to allow you to submit files for them to underwrite, would be their choice. IMO

I work for a wholesale investor that would still underwrite your files as your scenario is NOT an AA, as far as we (and I) are concerned.
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