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FHA Pre-Licensing Checklist

Here are the most common licensing issues facing new FHA license applicants. For a complete list of FHA licensing requirements, consult the applicable FHA Handbooks. Better yet – call us to take the mystery out of FHA licensing.

  • Company CPA-audited financial statements (no more than 12 months old).
  • Net Worth (initial approval) – Subject to additional FHA net worth and liquid asset rules:
    Non-Supervised Mortgagee: $1,000,000
    Liquidity – At least 20% of required adjusted net worth — must be in liquid assets.
  • Warehouse line of credit (Non-Supervised Mortgagees).
  • No sole proprietors.
  • LLC member restrictions.
  • Commercial office space.
  • Qualified, full-time, single-employment, principal corporate officer.
  • Dual employment restrictions. (CA BRE brokers – pay attention!)
  • Outsourcing restrictions.
  • FHA compensation restrictions.
  • Background checks (credit, criminal, regulatory).
  • No “Net Branching”.

IMPORTANT: FHA IS A LENDING PROGRAM – NOT A STATE MORTGAGE LICENSE (REGARDLESS OF YOUR FHA-APPROVED LENDING AREAS)!

The Finance Industry’s Licensing Authority Since 1996