FHA / HUD Correspondent Lender (mini-eagle) License

American Mortgage Licensing provides complete service that will grant your company full FHA approval as quickly as possible. We handle the entire licensing process to ensure that your company is approved on time and with as little effort as possible on your end. Congress has been playing with the idea of a Surety Bond that would potentially replace the audited financial and net worth requirement, but there is no telling when and if this bond will be available.

By now we all know that FHA approval is essential if your company is to remain competitive in the mortgage industry. AM Licensing will assist in structuring the most optimal solution for your company. That may mean forming a new company in order to save on audited financials, it may mean auditing your current company, or you may want to start the process and wait on the bond. It really just depends on your company's financial situation, but we offer solutions for every client.

To obtain your HUD/FHA License through American Mortgage Licensing your fee would be $1,500 for AM Licensing's services and this includes an FHA approved Quality Control Plan. A Quality Control Plan is worth this price alone. The fee paid directly to HUD is an additional $1,000 and is not due until the application is ready to be filed.

What are the CURRENT requirements to obtain a license?

Currently, in order to obtain a loan correspondent license (the equivalent of a mortgage broker), you must meet the following:

• Have a corporation, partnership or LLC (2 members or more for LLC/Partnerships)
• Senior officer with at least 3 years or more experience
• Office must be commercially zoned
• Letter from a sponsoring lender (we can assist if you don't have one)
• Audited Financial Statement from a CPA attesting to at least $63,000 in company net worth

What are the Fees?

American Mortgage Licensing Service Fee		$1,500
FHA Filing Fees		$1,000

How do I Start the Process?

To begin your project immediately, contact American Mortgage Licensing at 866.588.6600, or use the form below below to request a proposal. We also license brokers and lenders in all 50 states and the US Virgin Islands and Puerto Rico.

We are also providing an option for those companies that will only be able to apply under the proposed new requirements (no audited financials).

To apply under this option you may pay a non-refundable fee of $750 and we will complete the entire process with the exception of the surety bond since the bond does not yet exist. If the proposed bill is approved, we will file for the bond and invoice you for the remaining $750. This option allows your company to virtually complete the process with exception of the bond, thereby saving the amount of time that you will have to wait for approval.