Lender eligibility.

CFR · 2024-01-01 · US · Title 7

A lender must meet the requirements described in this section to be approved for participation in the SFHGLP. (a) (1) A State Housing Agency; (2) A lender approved as a supervised or nonsupervised mortgagee by HUD with direct endorsement authority for submission of applications for Federal Housing Mortgage Insurance; (3) A supervised or nonsupervised mortgagee with authority to close VA-guaranteed loans on the automatic basis; (4) A lender approved by Fannie Mae for single-family loans; (5) A lender approved by Freddie Mac for single-family loans; (6) A Farm Credit System institution that provides documentation of its ability to underwrite and service single-family loans. Lenders who are a Farm Credit System lender with direct lending authority meet demonstrated ability; (7) A lender participating in other Rural Development or Farm Service Agency guaranteed loan programs that provide documentation of its ability to underwrite and service single family loans. Documentation criteria for other Rural Development or Farm Service Agency guarantee loan programs require an active lender agreement; or (8) A Federally supervised lender that provides documentation of its ability to originate, underwrite, and service single-family loans. Acceptable sources of supervision include: (i) Being a member of the Federal Reserve System. (ii) The Federal Deposit Insurance Corporation (FDIC). (iii) The National Credit Union Administration (NCUA). (iv) The Office of the Comptroller of the Currency

official document · source cfr-2024 · id 7:§ 3555.51