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Approved lenders and applicants to FHA single-family programs must have a net worth of $1 million plus 1% of total loan volume in excess of $25 million. FHA small business-approved lenders "must possess a minimum net worth of $500,000." Multi-family lenders that also service mortgages "must have an additional 1% of total volume in excess of $25 million," while multifamily lenders that do not service mortgages "must have an additional 0.5% of total loan volume in excess of $25 million," according to the FHA.
The FHA proposal also has the "potential to increase the number of mortgage brokers eligible to originate FHA-insured loans while providing for more effective oversight of brokers by FHA-approved lenders," the release added. While "mortgage brokers or other third-party originators" that are previously approved by the FHA are currently permitted to originate FHA-backed loans "without sponsorship of an FHA-approved lender," that origination authority will end in 2011
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