Does "Corporate Officer" include a Member of the Board of Directors?

A Corporate Officer of a Nonsupervised or Investing Mortgagee refers to a natural person who serves as one of the following positions for the Mortgagee:

  •   Owner
  •   President
  •   Vice President
  •   Chief Operating Officer
  •   Chief Financial Officer
  •   Director
  •   Corporate Secretary
  •   Chief Executive Officer
  •   General Counsel
  •   Chairman of the Board
  •   General Partner
  •   Member or Manager of an LLC
  • A Corporate Officer of a Supervised or Government Mortgagee refers to a natural person who serves as one of the following positions for the Mortgagee:
  •   President
  •   Vice President in charge of managing or overseeing any aspect of the Mortgagee’s FHA business
  •   Chief Operating Officer
  •   Chief Financial Officer
  •   Director
  •   Corporate Secretary
  •   Chief Executive Officer
  •   General Counsel
  •   Chairman of the Board
  •   General Partner
  •   Specifically designated staff member(s) of a Government Mortgagee

The definition of corporate officer does not include a member of the Board of Directors who does not also hold another office as “corporate officer.”

For additional information see Handbook 4000.1 I.A.3.c.iv.(B) at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh.