What is the experience requirement for the officer in charge of an FHA lender?

The Officer in Charge is the Corporate Officer designated to manage and direct the mortgagee’s FHA operations.

The Mortgagee must designate as the Officer in Charge a full-time Corporate Officer who has at least three years of experience in the specific Mortgagee functions or activities that the Mortgagee is approved to perform, including:

  •   originating or servicing Single Family or Multifamily Mortgages;
  •    investing funds in real estate mortgages; or
  •    managing other individuals performing these services.

The Mortgagee cannot rely on a Corporate Officer’s experience in real estate sales or brokerage as qualifying experience in Mortgagee functions or activities.

A current resume covering the most recent seven-year period detailing the individual’s relevant experience must be submitted with the online application.

For additional information see Handbook 4000.1 I.A.3.c.iv.(B)(2) at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh.