What is a corporate officer?

A Corporate Office of a Nonsupervised and Investing Mortgagee is a natural person who serves as one of the following positions for a Nonsupervised or Investing Mortgagee:

  •     Owner;
  •     President;
  •     Vice President;
  •     Chief Operating Officer (COO);
  •     Chief Financial Officer (CFO);
  •     Director;
  •     Corporate Secretary;
  •     Chief Executive Officer (CEO);
  •     General Counsel;
  •     Chairman of the Board;
  •     General Partner; or
  •     Member or manager of an LLC.

A Corporate Officer of Supervised and Government Mortgagees is a natural person who serves as one of the following positions for a Supervised or Government Mortgagee:

  •     President;
  •     Vice President in charge of managing or overseeing any aspect of the Mortgagee’s FHA business;
  •     Chief Operating Officer (COO);
  •     Chief Financial Officer (CFO);
  •     Director;
  •     Corporate Secretary;
  •     Chief Executive Officer (CEO);
  •     General Counsel;
  •     Chairman of the Board;
  •     General Partner; or
  •     Specifically designated staff member(s) of a Government Mortgagee.

The Mortgagee must ensure that no Corporate Officers are suspended, debarred or otherwise excluded from participation in FHA programs.

Corporate Officers may only represent a single Mortgagee, unless the following criteria are met:

  •      the Entities represented have some or all of the same Corporate Officers or Principal Owners;
  •      there is a clear and effective separation of the Entities, and Borrowers know at all times exactly which Entity is being represented and with whom they are conducting business; and
  •      there is a duly appointed or elected senior officer designated as the Officer in Charge who only conducts business of the Mortgagee during normal business hours.

For additional information see Handbook 4000.1 I.A.3.c.iv.(B)(1) at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh.