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Are Contract Processors Allowed to Process FHA Loans?

April 26, 2017allowed contract FHA Loans process processors

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Are Contract Processors Allowed to Process FHA Loans?

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Here is the excerpt of the revision 4060.1 REV-2: 2-13 Outsourcing. A mortgagee may contract out certain administrative and clerical functions that do not materially affect underwriting decisions or increase the risk to FHA. However, the mortgagee is still responsible for the quality of the mortgages and must ensure compliance with program requirements and RESPA requirements. The management, underwriting, and loan originator functions may not be contracted out. A.