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Can FHA Approved Lenders use non-employees as Loan Officers?

April 26, 2017Approved FHA lenders loan non-employees Officers

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Can FHA Approved Lenders use non-employees as Loan Officers?

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Loan officers (also known as loan originators) of FHA insured loans must be employees of the FHA approved lender. They may not be independent contractors or contract employees. See paragraph 2-9(A), 2-12(C) and 2-13 in Chapter 2 of the Title II Mortgagee Approval Handbook 4060.1, Rev-2 at: http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.