Platforms

FAR offers the following wholesale Reverse Mortgage lending options:

Broker

For those approved and licensed to originate and process loans, but not eligible for Federal Housing Administration (FHA) approval. FAR is responsible for obtaining case numbers, underwriting, closing, funding, post-closing, and obtaining the mortgage insurance certificate (MIC).

Broker–PA

For Supervised or Non-Supervised Mortgagee with Direct Endorsement (DE) FHA approval. Broker–PAs obtain case numbers, originate and process loans. FAR is responsible for underwriting, closing, funding, post-closing and obtaining the MIC.

Principal

For Supervised or Non-Supervised Mortgagee with Direct Endorsement (DE) FHA approval, with additional Home Equity Conversion Mortgage (HECM) DE approval but chooses FAR to act as the Authorized Agent. FAR provides underwriting and document draw. Loans close in the name of the Principal, using their funds. FAR purchases the loans post-funding after the loans have been seasoned on the Principal’s warehouse line for at least 48 hours.

Closed Loan Seller (CLS)

Also known as Correspondent. For Supervised or Non-Supervised Mortgagee with HECM Direct Endorsement (DE) FHA Approval. Closed Loan Sellers are responsible for originating, underwriting, closing, funding and obtaining the MIC.  Loans are delivered to FAR for purchase.  As one of the nation’s largest GNMA issuers, FAR provides an exemplary and smooth whole-loan purchase process.

Which Platform is Right for You?

Requirements & Responsibilities Broker/TPO Broker-PA Principal Closed Loan Seller
Approved and licensed to originate and process mortgage loans
FHA approval
Supervised or Non-Supervised Mortgagee with FHA DE Approval
Obtain case numbers
HECM DE approved, but chooses FAR to act as Authorized Agent
Underwriting
Loans close in FAR’s name
Loans close in seller’s name
Funding
Obtain MIC
Sell loans to FAR post-funding*

* Flow and bulk available