Becoming a THDA-Approved Lender (Originating Agent)
Basic Requirements to becoming a THDA Originating Agent
A THDA-Approved Lender is an independent contractor authorized to originate THDA Mortgage Loans. To become a THDA-Approved Lender, you must complete and submit the entire application and required documents listed on the Submission Checklist. Please review the application instructions for further information.Prior to your company’s eligibility to become an authorized THDA Originating Agent (“approved lender”), you will need to enter into a contract with an approved THDA Servicer to service the THDA loans for which you will originate. Currently there are two approved THDA servicers that are purchasing servicing rights to THDA loans from new Originating Agents. You will need to contact one or both of these servicers listed below and execute a servicing agreement with the servicer of your choice. When you submit your Application to become a THDA Originating Agent, it must include a copy of a servicing agreement from one of the noted servicers, signed by both your company and the servicer.
| U S Bank Home Mortgage 308 North Jackson Street Tullahoma, TN 37388 Attn: Jim Oliver Phone (931) 455-7504 |
Magna Bank 6655 Poplar Ave., Suite 201 Germantown, TN 38138 Attn: Bonnie Garrison Phone (901)309-7999, Ext 4401 |
A THDA-Approved Lender:
- Must have a physical brick & mortar building in the State of Tennessee.
- Must have a minimum net worth of $1,000,000.
- Must be able to originate, process, underwrite and fund their own loans at closing.
- Establish and maintain eligibility to act as an originating agent for THDA.
- Originate, process and close THDA Mortgage Loans.
- Protect THDA's interests with respect to each THDA Mortgage Loan.
- Insure that all personnel with any responsibility for THDA Mortgage Loans are familiar with and comply, in all respects, with all THDA Requirements and Procedures.
- Hold all funds or documents received in connection with THDA Mortgage Loans in trust for the sole benefit of THDA and release or disburse such funds or documents.
- Deliver all required documents after THDA Mortgage Loans are closed.
- Insure proper and efficient originating, processing and closing of THDA Mortgage Loans and delivery of all required documents and all other services necessary.
- Assist unsuccessful applicants for THDA funding in identifying other potential sources for mortgage financing.
- An application fee in an amount not to exceed the amount set forth in the OA Guide.
- An originating fee to be imposed at the closing of a THDA Mortgage Loan in an amount not to exceed the amount set forth in the OA Guide.
- Other fees only as expressly authorized in the OA Guide.