There are obligations that go along with being a retail originator for Security National Mortgage Company.
First, as a HUD supervised lender, we as employees are not allowed to work within the industry in any other capacity. This means that you may not own or work for another mortgage company,
Second, all loans that you originate must be submitted through PC Lender / IHM to the centralized processing facility in the San Dimas branch for processing, placement and funding.
If this is not your understanding or if you have any questions, please contact us immediately so that we may resolve any potential conflicts.
FHA LENDERS HANDBOOK
4700.02 REV-1
2-9 EMPLOYEES. Financial institutions shall employ trained personnel
competent to perform their assigned responsibilities in consumer and
mortgage lending activities. All employees of the financial institution
except receptionists, whether full-time or part-time employees, must be
employed exclusively by the financial institution, and conduct only the
business affairs of the financial institution during normal business
hours.
C. FULL-TIME AND PART-TIME EMPLOYEES. Lenders are permitted to employ
individuals on a part-time basis (less than the normal 40 hour work
week). However, during the time when an employee is not on duty at
the lender, he/she is not permitted to be employed (including self-
employed) in the mortgage lending, consumer lending, home
improvement, manufactured housing or real estate industries. There
is no restriction on employment in any other field. These
restrictions also apply to full-time employees who may be working
part-time during the hours when they are not at the approved
lender.
2-10 ... Loan officers are strictly prohibited from taking
applications for several lenders and claiming to be employed by each or
being self-employed as an independent contractor.
Please be aware that we have a zero tolerance policy when it comes to compliance, fraud, mis-rep or any other activity that may impact our ability to maintain our standing with any regulatory body, statute, investor, government agency or other investor or 'best practices' within the industry.
