Academy Mortgage is a Full Eagle Lender with Direct Eagle approval.
- Our loan officers hold a competitive advantage over loan officers from other companies.
- Our turn time is significantly faster than other companies.
- Our FHA loans can be processed, underwritten and go to docs in less than a week in most cases.
There are three classes of HUD approval: non-supervised lender, supervised lender and loan correspondent.
A non-supervised lender is a mortgage banker, the so-called “full eagle”. This category of approval may originate, service, purchase, hold, and sell FHA insured mortgages. If the non-supervised lender obtains Direct Endorsement (DE) approval, they can submit loans for mortgage insurance without prior underwriting review by HUD.
A supervised lender is a commercial bank, savings and loan association, or credit union under the direct regulation of the FDIC, Federal Reserve, or NCUA.
A loan correspondent is HUD parlance for a mortgage broker, or “mini-eagle”. This category of approval may only originate FHA loans. It may neither hold nor sell such loans. In addition, the loan correspondent must have one or more registered sponsors to underwrite and fund the FHA loans that it originates. Sponsors must be supervised or non-supervised lenders with Direct Endorsement approval from HUD.
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