If you are an FHA lender, having them on staff in a dual capacity would violate FHA rules. An approved mortgagee for FHA lending.
Full Time, Part Time and Outside Employment. (TOP) A mortgagee may employ staff full time or part-time (less than the normal 40 hour work week). They may have other employment including self-employment. However, such outside employment may not be in mortgage lending, real estate, or a related field. Direct endorsement underwriters are included in this provision. An underwriter may not work on a part-time basis for any other mortgagee, even underwriting conventional mortgage loans. An underwriter may not underwrite loans for a parent or subsidiary of the underwriterâ€™s approved employer. A direct endorsement underwriterâ€™s authority is through the employer and does not extend under any corporate â€œumbrella.â€
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