A DCA Lender must:

  1. be a legally organized and properly licensed business entity with a office located in the State of Georgia or in a State contiguous to Georgia; different branch offices of the same legal entity will not qualify as individual Lenders but different wholly owned subsidiaries may qualify as individual Lenders if they constitute separate legal entities;
  2. have as a principal purpose the origination of secured single family residential mortgage loans;
  3. be approved as (i) an FHA Direct Endorsement lender and VA lender, and (ii) be a federally regulated financial institution or a state or federal agency;
  4. be approved as (i) a Fannie Mae, Freddie Mac, or Ginnie Mae Issuer, or (ii) be a federally regulated financial institution, or a state or federal agency;
  5. demonstrate a proven ability to originate mortgage loans for sale in the secondary market;
  6. maintain quality control and management systems to evaluate and monitor the quality of loan production and compliance with DCA procedures;
  7. have in effect and maintain fidelity bond and errors and omissions coverage in amounts equal to that established for Fannie Mae Seller/Servicers and agree to any modifications needed to meet our requirements;
  8. have a minimum net worth of $2,500,000; and
  9. document a HUD Neighborhood Watch compare ratio for Georgia of less than 125%. If there are no Georgia loans, then a compare ratio of 125% of national production will be considered.