Lenders & Servicers

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- Information for servicers

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Information for Servicers

Eligibility

Loan servicers must satisfy certain criteria in order to service the loans provided by our FirstHome Mortgage:

• Be an FHA- or VA-approved mortgagee, or an approved seller/servicer for the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).
• Be authorized to do business in the State of North Carolina.
• Be approved by the North Carolina Housing Finance Agency.
• Have an acceptable net worth of at least $250,000.
• Have in effect a fidelity bond and errors and omissions coverage which meet agency requirements.

In addition to these eligibility requirements, servicers have other duties regarding such things as insurance and record keeping. For a detailed explanation of these responsibilities, see Section 3 of our Loan Servicers’ Guide: Eligibility and Covenants.

The Loan Servicers’ Guide also includes record-keeping requirements, what to do about bankruptcies, and procedures for liquidation.

Benefits

Loan servicers may benefit from the Job Loss Feature in our Home Saver Program by having fewer foreclosures to process. The Job Loss Feature can help buyers who lose their jobs. To qualify, the homeowner must be eligible for unemployment benefits and must have kept current on mortgage payments up to the time of job loss.