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Reverse Mortgage Authority

APPLICATION REQUIREMENT:

 

(1)           Any person, firm or corporation (other than a bank, savings institution or credit union) seeking to engage in the business of making reverse mortgages may submit to the commissioner a written application for authorization to make reverse mortgage loans. 

(2)           The application required by Chapter 0180-24-.04(1) shall be in letter form and shall include: 

(a)           A nonrefundable application fee of five hundred dollars ($500).

(b)           A  copy  of  the  applicant’s  license  or  registration  (if  applicable)  under  the  Tennessee Residential Lending Brokerage and Servicing Act of 1988 (T.C.A. § 45-13-101 et seq.) 

(c)           The name and complete business address or addresses of the applicant. 

(d)           Evidence that the applicant is an approved HUD lender. 

(e)           A current audited financial statement. 

(f)            If the applicant is a corporation, a copy of its charter and bylaws. 

(g)           A copy of the applicant’s lending policies. 

(h)           A resume for each of the applicant’s executive officers including the officers’ date of birth. 

(i)             A statement as to whether the applicant or any employee of the applicant has been convicted of a felony and, if so, supporting details. 

(j)            A copy of the information to be provided to the borrowers by the lender pursuant to T.C.A. § 47-30-109 and Chapter 0180-24-.05. 

(k)           A sworn, notarized, statement as to the accuracy of the information provided in the application.  Such statement shall contain the following or similar language: 

    Having been duly sworn, and under the penalty of perjury, I hereby certify that the information provided to the commissioner in this application is truthful, complete, and correct. 

 

Once you have have assembled all of the above referenced documentation, please email all items to melody.johnson@tn.gov.   Upon receipt of the emailed requirements, the entity’s record in NMLS will be invoiced the $500 application fee for payment to be made through NMLS.

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