§ 1005.703. Servicer eligibility and application process.
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/us/cfr/t24/s§ 1005.703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)To be eligible to service Section 184 Guaranteed Loans, a Direct Guarantee Lender, Non-Direct Guarantee Lender or other financial institution must be an approved mortgage Servicer for FHA or another agency of the Federal Government.
(b)All eligible Direct Guarantee Lenders, Non-Direct Guarantee Lenders and other financial institutions must apply to become a Servicer in accordance with Section 184 Program Guidance.
(c)Direct Guarantee Lenders servicing Section 184 Guaranteed Loans prior to June 18, 2024 may request an exemption from paragraph
(a)of this section.