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 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."

 

 

Please mail all items, including a $500 check made payable to:

Tennessee Department of Financial Institutions

Tennessee Tower, 26th Floor

312 Rosa Parks L. Avenue

Nashville, TN 37243