Reverse Mortgage Authority
- 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.
- 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,
(j) A copy of the information to be provided to the borrowers by the lender pursuant to T.C.A. § 47-30-109 and
(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