---
kind: "section"
citation: "24 C.F.R. § 1005.703"
title: "24"
number: "1005.703"
heading: "Servicer eligibility and application process."
url: "https://uscodex.org/cfr/24/1005.703"
---

# §1005.703. Servicer eligibility and application process.

- (a) To be eligible to service [Section 184](/cfr/24/184.md) 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](/cfr/24/184.md) Program Guidance.
- (c) Direct Guarantee Lenders servicing [Section 184](/cfr/24/184.md) Guaranteed Loans prior to June 18, 2024 may request an exemption from [paragraph (a)](#a) of this section.

## Notes

### Authority

Authority: 12 U.S.C. 1715z-13a; 15 U.S.C. 1639c; 42 U.S.C. 3535(d).

### Source

Source: 89 FR 20056, Mar. 20, 2024; 89 FR 22084, Mar. 29, 2024, unless otherwise noted.