### Question
Can you define what approved financial institution or mortgagee means?


### Answer
**Approved financial institution or mortgagee** is defined as the following in *12 U.S.C. § 1715z*:

> a financial institution or mortgagee approved by the Secretary under section 1709 of this title as responsible and able to service mortgages responsibly

#### Citation:
  - *12 U.S.C. § 1715z*
  - Heading: **CHAPTER 13-NATIONAL HOUSING > SUBCHAPTER II-MORTGAGE INSURANCE**

