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240 Lenders Face Administrative Actions by FHA
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You're Now Reading:
240 Lenders Face Administrative Actions by FHA
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
240 Lenders Face Administrative Actions by FHA
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August 2, 2011 (Jeff Alan)

The Federal Housing Administration’s (FHA) Mortgage Review Board (MRB) has taken administrative action against 240 FHA-approved lenders who failed to meet its lending requirements.

Since 2009, the MRB has taken more than 2,300 administrative actions against lenders including 1,600 last year. Sanctions can include reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.

In the latest round of actions, 26 lenders faced the most severe penalties for misconduct including Settlement Agreements, Civil Money Penalties, Withdrawals of FHA approval, Suspensions, Probations, Reprimands, and Administrative Payments.

Lenders faced penalties of between $7,500 and $237,500, suspensions of up to one to five years and restitution for their grievances. Alacrity Lending Company of Southlake, TX faced the largest penalty of $237,500 and a three year suspension. Seven of the 26 lenders were permanently banned from participating in the FHA’s programs.

The MRB withdrew HUD/FHA approval for 123 lenders who failed to meet the requirements for annual recertification requirements.

The MRB also gave 91 lenders who had previously failed to meet the annual recertification the opportunity to settle, requiring monetary penalties of $1,000, $3,500 or $7,500.

The FHA has instituted a number of new rules designed to strengthen risk management including increasing net worth requirements of FHA-approved lenders, strengthening lender approval criteria, and making lenders liable for the oversight of mortgage brokers.

“It’s never been more important that lenders doing business with FHA apply our standards to each and every loan they originate and underwrite,” said Acting FHA Commissioner Carol Galante. “FHA requirements ensure homeowners are put on a path of sustainable homeownership and that ultimately helps stabilize entire neighborhoods and communities.”

Tags: HUD, FHA, mortgage review board, FHA-approved lenders, lending requirements, sanctions, penalties

Source
HUD

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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August 2, 2011 (Jeff Alan)

The Federal Housing Administration’s (FHA) Mortgage Review Board (MRB) has taken administrative action against 240 FHA-approved lenders who failed to meet its lending requirements.

Since 2009, the MRB has taken more than 2,300 administrative actions against lenders including 1,600 last year. Sanctions can include reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.

In the latest round of actions, 26 lenders faced the most severe penalties for misconduct including Settlement Agreements, Civil Money Penalties, Withdrawals of FHA approval, Suspensions, Probations, Reprimands, and Administrative Payments.

Lenders faced penalties of between $7,500 and $237,500, suspensions of up to one to five years and restitution for their grievances. Alacrity Lending Company of Southlake, TX faced the largest penalty of $237,500 and a three year suspension. Seven of the 26 lenders were permanently banned from participating in the FHA’s programs.

The MRB withdrew HUD/FHA approval for 123 lenders who failed to meet the requirements for annual recertification requirements.

The MRB also gave 91 lenders who had previously failed to meet the annual recertification the opportunity to settle, requiring monetary penalties of $1,000, $3,500 or $7,500.

The FHA has instituted a number of new rules designed to strengthen risk management including increasing net worth requirements of FHA-approved lenders, strengthening lender approval criteria, and making lenders liable for the oversight of mortgage brokers.

“It’s never been more important that lenders doing business with FHA apply our standards to each and every loan they originate and underwrite,” said Acting FHA Commissioner Carol Galante. “FHA requirements ensure homeowners are put on a path of sustainable homeownership and that ultimately helps stabilize entire neighborhoods and communities.”

Tags: HUD, FHA, mortgage review board, FHA-approved lenders, lending requirements, sanctions, penalties

Source
HUD

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 2, 2011 (Jeff Alan)

The Federal Housing Administration’s (FHA) Mortgage Review Board (MRB) has taken administrative action against 240 FHA-approved lenders who failed to meet its lending requirements.

Since 2009, the MRB has taken more than 2,300 administrative actions against lenders including 1,600 last year. Sanctions can include reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.

In the latest round of actions, 26 lenders faced the most severe penalties for misconduct including Settlement Agreements, Civil Money Penalties, Withdrawals of FHA approval, Suspensions, Probations, Reprimands, and Administrative Payments.

Lenders faced penalties of between $7,500 and $237,500, suspensions of up to one to five years and restitution for their grievances. Alacrity Lending Company of Southlake, TX faced the largest penalty of $237,500 and a three year suspension. Seven of the 26 lenders were permanently banned from participating in the FHA’s programs.

The MRB withdrew HUD/FHA approval for 123 lenders who failed to meet the requirements for annual recertification requirements.

The MRB also gave 91 lenders who had previously failed to meet the annual recertification the opportunity to settle, requiring monetary penalties of $1,000, $3,500 or $7,500.

The FHA has instituted a number of new rules designed to strengthen risk management including increasing net worth requirements of FHA-approved lenders, strengthening lender approval criteria, and making lenders liable for the oversight of mortgage brokers.

“It’s never been more important that lenders doing business with FHA apply our standards to each and every loan they originate and underwrite,” said Acting FHA Commissioner Carol Galante. “FHA requirements ensure homeowners are put on a path of sustainable homeownership and that ultimately helps stabilize entire neighborhoods and communities.”

Tags: HUD, FHA, mortgage review board, FHA-approved lenders, lending requirements, sanctions, penalties

Source
HUD

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.