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HUD Takes the Axe to FHA Direct Endorsements

Discussion in 'General Real Estate and Real Estate Finance' started by Michael Tipton, May 24, 2009.

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  1. Michael Tipton

    Michael Tipton Senior Member

    0
    Sep 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    "The US Department of Housing and Urban Development (HUD) on Thursday cut off 102 Federal Housing Administration (FHA)-approved lenders from participation in the government program, which insures lenders against default-related losses on qualifying mortgages.

    The termination of these lenders’ direct endorsements came as part of HUD’s actions taken against 120 lenders for violating FHA requirements.

    “At this time of uncertainty in the mortgage market, FHA needs to be especially vigilant in making sure that its approved lenders meet the highest standards of conduct,” said HUD secretary Shaun Donovan in a media report. “We expect, and more importantly American homebuyers deserve, that when they deal with an FHA-approved lender, they’re dealing with a lender they can trust.”....."

    http://www.housingwire.com/2009/05/22/HUD-takes-the-axe-to-FHA-direct-endorsements/
     
  2. RSW

    RSW Elite Member

    120
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Hummm! One in Knoxville, United Capital is on the list. I'm not suprised that more are not on it.
     
  3. Ken B

    Ken B Elite Member

    187
    Feb 18, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Looked to me like the vast majority of the lenders were dropped because they failed to file annual documents. A most likely reason is that they simply went out of business.
     
  4. Restrain

    Restrain Elite Member

    90
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    120 out of how many? A drop in the bucket.
     
  5. Tom Woolford

    Tom Woolford Elite Member

    94
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    This looks like housekeeping being hailed as some kind of major regulatory / disciplinary action. No real progress here.............
     
  6. Riick

    Riick Elite Member

    69
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    And a few big names like Wells fined under $15k.
    Ohhh that stung I'm sure.
     
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