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Old 05-24-2009, 03:16 PM
Michael Tipton's Avatar
Michael Tipton Michael Tipton is offline
 
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Default HUD Takes the Axe to FHA Direct Endorsements

"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/2009/05/2...-endorsements/
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Old 05-24-2009, 03:57 PM
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Hummm! One in Knoxville, United Capital is on the list. I'm not suprised that more are not on it.
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Old 05-24-2009, 04:14 PM
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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.
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Old 05-25-2009, 06:34 PM
Restrain Restrain is offline
 
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120 out of how many? A drop in the bucket.
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Old 05-25-2009, 07:03 PM
Tom Woolford Tom Woolford is offline
 
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This looks like housekeeping being hailed as some kind of major regulatory / disciplinary action. No real progress here.............
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Old 05-25-2009, 10:52 PM
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Riick Riick is offline
 
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And a few big names like Wells fined under $15k.
Ohhh that stung I'm sure.
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