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3 FHA Lenders Suspended

Serious violations alleged by HUD

June 10, 2009

By MortgageDaily.com staff


Three lenders approved to originate loans insured by the Federal Housing Administration were suspended by the U.S. Department of Housing and Urban Development over "serious" violations.

HUD announced today that its Mortgagee Review Board suspended Golden First Mortgage Corp. The Great Neck, N.Y., company allegedly neglected to notify HUD of an Office of Thrift Supervision investigation into the activities of its president or his involvement in an OTS civil money penalty.

Suspended lenders are not allowed to originated new FHA-insured loans while HUD investigates their lending practices, the statement said.

Also suspended was Great Country Mortgage Bankers Inc. HUD claims the company failed to implement a required quality control plan. It also neglected to make sure employees didn't work for other companies, and it didn't disclose business affiliations with real estate and title service providers.

In addition, the Coral Gables, Fla.-based firm did not adequately verify key credit information on 55 FHA mortgages reviewed by the agency.

Beneficial Mortgage Corp., based in San Juan, Puerto Rico, faced an investigation and sanctions by the Puerto Rico Financial Institutions Commissioner's Office tied to its mortgage servicing practices but failed to notify HUD and FHA about the actions. As a result, its license or authorization to originate mortgages in Puerto Rico was revoked.

"HUD is continuing to investigate the business practices of these three lenders," the news release said. "The board determined that due to the serious nature of each violation and the inherent risk to the department and the public, the suspensions were necessary to protect the financial soundness of FHA's insurance fund."
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