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Lenders Lose FHA Lending Authority

HUD takes action against 55 lenders

August 8, 2001


The Department of Housing and Urban Development (HUD) announced Friday that it has taken action against 55 lenders in 22 states for violating federal lending regulations. The actions include withdrawing the lending authority to make Federal Housing Administration (FHA) loans and imposition of fines of almost $3 million.

As pointed out in another story today, FHA loans offer many advantages over conventional loans, including lower down payments, no reserve requirements, higher debt-to-income ratios and no credit score requirements.

HUD's actions, published in the July 23 Federal Register, resulted from standard compliance reviews of FHA-approved lenders. "These administrative actions show that HUD is serious about protecting the American homebuyer,'' said Assistant Secretary for Housing/Federal Housing Commissioner John C. Weicher. "Lenders who think about breaking the rules should take notice and understand that the consequences can be severe."

The following lenders and corresponding penalties were included in HUD's announcement.

Term of FHA
Lending Authority
Mortgage Lending of America, Inc. Huntington Station, NY $533,500
5 years
Capitol Mortgage Bankers, Inc. Millersville, MD $280,500
5 years
American Skycorp, Inc. Timonium, MD $220,000
5 years
Assurety Mortgage Group, Inc. Decatur, GA $195,500
8 years
Avstar Mortgage Corp. Blue Bell, PA $192,000
8 years
National Charter Mortgage Corp. Gardena, CA $100,000
3 years
Milestone Mortgage Corp. LaPalma, CA $88,000
5 years
Heartland Mortgage Inc. Tucson, AZ $33,000
3 years
Morgan Home Funding Corp. Rockville, MD $25,000
3 years
Specialty Mortgage Corp. Hialeah, FL $8,000
3 years
Whitehall Funding, Inc. Indianapolis, IN $5,500
5 years

Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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