twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



US Bank Among 6 FHA Lenders to Face HUD Actions

HUD issues civil money penalties against 2 mortgagees, settles with 4 more

Nov. 5, 2009

By MortgageDaily.com staff


Four Federal Housing Administration-approved lenders settled with the U.S. Department of Housing and Urban Development, while the agency hit two other approved mortgagees with $27,000 in civil money penalties. U.S. Bancorp's bank unit was among the disciplined firms.

A $20,000 civil money penalty was imposed against 1st Rate Mortgage Corp. in Green Bay, Wis., according to an announcement today. The non-supervised loan correspondent allegedly violated third-party origination restrictions, falsely certified compliance with the restrictions and failed to maintain a required quality-control plan.

Another $7,000 civil money penalty was levied against New Haven, Conn.-based Access Mortgage Corp., HUD said. Access, a non-supervised direct endorsement mortgagee, allegedly used the official FHA logo and failed to notify HUD of a change in its doing-business-as name.

The housing agency noted that both 1st Rate and Access will have an opportunity to challenge the penalties and seek a hearing before an administrative law judge.

HUD reached a settlement with Nations Direct Mortgage LLC over the alleged use of HUD's official seal in a contract posted on its Web site. The Irvine, Calif.-based, non-supervised, direct-endorsement mortgagee reportedly agreed to a $3,500 civil money penalty.

Grand Rapids, Mich.-based VanDyk Mortgage Corp. has reportedly agreed to a $7,500 civil money penalty over claims it failed to adequately document a borrower's income and for failing to stop an employee from handling her own loan origination.

U.S. Bank, N.A., is accused of failing "to provide necessary documentation delayed the re-sale of the foreclosed property and the department's mitigation of the FHA fund's losses in connection with the claim." The Minneapolis-based institution "agreed to settle allegations that it violated HUD/FHA requirements in the submission of documentation necessary for the department to process a claim on a multifamily insured property" for an administrative payment of $37,500.

The fourth settlement was with Sun West Mortgage Company Inc. in Cerritos, Calif. The non-supervised loan correspondent allegedly originated 10 home-equity conversion mortgages but failed to notify HUD that Massachusetts had issued a cease-and-desist order prohibiting it from the unlicensed origination of loans in that jurisdiction. SunWest agreed to a $10,000 civil money penalty.

Finally, HUD said its Mortgagee Review Board -- which was responsible for all of today's announced decisions -- issued a letter of reprimand to Boise, Idaho-based Community Lender Inc. over its failure to notify HUD that it lost its Idaho license as a result of a lapsed surety bond -- though that problem has already been corrected.

"There should be no doubt about the message we're sending to our lenders," FHA Commissioner David Stevens stated in the release. "FHA standards are there for a reason and we expect our lenders to follow them or pay the consequences."

next story

back to current headlines

Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.

www.mortgagebranchmanagerjobs.com

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders