FHA Enforces Strict Guidelines and Requirements on Lenders as 1500 Receive Sanctions
Posted on | July 29, 2010 | No Comments
The Federal Housing Administration continues to have very strict guidelines and requirements when it comes to mortgage lenders. Recently, the Mortgagee Review Board (MRB) has enforced sanctions on 1500 on lenders who did not meet these guidelines. Some of the sanctions included reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.
For mortgage lenders throughout the country it is very important to adhere to the FHA guidelines when being labeled as an FHA-approved lender. With millions of Americans seeking FHA loans during these troubling economic times it may come as a benefit to be an FHA-approved lender. With that being said, guidelines and requirements must be met or action will be taken on lenders.
Names of lenders have not been released but the media will likely find out as this will cause discrepancies on balances sheets of major financial institutions. It will be interesting to see if any big names are on the list of mortgage lenders that received sanctions from the FHA.
Author: Alan Lake
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