The Federal Housing Administration’s Mortgagee Review Board (MRB) has immediately and permanently withdrew the FHA approval of Premium Capital Funding LLC, a Jericho, N.Y.-based lender doing business as TopDot Mortgage. Today’s action prevents TopDot from participating in FHA programs and seeks a monetary penalty of $674,000.Read more

The Federal Housing Administration’s Mortgagee Review Board (MRB) has announced that it is immediately and permanently withdrawing the FHA approval of three mortgage lenders and is suspending a fourth. The MRB withdrew the FHA approval of Strategic Mortgage Corporation (Strategic), ProMortgage Inc., and Americare Investment Group Inc. (doing business as Premier Capital Lending. Additionally, the MRB has suspended the FHA approval of Home Mortgage Inc. (HMI) of Burr Ridge, Ill.Read more

Homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments. The Helping Families Save Their Home Act of 2009 signed into law by President Obama expanded FHA's authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure to include those facing "imminent default" as defined by the Secretary.Read more

Federal Housing Administration (FHA) Commissioner David Stevens has announced a set of policy changes to strengthen the FHA's capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation's housing market recovery.Read more

The recovery of the nation’s housing market presents the industry with many challenges and opportunities. As a mission-driven organization, FHA’s goal is to provide sustainable homeownership options for qualified borrowers. Due to the economic downturn, FHA continues to experience an unprecedented surge in business which puts pressure not only on our infrastructure, but on our risk exposure as well. We must continually balance serving our mission while ensuring FHA operates in a safe and sound manner.Read more

The U.S. Department of Housing & Urban Development (HUD) has announced publication of a proposed rule setting the minimum standards that states must meet to comply with the Secure and Fair Enforcement Mortgage Licensing Act (SAFE Act) in licensing loan originators. "By introducing nationwide standards of uniform licensing for loan originators, the SAFE Act is taking an important step in returning integrity and accountability to the residential mortgage loan market," said FHA Commissioner David Stevens.Read more

Robert Corp, a mortgage underwriter in Syracuse, N.Y., has agreed to pay the United States close to $679,000 to settle allegations that he defrauded the U.S.Read more

The Federal Housing Administration (FHA) has announced that it is immediately suspending Equitable Trust Mortgage Corporation (ETM) of Baltimore, Md., thereby preventing the company from originating and underwriting new FHA-insured mortgages. FHA is imposing this action because ETM improperly overcharged 37 borrowers for broker and loan origination fees in excess of what the U.S. Department of Housing & Urban Development (HUD) currently allows.Read more

Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA), testified before the House Financial Services Committee at a hearing on the Federal Housing Administration's (FHA) Fiscal Year 2009 actuarial report. The following is Mr. Story's oral statement to the committee, as prepared for delivery: "Thank you, Chairman Frank.Read more

Less then a day after the Federal Housing Administration (FHA) withdrew FHA approval of Ideal Mortgage Bankers, doing business as Lend America and Lending Key (Ideal), Lend America has announced via its Web site that it has ceased its loan origination and operations. In addition to the action taken by the FHA against Lend America, the Government National Mortgage Association (Ginnie Mae) yesterday defaulted the company. Reports say the company is currently in the process of laying off a majority of its 600-member workforce.Read more