Skip to main content

FHA's Mortgagee Review Board fines hundreds of lenders for violations

NationalMortgageProfessional.com
Jul 27, 2010

The Federal Housing Administration's Mortgagee Review Board (MRB) has published a notice in the Federal Register to announce dozens of administrative actions against FHA-approved lenders who failed to meet its requirements. This year alone, the MRB took nearly 1,500 administrative sanctions against lenders, including reprimands, probations, suspensions, withdrawals of approval, and civil money penalties. "Lenders should know by now that FHA will not tolerate fraudulent or predatory lending practices," said FHA Commissioner David H. Stevens. "Any FHA-approved lender that does business with us must follow our standards. If we determine that our partners are not playing by the rules, we will take action—it's that simple." FHA's Mortgagee Review Board sanctions FHA-approved lenders for violations of the agency's program requirements. For serious violations, the Board can withdraw a lender's FHA approval so that the lender cannot participate in FHA programs. In less serious cases, the Board enters into settlement agreements with lenders to bring them into compliance. The Board can also impose civil money penalties, probation, suspension, and issue letters of reprimand. For a full listing of the actions taken by the Mortgagee Review Board, click here. For more information, visit www.hud.gov.  
Published
Jul 27, 2010
6 Federal Agencies Seek Comment On Proposed Rule For AVMs

The rule is intended to ensure the credibility and integrity of Automated Valuation Models.

FHA Proposes New Program To Help Struggling Homeowners

Legal expert questions whether agency has authority to implement the program.

Fitch Places Fannie, Freddie On Negative Ratings Watch

Ties credit rating to outcome of U.S. debt limit negotiations.

FHFA Director Strongly Defends New GSE Pricing Framework 

Tells House committee it’s “simply not true” that financially stronger borrowers are subsidizing others.

MBA CEO Criticizes Government Response To Economic Challenges

CEO Bob Broeksmit calls for sensible Regulation, clarity, and support for the mortgage industry.

Freddie Mac Updates Income Assessment Tool To Use Digital Pay Stubs

Says new capability helps lenders calculate borrower income more quickly and precisely.